Three months and counting

Three months into the Gulf war, renewed U.S.-Iran military exchanges have sent oil back to around $100 a barrel, dashing hopes of an imminent peace deal. April PCE inflation is forecast near 3.8% - almost twice the Fed's target - with May nowcasts already above 4%. Plus, U.S. President Dondald Trump's softer tone on rate cuts is raising fresh questions about whether his administration's weaker-dollar ambitions are also being quietly shelved. Today’s recommended read: Trump Fed pivot raises dollar-policy doubts too, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Read more from Amanda Cooper and Anna Szymanski Produced by Eliza Davis Beard, Ethan Plotkin and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices