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Christopher J. Waller, a Federal Reserve governor, said he would support rate cuts later this year if the labor market continued to weaken.

Treasury Secretary Scott Bessent said removing sanctions on Iranian oil would lower global prices.

The trade organization said that a slowdown in trade in 2026 could become even more extreme if the war in the Middle East persists.

Traders now expect Europe’s central bankers to raise rates this year to address a sharp increase in inflation because of higher energy prices.

Jerome H. Powell, who leads the central bank, also said he would not leave the Fed until a criminal investigation into his handling of renovations was over.

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See how the central bank’s interest rate stance influences car loans, credit cards, mortgages, savings and student loans.

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The Federal Reserve must contend with price readings that seem headed in opposite directions.

Oil prices are soaring, threatening a wider problem with inflation, but the president has insisted that borrowing costs must be lowered.