Bonds & Stocks
Wall Street traders gearing up for the Federal Reserve decision refrained from making big moves as they waited to see whether new Chair Kevin Warsh will validate market bets on future rate hikes or lean against them. The S&P 500 was little changed. The yield on 10-year Treasuries was little changed at 4.43%.
Economy
Governments around the world look to be facing lofty borrowing costs for at least the rest of the year, even as the fragile Middle East truce lowers energy prices and curbs inflationary fears. US Treasuries, German bunds and UK gilts have risen since Donald Trump announced a deal with Iran on Sunday.
World
As the world awaits the full reopening of the Strait of Hormuz following the signing of an interim peace deal between Iran and the US, the United Arab Emirates is working on a highly ambitious plan to try to end its dependence on the critical chokepoint “We’re moving toward having zero Hormuz dependency and that’s regardless of whether it’s open or not,” the UAE’s Minister of Foreign Trade Thani Al Zeyoudi.