US-Iran Deal Takes Effect, BOE Set to Hold Rates, More
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President Trump has signed an interim deal to end the war with Iran and reopen the Strait of Hormuz. According to a U.S. official, the so-called Memorandum of Understanding is now in effect. However, it is unclear whether Iran has begun taking steps to fully open the waterway. Explaining his decision to take an interim peace deal, Trump repeated his insistence that the country would never obtain a nuclear weapon. Yet he went on to suggest that Iran should have the right to enrich uranium for electricity and be allowed to develop ballistic missiles.
If other countries have them, it's a little bit unfair for them not to have some. A ballistic missile is not the same thing as what we're talking about when we talk nuclear. But if Saudi Arabia and Qatar and they all have some, I would say in relative proportion, I think it's OK.
Trump also defended the $300 billion development program for Iran in the deal while saying he's ready to release billions of dollars in frozen Iranian assets.
We have their money. We have taken their money. It's not our money. It's their money. And we froze it. At a certain point in time, I guess we're going to have to give it back. You know, if we didn't give it back, nobody would ever invest in the dollar again.
The details of Trump's deal have prompted unusually strident criticism from Iran hawks who say it amounts to a victory for Tehran. Speaking to Bloomberg government, Trump's first-term Vice President Mike Pence argued that the agreement makes no mention of verifiably dismantling the country's nuclear weapons program.
G7 nations have pledged to diversify away from China with ambitious trade targets on critical minerals. They agreed that no single country should supply more than 60% of their imports of rare earths, this by 2030. Now, it adds momentum to the European Union's push to counter a deficit of more than a billion euros per day.
EU leaders will meet in Brussels today to discuss how best to approach upcoming talks with Beijing. They all agree China's trade policy cannot be left unchecked, so what new tools could they introduce? The EU's chief trade negotiator has talked up a dedicated instrument to break the imbalance.
What are the implications of Trump's interim deal with Iran?
Meanwhile, French President Emmanuel Macron has raised the prospect of strong measures, including potential tariffs. Bloomberg understands several member states have privately noted that process could take years. In London, Freddie Fulston, Bloomberg Radio. Traders have piled into bets on rake heights after Fed Chair Kevin Walsh used his first rate decision press conference to emphasise that the central bank won't tolerate high inflation. As expected, policymakers voted unanimously to hold rates steady in a range of 3.5% to 3.75%. However, it was Kevin Walsh's comments to reporters after the decision that called the attention of markets.
Persistently high prices are a burden for the American people, but the recent past need not be prologue. I am pleased to report that members of the FOMC are unambiguous and unanimous. This committee will deliver price stability.
Walsh largely sidestepped a question on why the Fed didn't go ahead and raise rates now, given that inflation is running at more than double the central bank's 2% target.
Now, when it comes to the UK, breaking news this morning, the February to April wage data, so excluding bonuses, increases by 3.4% year on year. So that's a hotter print than had been expected. The estimate was for a rise of 3.2%.
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