Markets rose this week after the U.S. and Iran agreed to a two-week ceasefire to work toward a framework covering the Strait of Hormuz operations, sanctions, and Iran’s nuclear program. While Iran says the Strait has reopened, traffic through the key energy corridor remains limited. The terms of the ceasefire also remain contentious: Iran claims the agreement extends to its ally Hezbollah, a view not shared by the U.S. or Israel. On the economic front, headline CPI rose 0.9% in March due to higher energy prices, while core CPI increased a more modest 0.2%, pointing to contained underlying inflation.