Welcome to Markets Desk, here's what's moving the needle this hour.
In Washington, the Justice Department is shifting gears. U.S. Attorney Jeanine Pirro has filed to vacate her investigation into Federal Reserve Chairman Jerome Powell, pulling back just ahead of a procedural deadline. The move raises fresh questions about the administration's legal strategy toward the Fed and whether political pressure on monetary policy takes a new form going forward.
Turning to commodities, cocoa is surging hard today, with New York futures up more than nine percent and hitting a two-week high. Supply fears are driving the move, with traders pricing in tighter availability from key growing regions. London markets are closed for the May Day holiday, so thin conditions are amplifying the volatility and giving bulls room to run.
Coffee is also catching a bid, with arabica futures nudging higher on concerns that escalating tensions between the United States and Iran could threaten passage through the Strait of Hormuz. Any disruption there ripples quickly through global shipping lanes, and soft commodity traders are watching that corridor closely as a pressure point on supply chains.
That's the tape. Markets Desk, signing off the floor.
