Ed Kalecki

Trump declared that the Iranians don't seem to realize they have no cards.

The semi-official Tasnim News Agency reported an Iranian delegation

Led by Parliament Speaker Mohammad Bashir, Ghalibaf has arrived in Islamabad.

He told a Tasnim reporter that talks would only proceed if the opposing side accepts Iran's preconditions for negotiations.

The Federal Reserve is asking major U.S.

banks for details about their exposure to private credit following a surge in redemptions from the funds and a rise in troubled loans in the industry.

The queries by Fed examiners are intended to assess the level of stress in the private credit industry and the potential for it to spill over to the wider financial system.

Among the queries the Fed has been incorporating into its routine oversight process, the central bank has been seeking detail on the debt private credit funds have taken on from banks.

In good times, that debt can juice returns and make private credit funds more enticing.

In bad times,

It risks exposing banks to losses.

Wall Street banks are starting to test Anthropic's Mythos model.

Bloomberg's Dan Schwartzman has more.

U.S.

inflation surged in March by the most in nearly four years as the war with Iran sent gasoline prices skyrocketing.

The Consumer Price Index rose 0.9% from February, according to data out Friday.

From a year ago, it was up 3.3%, the strongest pace since 2024.

A record increase in gas prices was responsible for nearly three-quarters of the monthly advance.

Another measure that excludes food and energy costs increased at a slower-than-expected 0.2%.

two percent base.