WS #5838
The dominant signal in this window is the DOJ dropping its criminal probe into Fed Chair Jerome Powell, which removes a key hurdle to Kevin Warsh's confirmation as Fed chair. This development is corroborated by multiple sources (CNBC, MarketWatch, NBC, Bloomberg, and several social media posts). The move is expected to pave the way for a leadership transition at the Fed, which could have significant implications for monetary policy. Additionally, the US claims control over shipping in the Arabian Gulf amid the Iran crisis, and Asian refineries are slashing output due to crude supply disruptions. Consumer sentiment hit a record low per Bloomberg, while the Michigan sentiment final came in slightly above forecast. Meta signed a multibillion-dollar deal with AWS for Graviton CPUs, and Amazon hit an all-time high. Intel received multiple price target raises.
Key developments
- DOJ drops criminal probe of Fed Chair Powell, clearing path for Warsh confirmation
- Asian refineries slash output as Iran crisis chokes crude supplies
- Meta signs multibillion-dollar deal with AWS for Graviton CPUs
- Consumer sentiment at record low on inflation fears
- Intel receives multiple price target raises from Cantor Fitzgerald and RBC Capital
- Amazon stock hits all-time high