Bitcoin Surges Past $72,000 in Short Rally

April 4 — A source familiar with the matter told CNBC that the U.S. Senate Banking Committee will hold a hearing on April 16 to consider Kevin Warsh’s nomination as Federal Reserve chair. Separately, a criminal investigation into the Fed remains ongoing, probing whether current Chair Jerome Powell made false statements to Congress about the costly renovation of the central bank’s office building. Warsh’s nomination process is moving forward, potentially creating a conflict between the two parallel initiatives pushed by the Trump administration. Senate Banking Committee member Thom Tillis has stated he will not vote to confirm Warsh until the investigation is completed, indicating Trump cannot advance both processes simultaneously. However, by proceeding with the hearing, Trump appears to be attempting to do so. The Senate Banking Committee has not yet scheduled the hearing for a public session, per FXStreet.

April 4 — Iranian Foreign Minister Araghchi said Iran’s position on peace talks has been “misrepresented by U.S. media.” “We greatly appreciate Pakistan’s efforts and have never refused to travel to Islamabad. Our focus is whether this illegal war imposed on us can end completely and permanently.”

April 4: Wall Street Journal’s “Fed Whisperer” Nick Timiraos reported that 178,000 jobs added in March reversed February’s sharp drop, while the unemployment rate fell to 4.3%. But key details are less upbeat: average worker wage growth slowed to its lowest year-over-year pace in five years (since the pandemic). Averaging the two volatile months reveals a clearer trend: just 22,500 jobs added monthly on average. Two years ago, that figure would have sparked alarms; now, it may still be viewed as acceptable. Fed officials are still trying to explain this shift. San Francisco Fed President Mary Daly wrote Friday: “It’s hard to tell the public an economy with no job growth still fits full employment.” The dynamic is especially fragile as new supply shocks loom: ongoing Iran tensions, high fuel costs, or commodity shortages could squeeze businesses and consumers, leaving the labor market without a cushion to absorb the hit. Meanwhile, inflation worries threaten to dim rate-cut certainty

On April 4, Iran’s top joint military command announced a new air defense system had become operational, noting it will exercise full control over the country’s airspace.

April 4th — Despite a slight easing of U.S.-Iran tensions over the weekend, the U.S. continued searching for a crew member from an F-15E fighter jet downed by Iran on Friday. Tehran, meanwhile, launched ongoing attacks on Gulf Arab states and Israel across the weekend. A separate U.S. military aircraft crashed in the Persian Gulf the same day (Friday). Both sides are set to maintain high tensions next week, with multiple stakeholders appearing to have fully anticipated potential U.S. ground force deployment into Iran. Aside from the Iran conflict, next week’s macro events will be headlined by the Federal Reserve’s meeting minutes, with analysts expecting the document to confirm the hawkish tilt reflected in the latest dot plot. The key event schedule is below: - **Monday 22:00**: U.S. March ISM Non-Manufacturing PMI - **Tuesday 15:50–16:30**: France/Germany/Eurozone/UK March Final Services PMI - **Tuesday 23:00**: U.S. New York Fed March 1-Year Inflation Expectations - **Wed

April 4: Iranian state media reports Iran says a ship linked to Israel was damaged by an unmanned drone in the Gulf of Oman, forced to stop at sea and caught fire.