Dallas Fed

Inflation remains the dominant topic for policymakers and markets. A Bank of England official admitted the bank mishandled its first response to the Iran shock, while Fed governor Waller said inflation expectations remain stable but signalled multiple rate increases ahead. Dallas Fed's Logan called for rate hikes of '50 basis points or more', and traders are questioning whether the ECB has been too aggressive, as fresh US economic data lands.

Fuel prices are rising faster than crude oil costs because of refinery outages, according to analysis from the Federal Reserve Bank of Dallas. With refining capacity offline in the United States, the price of gasoline and diesel at the pump has climbed beyond what the underlying cost of crude alone would explain, adding pressure on consumers.