Gate News message, April 21 — On Tuesday, Donald Trump said he would be disappointed if Kevin Warsh, his nominee for Federal Reserve chair, takes office following Senate approval but does not cut interest rates as soon as next month. The central bank has not cut rates in 2026. Trump also pressured Warsh to move quickly on rate cuts, making clear that any delay would be viewed as a failure. Meanwhile, Fed Chair Jerome Powell is under criminal investigation over testimony he gave to a Senate committee regarding renovation work on Federal Reserve buildings. Powell called the probe “unprecedented” and said he believed it was opened because Trump was angry that the Fed refused to lower rates despite repeated pressure from the president.
Trump commented on market performance during the Iran conflict, which began on February 28 and shut down the Strait of Hormuz, cutting off one-fifth of the world’s oil supply. He initially expected the Dow Jones Industrial Average and the S&P 500 to drop 20% and oil prices to reach $200 per barrel. Instead, stocks held up better than anticipated, and oil remained far below that level. On Tuesday, Trump noted that oil was trading around $90 per barrel and attributed the resilience to alternative supply routes, with ships redirecting to Texas, Louisiana, Alaska, and other locations.
U.S. retail sales rose 1.7% in March after a 0.7% gain in February, marking the fastest monthly increase since January 2023. Higher gas prices drove much of the gain; regular gasoline averaged $4.02 per gallon on Tuesday, more than $1 above pre-conflict levels. Consumer prices rose 3.3% year-over-year in March, up from 2.4% in February and the largest yearly increase since May 2024. On a monthly basis, prices rose 0.9%, the largest increase in nearly four years. Core inflation, which excludes food and energy, rose 2.6% year-over-year, up from 2.5% in February.
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