Caching & Outputting RSS Data

I think you’re looking for the core function fetch_feed(), your new best friend!

From the Codex:

Retrieves an external feed and parses it. Uses the SimplePie and
FeedCache functionality for retrieval and parsing and automatic
caching.

and

fetch_feed caches results for 12 hours by default. You can modify this
by modifying the time interval via the filter
wp_feed_cache_transient_lifetime.