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The Court Ruling in the Fed Chair’s Favor Is a Double-Edged Sword

  • A federal judge threw out criminal subpoenas targeting Fed Chair Jerome Powell, concluding they aimed to pressure him to lower rates.
  • The Supreme Court is weighing whether President Trump can remove Fed governor Lisa Cook over mortgage-fraud allegations that Cook disputes.
  • Sen. Thom Tillis (R., N.C.) vowed to block Fed nominees, stalling the replacement process for Powell.

 
ECB and Bank of England to Stand Pat as Iran Conflict Upends Forecasts

  • European central banks are expected to keep key interest rates unchanged amid economic uncertainty from the U.S. and Israel conflict.
  • The conflict is expected to lead to weaker economic growth and higher inflation in Europe this year.
  • The Bank of England, which had planned to cut borrowing costs, is now expected to hold rates due to the conflict.
Bank of Japan Faces Familiar Dilemma as Iran Conflict Stirs Inflation

  • The Bank of Japan faces a dilemma on rate hikes as the Iran conflict and rising oil prices complicate its inflation goals.
  • Policymakers want rate hikes but find action difficult this week due to unstable markets and an uncertain Middle East outlook.
  • Prime Minister Sanae Takaichi’s focus on economic growth implies a preference for loose financial conditions.
China’s Economy Off to Steady Start in 2026 Amid Lowered Expectations

  • China said its economy began the year on a steady footing, providing leaders room to try to shift the country’s growth engine toward consumption.
  • Retail sales increased 2.8%, fixed-asset investment rose 1.8%, and industrial output grew 6.3% in the January-February period.
  • Data on the property sector continued to show signs of weakness.
Iran War Hits Europe With an Energy Shock It Can’t Afford to Absorb

  • An energy shock from the Middle East war is set to deliver a punishing economic blow to Europe, which had hoped for growth.
  • Policymakers have limited options for relief due to high government debt and surging borrowing costs across the continent.
  • Rising energy costs threaten deindustrialization, could drive food prices higher and may push Europe into recession.
 

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