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Powell era ends, hawks rise
Description
U.S. President Donald Trump suggested the Iran blockade could last months, sending Brent crude to its highest level since the war began and feeding U.S. inflation expectations. Jerome Powell confirmed he will remain on the Federal Reserve board after his term as chair ends May 15, a move that blocks Trump from immediately filling his seat. Plus, Meta slid around 7% on rising CapEx concerns, while Alphabet surged roughly 7% on the strength of its cloud business.
Today’s recommended read: Iran war stasis brings US inflation expectations back to the boil, Mike Dolan
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Produced by Eliza Davis Beard, Ethan Plotkin and Abisoye Adelusi
Sound engineering and music by Sebastian and Josh Sommer
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