The Fed’s new leadership is being forced to manage a renewed flare-up in inflation, which came in at 3.8% in April, a level that will prevent the central bank from easing the cost of money. The ECB also looks ready to move on rates as early as this month. EUR/USD, meanwhile, remains stuck in a…

The Warsh era at the Fed begins with strong macroeconomic data from the U.S., but also with rising inflation and Powell’s final minutes confirming a central bank more hawkish than expected. Bets on rate cuts have been wiped out, while in Europe consumer prices are also climbing by 3%, prompting the ECB to prepare for…

Between hopes for a truce and buoyant markets, the dollar remains weak, confirming that when calmer conditions appear to return to markets, the greenback loses ground. Meanwhile, the Warsh era begins in the U.S., with the new Fed chair taking office. Will he be able to preserve the Fed’s independence? In Europe, interest rates appear…

While the Strait of Hormuz remains sealed, sending oil prices sharply higher, the change at the top of the Federal Reserve, with Powell chairing his final meeting, left rates unchanged but appears to ensure a degree of independence for the board at least until 2028, given Powell’s continued presence as a voting member. That factor…