A shortened trading week saw markets edge higher, supported by the landmark agreement between the U.S. and Iran. Shipping activity through the Strait remains subdued for now, but a gradual reopening is expected to help bring down oil prices and ease supply chain pressures over time, even if normalization is not immediate. The week also featured a Fed meeting on Wednesday, led by Kevin Warsh. As expected, rates were left unchanged, though the tone remained hawkish amid persistent inflation pressures. Warsh also provided some insight into the Fed’s evolving approach, including a potential shift toward more limited forward guidance. On the economic front, retail sales surprised to the upside, reinforcing the resilience of the consumer.