OREANDA-NEWS The consequences of the escalated conflict in the Middle East for the American economy remain uncertain, the US Federal Reserve System (FRS) said.

"The consequences of events in the Middle East for the U.S. economy remain uncertain," the regulator said in a release. The Fed notes that it is closely monitoring the risks to inflation and unemployment in the country.

On February 28, the United States and Israel began attacking targets in Iran, including Tehran, with civilian casualties reported. Iran is retaliating against Israeli territory, as well as against US military installations in the Middle East region.