The Federal Reserve has left its interest rate unchanged but acknowledged growing uncertainty about the ongoing Iran conflict.
Despite this, the Fed continues to project one rate cut in 2026 and another in 2027.
The U.S. dollar index moved back above the 100 level, while U.S. equities extended their decline. At the same time, WTI crude oil futures rebounded toward $98
Long live the King!
A federal judge recently blocked the obvious politized subpoena issued to Fed Chair Jerome Powell by the Department of Justice. Fox news host turned U.S. Attorney Jeanine Pirro confirmed the Department of Justice will appeal this ruling.
Powell has just now indicated he will remain in his role beyond the end of his term in May if Kevin Warsh, his nominated replacement, faces a delayed confirmation. Republican Senator Thom Tillis stated he will not confirm Warsh as the new Fed Chair until the investigation into Powell is resolved. Warsh is widely seen as more open to rate cuts than Powel.
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