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Investors piled on bets for higher borrowing costs after Kevin Warsh opted against providing policy guidance at his first meeting as Federal Reserve chairman.
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The futures market now sees at least one interest rate increase this year, as the Federal Reserve's new leader, Kevin Warsh, vows to fight inflation.
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The Bank of England's Monetary Policy Committee voted 7-2 to keep rates on hold.
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The average price of a gallon of gas has dropped for the third straight week, falling under $4 for the first time in months after the war inflated energy costs.
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Bank of England policymakers kept interest rates on hold, saying the impact of the war in Iran was still a major source of uncertainty for the economy.
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Warsh plans to keep markets guessing his next move at the Fed.
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Moscow refinery ablaze as Ukraine launches biggest attack on Russian capital in years NBC NewsUkraine Strikes Moscow Refinery in Large-Scale Drone Attack The New York TimesUkrainian drones broke through 3 layers of Moscow air defenses to hit a key Russian oil hub, Zelenskyy says Business InsiderUkraine launches largest attack on Moscow since start of full-scale war CNNMoscow hit by largest Ukrainian attack since start of Russia's full-scale war BBC
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War in Iran Spurs Solar Boom in Southeast Asia The New York TimesThe Iran War Permanently Altered the Global Economy The New York TimesHow the Iran war energy crisis defied expectations AxiosAftermath: The War Ends and the Aftermath Begins The American ProspectIran War Has Irrevocably Changed the Middle Eastern Oil Trade Bloomberg.com
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Trump and Iran's Pezeshkian sign initial deal to end war - live updates BBCThe 14-point US-Iran peace plan, annotated CNNIran's President Signs Interim Peace Deal After Trump—Key Details Of Agreement Shared ForbesU.S.-Iran Agreement Includes Strait of Hormuz, Lebanon and More: See Full Text of the Deal The New York TimesTrump and Iran's President Pezeshkian sign memorand
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Trump signs and defends his Iran deal, criticizes longtime ally Israel as G-7 ends The Washington PostDinner at Versailles, alpine air and an Iran agreement: How Trump made it through another G7 CNNTrump clears low bar for G7 summit in France Politico'I'm the boss', Trump says at G7, as he warms to Ukraine's war aims ReutersWho Are the Leaders at the G7 Summit in France? The New York Times
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Kevin Warsh's debut Financial TimesWarsh Overhauls How the Fed Talks and Keeps Markets Guessing on Rates WSJFed holds interest rates steady and hints at future rate hike NPRStock futures rise as Wall Street tries to rebound from Fed-led sell-off; Intel leads chips higher: Live updates CNBC
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BMW was the worst performing major European stock on Wednesday after the luxury-car maker lowered its profit outlook, citing a downturn in China as well as the impact from the Middle East war.
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Nine of 19 officials who participate in Fed policy meetings penciled in at least one interest rate increase by year end, up from zero in March. It was Kevin Warsh's first as Fed chair.
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Businesses looking for any relief from the cost of debt were left wanting more Wednesday.
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Live updates: Tornado Warnings issued as dangerous severe weather outbreak slams the Midwest FOX WeatherTornadoes reported in Illinois, Iowa as severe weather roils Midwest CBS NewsLive Updates: Tornado watch issued in Wabash Valley MyWabashValley.comNWS confirms two tornadoes in central Illinois The State Journal-Register
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The new Federal Reserve chair rolls out five task forces that will focus on the central bank's communications, inflation frameworks and more
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The median projection called for the federal funds rate to end 2026 at 3.8%, a quarter percentage point above the current target range.
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