Inflation accelerated sharply in March, with the Consumer Price Index rising 0.9% month over month, driven largely by a 21.2% spike in gasoline. While broader price pressures outside of energy remained contained, the jump complicates the Federal Reserve’s path to rate cuts and reinforces a “higher-for-longer” narrative on policy rates.
Source: American Banker
Fed study: Tariffs lifted core goods inflation and added 0.8 pp to core PCE
A Federal Reserve study finds tariffs have been a key driver of core goods inflation, adding roughly 0.8 percentage points to core PCE. The analysis underscores how trade policy has become a meaningful source of price pressure, with implications for future inflation trajectories and policy debates ahead of the U.S. election cycle.
Source: Seeking Alpha
Iran conflict causing deeper oil shock than headline prices suggest
Despite oil benchmarks not fully reflecting it, the war with Iran is restricting flows out of the Persian Gulf to an extent that is pressuring supply chains and refining capacity. The disruption is amplifying downstream effects on fuel prices and inflation, posing risks for growth and corporate margins even if crude prices appear contained.
Source: The New York Times
Big banks and S&P Global launch first CDS index tied to private credit
Several major banks and S&P Global are teaming up to introduce the first credit-default swaps index linked to private credit, creating a new risk-transfer instrument for a fast-growing asset class. The index could deepen liquidity, expand hedging options for institutional investors, and draw more capital into private markets.
Source: Seeking Alpha
Hong Kong grants first stablecoin licenses to HSBC and StanChart-led JV
In a landmark move for regulated digital finance, Hong Kong approved the city’s first stablecoin issuer licenses for HSBC and a Standard Chartered-led consortium. The cautious rollout positions the city to bridge traditional finance and digital assets, potentially accelerating bank-grade tokenized payments and cross-border settlement.
Source: South China Morning Post
Japan reclassifies crypto as financial instruments and bans insider trading
Japan approved major amendments to its Financial Instruments and Exchange Act, officially recognizing crypto as financial instruments, banning insider trading, and introducing stricter disclosure and penalties. The reforms aim to improve market integrity, pave the way for crypto ETFs by 2028, and channel more institutional participation under clearer rules.
Source: Finance Magnates
FDIC rescinds 2023 guidance on multiple nonsufficient-fund fees
The FDIC withdrew its 2023 guidance that warned banks multiple nonsufficient-funds (NSF) charges on the same transaction could be deemed unfair or deceptive. The move eases immediate compliance pressure on banks but keeps the spotlight on fee practices amid continued regulatory and political scrutiny of consumer costs.
Source: American Banker
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