1451 ET - In a Friday speech, Fed governor and erstwhile Fed chair candidate Christopher Waller says that the war in Iran has made him cautious about interest-rate cuts for the time being, and that an extended conflict could completely block the Fed's path to lower rates this year. Kevin Warsh, who has pushed for rate cuts, got the nod--not Waller. Yet interest-rate futures curves show significant skepticism from traders that the Fed will find its way toward cutting rates later this year and beyond. In a survey, trading desks have also indicated to the New York Fed they are skeptical of seeing near-term reductions to the Fed's balance sheet. Markets are showing little sign, in other words, that the Warsh transition marks a policy turning point. (matt.grossman@wsj.com; @mattgrossman)

(END) Dow Jones Newswires

April 17, 2026 14:51 ET (18:51 GMT)

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