Thursday's News Links

[CNBC] Stocks rise, boosted by strong earnings and a decline in oil prices: Live updates

[Yahoo/Bloomberg] Oil Drops From Four-Year High as War Fear Vies With Economic Hit

[Reuters] Yen surges as Japan reportedly intervenes to counter currency weakness

[Reuters] Whiplash on European markets as oil tumbles off four-year high, yen spikes

[CNBC] Core inflation rate hit 3.2% in March, as expected; GDP grew 2% in first quarter

[AP] Key inflation gauge jumps to highest level in 3 years as Iran war spikes gas prices

[AP] U.S. jobless aid filings fall to 189,000 despite economic headwinds and war in Iran

[Reuters] Stagflation risks stacking up as Iran war enters third month

[Axios] Scoop: Commanders to brief Trump on new Iran military options Thursday

[Yahoo/Bloomberg] Trump Says He Rejects Iran’s Hormuz Offer, Sustains Blockade

[CNBC] Trump said his blockade would cause Iran’s oil industry to ‘explode’ this week. Why that won’t happen

[Reuters] Kevin Warsh wanted a family fight at the Fed. Oil has provided the spark.

[Reuters] Trump says ABC should fire talk show host Kimmel soon

[Bloomberg] Iran’s New Leader Pledges to Guard Nuclear and Missile Tech

[Bloomberg] Yen Surges to Two-Month High After Fresh Verbal Intervention

[Bloomberg] Dudley: Kevin Warsh Has No Good Reason to Lower Rates

[Bloomberg] US Big Tech Ratchets Up AI Spending Past $700 Billion This Year

[Bloomberg] Meta Looks to Raise as Much as $25 Billion With Jumbo Bond Sale

[Bloomberg] Mexican Economy Posts Largest Drop in a Quarter Since 2020

[Bloomberg] Vanke State Backer Books $5.5 Billion Loss, Most in Two Decades

[Bloomberg] Ukraine Strikes Key Russian Refinery, Pumping Station in Perm

[WSJ] U.S. Debt Tops 100% of GDP

[WSJ] Iran War Lifts Fed’s Targeted Inflation Metric

[WSJ] Powell Won’t Leave. The Fed Won’t Cut. Warsh Will Have to Deal With Both.

[WSJ] As Hormuz Traffic Stalls, U.S. Pitches New Coalition to Get Ships Moving Again

[WSJ] Trump Weighs Pulling Some U.S. Troops From Germany in Spat With Chancellor

[WSJ] AI Has Made Memory Chips One of the World’s Most Profitable Products

[WSJ] Ten-Year Bund Yield Hits 15-Year High as Surging Oil Price Lifts Bond Yields Globally

[FT] Bond investors brace for ‘volatile’ Federal Reserve transition as Powell stays on

[FT] Jay Powell vows to keep ‘low profile’ as Federal Reserve governor

[FT] Google outpaces rivals as Big Tech’s AI spending plans rise to $725bn

[FT] Blue Owl draws in $9bn as private credit market cools

[FT] Citadel Securities is feeling its OATs

[FT] Starwood real estate fund halts redemptions as bet on lower interest rates bites

Wednesday Evening Links

[CNBC] S&P 500 futures are little changed after ‘Mag 7’ titans Alphabet, Amazon report earnings: Live updates 

[CNBC] Brent oil tops $118 after Trump says he will blockade Iran until it agrees to a nuclear deal

[Yahoo/Bloomberg] Yen Falls Below 160 Per Dollar to Weakest Mark Since 2024

[Yahoo/Bloomberg] Bill Ackman’s Pershing Square USA Sinks 16% After $5 Billion IPO

[CNBC] Alphabet ups 2026 capex to as much as $190 billion, expects to ‘significantly increase’ in 2027

[CNBC] Meta’s Reality Labs lost over $4 billion in first quarter

[Axios] Powell to remain as Fed governor, denying Trump a key vacancy

[CNBC] Warsh hints at a new reading of the Fed’s power over swap lines amid UAE discussion

[Yahoo/Telegraph] UK borrowing costs hit highest since 1998

[Bloomberg] Powell Says He’ll Stay at Fed as Governor With ‘Low Profile’

[Bloomberg] The Fed Officials Who Dissented at Powell's Last Meeting as Chair

[Bloomberg] Bessent Says Powell Staying On Is ‘Violation’ of All Fed Norms

[Bloomberg] A Battle of the Drones Looms Between China and Taiwan

[Bloomberg] Brazil Central Bank Trims Interest Rate to 14.5% as Economy Slows and Inflation Firms

[NYT] Takeaways from Powell’s final Fed meeting as chair

[NYT] A.I. Spending Sets a Record, With No End in Sight

[WSJ] Powell to Remain on Fed Board, Citing Legal Pressure From Trump

[WSJ] Kevin Warsh Inherits a Fracturing Fed

Wednesday Afternoon Links

[CNBC] Stocks slide as oil jumps and Fed leaves rates the same: Live updates

[Yahoo/Bloomberg] Bill Ackman’s Pershing Square USA Sinks 16% After $5 Billion IPO

[AP] Federal Reserve keeps key rate unchanged even as four officials dissent, most in almost 34 years

[CNBC] Jerome Powell says he will continue to serve as a Fed governor even after chairmanship ends

[CNBC] Fed holds rates steady but with highest level of dissent since 1992

[Yahoo/Bloomberg] Pentagon Says US Has Spent $25 Billion on Iran War So Far

[Bloomberg] Powell Says He’ll Stay at Fed for ‘Period of Time’ After Term as Chair Ends

[Bloomberg] Fed Holds Rates, Three Officials Dissent Against Easing Bias

[Bloomberg] Trump Says He Rejects Iran Hormuz Offer, Keeps Blockade

[Bloomberg] Oil Charges Toward $120 With No End in Sight to US-Iran War

[Bloomberg] Oil Shock Will Hit Asia Harder Than the 1970s

[WSJ] Fed Closes Powell Era With Rates on Hold and Divide Over What Comes Next