Happy Monday. The U.S. markets fell today after President Donald Trump prepared to resume a blockade on Iran, while throwing out plans to demand a 20% fee from shippers in the Strait of Hormuz as the price of defending the critical trade route. With an hour left of trading, the Nasdaq was down nearly 1.5%, while the Russell 2000 and S&P 500 were off closer to 1%.
Fed Chair Kevin Warsh is taking over America's central bank at a trying time. While it appeared that the U.S. was on the verge of defeating the highest inflation in decades, it's now seen reaccelerating, leading some members of the bank to project interest rate hikes later this year. It'll be a big topic of discussion as Warsh heads to Capitol Hill this week.
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