Finance

In his inaugural meeting as Chairman, Kevin Warsh oversaw a decision to maintain interest rates at 3.5%–3.75% while signaling potential hikes later this year. The central bank's updated economic projections showed a significant upward revision for inflation to 3.6%, prompting a move away from previous expectations of rate cuts.

The Philadelphia SE Semiconductor index reached a new peak, bolstered by a 10% surge in Intel shares following news of a chip design partnership with Apple. Other major industry players including Micron and Marvell Technology also posted gains exceeding 5% as the broader tech sector regained momentum.

Global oil prices fell significantly, with Brent crude nearing pre-war levels around $74 per barrel as the U.S.-Iran interim pact takes effect. This decline has provided immediate relief for U.S. consumers, as national average gasoline prices dipped below $4 per gallon for the first time in two months.