Public Markets 8 Hours

Last updated: May 23, 2026, 5:30 PM ET

Inflation & Central Banking

The Federal Reserve's favored inflation gauge rapidly approached 4% as war-driven energy costs generate broadening price pressures, creating market uncertainty about the Fed's policy trajectory. Meanwhile, incoming Fed chair Kevin Warsh vowed to usher in "regime change", though analysts note he'll face constraints in implementing significant changes without consensus among Fed governors. The combination of rising inflation and potential policy shifts has Treasury markets pricing in a September rate cut, with the 10-year yield down 5 basis points to 4.32% as investors balance inflation concerns against recessionary risks.

Geopolitical Risk & Markets

U.S. officials warned Japan of severe delays in Tomahawk missile deliveries, with potential two-year setbacks as the Pentagon works to replenish stocks depleted in the Middle East military campaign. Heightened regional tensions come as Iran and U.S. officials signaled progress toward a cease-fire, though Israeli strikes pummeled Lebanon, damaging a main hospital in Tyre as funerals for killed paramedics were held. France banned Israeli Minister Ben Gvir from entering the country over his treatment of activists attempting to deliver aid to Gaza by sea. The U.S. military redirected 100 commercial vessels during its six-week blockade of Iranian ports, significantly disrupting global shipping lanes and contributing to a 3.2% increase in Brent crude prices to $86.45 per barrel.

M&A & IPO Activity

German food delivery company Delivery Hero revealed a €10 billion takeover bid from Uber, while also receiving interest from rival Door Dash in a deal that could reshape Europe's food delivery market. Separately, a hot IPO in the geothermal sector has lifted related power companies, with U.S. geothermal stocks rising an average of 8.5% in the past two days as high demand from tech companies drives renewed interest in the