Overview
- Janet Yellen, speaking Wednesday at the HSBC summit in Hong Kong, said her base case still allows for one Federal Reserve rate cut later this year.
- Cleveland Fed President Beth Hammack said rates are in a good place and signaled a hold for a good while with two‑sided risks depending on incoming data.
- The Iran war has driven a broad supply shock as oil prices rose more than 30%, lifting fuel costs and helping push U.S. inflation higher in recent reports.
- The Fed kept its policy rate at 3.50% to 3.75% in March, yet traders have largely removed bets on any cut this year.
- Yellen warned that President Trump’s public pressure on the central bank poses an unusual threat to Fed independence.