Austan Goolsbee warns that high oil prices from the Iran war may prevent the Federal Reserve from cutting interest rates until 2027, prolonging inflation above the 2% target and leading to a "higher for longer" interest rate scenario.
U.S. equities, led by a 1.96% rise in the Nasdaq Composite, closed significantly higher, driven by a rebound in tech stocks like Nvidia and Amazon. Chinese tech stocks also surged, reflecting renewed investor interest.