Inflation

Federal Reserve officials divided over monetary policy after Iran ceasefire. Markets see rate-cut odds double, but inflation threatens hikes. Money market rates hit 4.22% —highest in recent memory.

Wall Street has closed its fifth consecutive losing week, the longest sustained decline since the Iran war began, as the Dow, S&P 500, and Nasdaq all hit year lows amid mounting inflation concerns.

Goldman Sachs economists warn the Iran war has elevated the risk of a U.S. recession within 12 months, as higher oil prices push inflation to 3.1% while growth slows simultaneously.