Money
Iran deal may ease fuel costs, but bills and rates face a slower turn
A US-Iran agreement points to a reopening of the Strait of Hormuz, but delayed talks on harder issues leave questions over how long the economic relief will last
Interest Rates news
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- Federal Reserve Trump’s trust gives Kevin Warsh room to reshape the Fed Markets expect the new Fed chair to hold rates steady Wednesday, but his bigger test is whether he can build support for longer-term changes inside the central bank
- Euro zone rates ECB raises rates to 2.25% as Iran war fuels inflation The quarter-point move, the bank’s first hike since 2023, came with higher inflation forecasts and a weaker growth outlook for the euro zone
- Euro zone rates Energy shock puts ECB on course for expected rate hike Policymakers are expected to lift the deposit rate by 25 basis points as rising oil and gas costs feed inflation concerns across the euro zone
Monetary policy
Bank of Canada holds key interest rate at 2.25%
The fifth straight pause leaves the central bank balancing inflation pressure from higher energy prices against signs of economic weakness
Markets
Asian stocks slide as tech sell-off and Middle East strikes unsettle markets
South Korea’s Kospi triggered a trading halt after a sharp opening fall, while oil prices swung as Iran and Israel exchanged attacks
Inflation report
Core PCE inflation rose 3.3% in April, matching forecasts
The Fed’s preferred inflation gauge showed softer monthly core price growth, but headline inflation still reached 3.8% from a year earlier
Inflation
Fed’s preferred inflation gauge rises to nearly three-year high under Warsh
The April PCE report showed inflation running at a 3.8% annual rate, adding pressure on the new Fed chief as energy costs climb and rate-cut hopes fade
Fed policy
Bond market pushes for tighter Fed stance as Warsh takes over
Ed Yardeni says the 2-year Treasury yield is flashing concern that rates are too low to contain inflation, while Treasury Secretary Scott Bessent argues the latest price surge should fade
Monetary policy
ECB holds key rate at 2% as energy shock lifts inflation
The central bank kept policy steady Thursday but warned that inflation risks and growth risks have both intensified as the war in the Middle East pushes up energy costs
Monetary policy
Fed holds rates steady as inflation pressures persist
The central bank kept its benchmark rate at 3.5% to 3.75%, but an 8-4 vote showed rare internal division over how to frame possible future cuts
Federal Reserve
Warsh’s Fed chair nomination advances to full Senate
The Senate Banking Committee backed President Trump’s pick on a 13-11 party-line vote, setting up a confirmation fight as Jerome Powell’s term as chair nears its end
Central banks
ECB and Bank of England expected to hold rates as inflation shock clouds outlook
The Iran war has lifted energy prices and revived stagflation concerns, but economists expect both central banks to wait for clearer evidence before tightening again
Federal Reserve
Trump-Powell feud nears its end after years of public clashes
As Jerome Powell prepares to step down and Kevin Warsh awaits confirmation, the fight over rates, renovation costs and Fed independence remains central to the handover
Federal Reserve
Powell faces stay-or-go decision as DOJ closes probe
The Justice Department’s move shifts scrutiny of Fed renovations to the central bank’s inspector general and may clear Kevin Warsh’s path to confirmation
Federal Reserve
Warsh’s inflation gauge could complicate his Fed pitch
Trump’s nominee for Federal Reserve chair told senators he favors trimmed inflation measures. Bank of America says that approach may not always deliver a softer reading