WS #5843

The dominant signal in this window is the DOJ dropping its criminal investigation into Fed Chair Jerome Powell, which is corroborated by multiple sources (NPR, Bloomberg, CNBC, and social media). This development clears the path for Kevin Warsh's Senate confirmation as the next Fed chair, reducing political uncertainty around Fed leadership. The news is bullish for markets as it removes a key overhang on Fed independence. Treasuries gained on the news. Separately, the Strait of Hormuz crisis continues to escalate with Iran asserting control and Trump threatening Iran's oil infrastructure will 'explode' within days. JPMorgan says oil prices have further to rise as supply disruptions reached 13.7 million bpd. A production crunch threatens regional shortages of jet fuel and diesel. European leaders criticize EU energy measures as insufficient. Intel is carrying the market today with a 24% surge, lifting the semiconductor sector (AMD +13%, NVDA +4%). Morgan Stanley raised its MSFT price target, saying its AI story is underpriced. Tesla's Cybercab enters production but Musk sounds cautious on robotaxi expansion. Consumer sentiment fell to a record low in April. The previous window's dominant narratives (DOJ probe drop, Strait of Hormuz escalation, Intel surge) are carried forward as they remain active and unrefuted.