Rates & Borrowing Costs: The Fed’s quarter-point hike to a 3.75%–4% target range is feeding into higher mortgage, credit card, and auto loan costs, with 30-year fixed rates back above 7%, squeezing homebuyers and consumers. Inflation Watch: Fed Governor Lisa Cook warned inflation could rise again as oil prices and AI-related demand pressure costs, while markets keep pricing in more hikes. Energy & Markets: Oil volatility tied to Strait of Hormuz uncertainty is weighing on stocks and bonds, with investors watching how higher crude feeds into broader inflation. Industrial Policy & Jobs: Trump unveiled a $15B Iowa steel complex billed as the largest in U.S. history, aiming for thousands of construction jobs and long-term production capacity. Banking Stress: California’s Nano Banc failed, with deposits assumed by Sunwest Bank after regulators cited mismanagement and regulatory violations. Stablecoins in Payments: Volante and Circle expanded stablecoin payment and settlement options for banks using USDC workflows inside existing payment systems. Legal/Regulatory: A federal appeals court ruled Kalshi’s sports-event contracts fall under Tennessee sports-wagering laws, reshaping the prediction-market playbook. Consumer Budget Pressure: Fast-food prices rose 3.2% over the past year, outpacing inflation and hitting household budgets.