• The U.S.–Iran deal to end the fighting and reopen the Strait of Hormuz eased energy-market pressure this week, but progress is likely to be gradual and geopolitical risks remain.
• Retail sales showed that consumers are still spending despite higher gasoline prices, while elevated mortgage rates continue to weigh on housing construction.
• Warsh’s FOMC debut featured notable changes in communication style, and a hawkish shift by the committee as a whole. This increased market’s expectations for a rate hike this year.
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