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April CPI printed at 3.8% annually — the highest since May 2023. Energy prices jumped 3.8% for the month, up 28.4% year-over-year. Energy drove more than 40% of the headline gain. BLS
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Trump said Monday the US-Iran ceasefire is on “massive life support.” His team called Tehran’s latest proposal “garbage.” Tehran’s demands include sanctions lifted, war compensation, and Hormuz sovereignty — before any nuclear talks. BBG
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WTI crude hit $101.63 Tuesday, up 3.87%. Saudi Aramco’s CEO said oil market normalization won’t come until 2027 at the earliest. More than 1 billion barrels have been lost since the Strait closed in March. CNBC
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The Strait of Hormuz logged just 191 vessel crossings in all of April. More than 600 ships are now stranded in the Gulf. Reuters
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Iran threatened a “heavy assault” on US assets if its ships face more strikes near the Strait. The US naval blockade of Iran remains in effect. AP
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Trump is weighing a military strike on Iran to force nuclear concessions. He will ask Xi to pressure Tehran when they meet May 14–15. The April ceasefire is barely six weeks old. BBG
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Trump flies to Beijing this week for May 14–15 talks with Xi Jinping. Iran, Taiwan sovereignty language, and trade dominate the agenda. Taipei has asked Washington to avoid any new language on Taiwan independence. WSJ
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Trump’s order directs the USPS to build federal mail voter lists for 2026 elections. The Postal Service just posted a $2 billion quarterly loss. USPS leaders say the agency could run out of money within a year. AP
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The Fed is holding rates at 3.5%–3.75% for a third straight meeting. Bank of America said Monday it no longer expects any rate cuts in 2026. A year ago, futures markets were pricing in three cuts by now. BBG
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S&P 500 futures fell to 7,368 on the CPI print, down 0.6%. The 10-year Treasury yield climbed to 4.42%, a one-week high. CNBC
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