Shares of industrial and transportation companies rallied as wholesale inflation fears subsided following the cease-fire deal in the Middle East.
Federal Reserve officials wrestled with the question of whether the Iran war would affect the central bank's employment or inflation mandate to a greater extent, according to minutes from the meeting. When the Fed met during the third week of the Iran war, a group of officials was concerned the conflict was raising the risk that elevated inflation could be prolonged. The officials discussed how the war had pushed up energy prices and how a drawn-out war could mean more inflation showing up in other categories too, according to minutes released.
One key question about the Middle East war was whether it would cause a temporary inflation shock affecting prices or a permanent growth scare with effect on valuation, and "it seems like it is going to just be a price shock," said Morgan Stanley Investment Management Chief Investment Officer Jim Caron, predicting the stock market would look past the energy shock.
FedEx Freight plans to focus on optimizing its network and boosting its commercial offerings after it spins off from FedEx.
Hong Kong conglomerate CK Hutchison has started arbitration against A.P. Moeller-Maersk after Panama seized its port assets in the country.
The Trump administration has so far rebuffed requests from Ford Motor and other U.S. automakers for relief from aluminum tariffs after fires at a major American factory created supply bottlenecks for vehicles including the F-150 pickup.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-08-26 1748ET
