Gas prices hit a 4-year high as Iran and the US seem no closer to a peace deal, and Iran is struggling to find somewhere to store its oil as the US blockade in the Strait of Hormuz continues to work. The UAE announced they were leaving OPEC so they can produce more oil, consumer confidence unexpectedly jumped to a 6-month high, and home price growth fell to an almost three-year low.

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On Friday, the Department of Justice announced they were dropping the investigation into the Federal Reserve and Jerome Powell, which allowed Senator Thom Tillis to drop his no vote in the banking committee to push Kevin Warsh’s nomination to the floor of the Senate for a full vote. In other news, consumer sentiment falls to the lowest level in 70 years, and it’s a busy week for data as four central banks across the globe will make rate decisions

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Jobless claims rise slightly and don't have a big impact on rates. Joseph C. Sternberg has a great piece in the WSJ about Kevin Warsh and his possible tenure at the Federal Reserve.

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Slow news days kept rates unchanged. Inflation in the U.K. rose as expected, mortgage demand jumped as rates fell to a 1-month low, and chaos in the Strait of Hormuz kept peace talks on ice between Iran and the U.S.

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Rates rose on Tuesday as retail sales jumped because of higher gas prices, Kevin Warsh’s hearing went as expected, pending home sales rose more than expected, and peace talks broke down between the US and Iran.

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Kevin Warsh, President Trump’s nominee to lead the Federal Reserve, released prepared remarks before his hearing on Tuesday that argued that Fed independence is “essential” but noted that “Fed independence is largely up to the Fed.” In other news: Iran throws out mixed signals on peace talks, and it’s a slow week for economic data.

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Rates rose again on manufacturing data out of Philadelphia that was similar to the NY data, which showed activity rising along with upward price pressure. In other news, jobless claims fell more than expected as the labor market holds steady and President Trump announced a ceasefire between Israel and Lebanon

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Rates rose on Wednesday after the New York manufacturing report showed activity unexpectedly rising with some upside price pressure. In other news, President Trump threatened to fire Jerome Powell…again and homebuilder confidence fell to a 7-month low.

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Markets welcomed a 0.5% producer price increase in March, while it was not good, it was much better than economists had expected. In other news, the success of the U.S. blockade could end the war sooner than some thought and Scott Bessent backs the Fed holding rates steady.

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Rates fell and equities climbed as the markets reacted positively to the U.S. blockade of the Strait of Hormuz, as analysts believe this will force a peace deal sooner rather than later. In other news, existing-home sales fell more than expected in March, and the White House’s economic report argues that the US is 10 million homes underbuilt…

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