Bonds & Stocks
A renewed rally in oil drove stocks and bonds lower ahead of the Federal Reserve decision, with traders looking for signals about how the war in Iran will impact inflation. The S&P 500 fell 0.2%. The yield on 10-year Treasuries advanced four basis points to 4.39%.
Economy
US consumer confidence unexpectedly edged up in April to the highest this year as Americans grew more hopeful about the outlook for the labor market. The Conference Board’s gauge increased to 92.8, from 92.2 in March, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 89.
World
The US signaled it would stick with a naval blockade of Iranian ports, as it tries to choke-off Tehran’s oil exports and force it back to the negotiating table. US President Donald Trump claimed on Tuesday that Iran was in a “state of collapse.”