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[Bloomberg @business]

A rates-product executive at Goldman Sachs said traders are positioned correctly for the Federal Reserve to raise interest rates to combat a surge in war-driven inflation https://t.co/IxU93eYfwY

[Financial Times @FT]

Breaking news: The European Central Bank has become the first central bank in the G7 to increase borrowing costs in response to the Middle East energy shock https://t.co/hM6Fu0T0K3

[Lisa Abramowicz @lisaabramowicz1]

US producer prices are increasing at the fastest pace since 2022.

[Michael McDonough @M_McDonough]

CPI just dropped: headline at 4.2% YoY as expected, but the real story is underneath. Core CPI came in soft at +0.2% MoM vs 0.3% est. Strip out food, shelter & energy and you're at just 2.4% YoY. The Iran war is driving the headline via energy, but underlying inflation is cooling. Fed watching closely:

[Bloomberg @business]

JPMorgan’s David Kelly predicted the Federal Reserve will decide that the latest inflation data aren’t worrisome enough to prompt policymakers to do anything other than stand pat on interest rates next week https://t.co/0LGqepqp37

[Kevin Gordon @KevRGordon]

S&P 500 -1% with 327 members advancing

[Liz Ann Sonders @LizAnnSonders]

April trade deficit narrowed to $55.9B vs. $56.1B est. & $56.6B prior … exports +2.6% m/m; imports +2%

[The Wall Street Journal @WSJ]

Apple showed off a new version of its Siri chatbot, technology developed with Google that the iPhone-maker hopes will help power a comeback in artificial intelligence.

Here are the biggest takeaways from the keynote: https://t.co/6IAykPPwVG

[Bloomberg @business]

Attractive yields and strong credit fundamentals are setting the municipal bond market up for a solid second half of the year, said Paul Malloy, the head of municipals at The Vanguard Group https://t.co/lJtgFikjTk

[Reuters @Reuters]

Roche enters cancer drug deal worth up to $2.3 billion with Nurix Therapeutics https://t.co/t3vZ8RQ3MN https://t.co/t3vZ8RQ3MN

[Lisa Abramowicz @lisaabramowicz1]

If the US jobless rate falls to 4.2% or below, it'll be in line or below the expected 4.2% CPI next week. That would be just 7th time since 1960 with inflation running close to or above the jobless rate: BofA's Michael Hartnett. Previous times this happened: '66, '73, '90, '00, '08, '21.

[Bloomberg @business]

Blackstone limited redemptions from its flagship private credit fund after investors sought to withdraw 10% of shares, joining peers capping withdrawals amid ongoing outflows https://t.co/z1KZAW5cuX

[Sundar Pichai @sundarpichai]

On Monday we announced an equity offering for Alphabet - part of our multi-year investment strategy to meet the AI opportunity ahead and support the demand we’re seeing from enterprises and consumers. Pleased to share the offering was well over-subscribed. We raised a total of ~$45B, with an additional $40B to come as part of an “at the market” program starting in Q3 (for a total of ~ $85B). A huge thank you to our investors, including Berkshire Hathaway who invested $10B.

[Liz Ann Sonders @LizAnnSonders]

April job openings jumped to 7.618M vs. 6.866M est. & 6.887M prior (rev up from 6.886M)

[Bloomberg @business]

Anthropic has confidentially submitted draft paperwork for a public listing as it races longtime rival OpenAI to make a Wall Street debut as soon as this fall. https://t.co/wBFdgoJjvH

[Financial Times @FT]

Iran suspends peace talks in protest over Israeli offensive in Lebanon https://t.co/shW1fRZg2H

[Reuters @Reuters]

US crude production largely steady on the month in March, EIA says https://t.co/yNy7Q2W5x0 https://t.co/yNy7Q2W5x0

[The Associated Press @AP]

BREAKING: Iran negotiators agree to extend the ceasefire and start nuclear talks, a U.S official says. The tentative pact awaits President Trump's signoff. https://t.co/C6gtAWomaX

[Liz Ann Sonders @LizAnnSonders]

April PCE #inflation (blue) +3.8% year/year vs. +3.8% est. & +3.5% prior … core PCE (orange) +3.3% vs. +3.3% est. & +3.2% prior

[Nick Timiraos @NickTimiraos]

Based on the CPI and PPI, forecasters anticipate the core PCE rose 0.28% in April.

This would lift the 12-month rate to 3.3%, the highest since November 2023 (when the Fed still had a tightening bias). The 6-month annualized rate would rise to 3.8% (highest since June 2023).