Iran has given an updated proposal for a deal to end the war, but the White House believes it is not a meaningful improvement and is insufficient for a deal, a senior U.S. official and a source briefed on the issue told Axios.

Why it matters: U.S. officials say President Trump wants a deal to end the war, but is considering resuming it due to Iran's rejection of many of his demands and refusal to make meaningful concessions on its nuclear program. (Axios – Continue Reading)

Iran has started a Bitcoin-backed insurance service for shipping companies that want to transit the Strait of Hormuz, the semi-official Fars news agency reported, citing documents obtained from Iran’s Ministry of Economy and Financial Affairs.

Dubbed Hormuz Safe, the Iranian government says it could generate more than $10 billion in revenue for the Islamic Republic, Fars reported, without giving a time frame or a breakdown of how the service would work. (Bloomberg – Continue Reading)

Sent to the Federal Reserve to lower interest rates, incoming Chair Kevin Warsh instead may have to push for higher levels to establish credibility, market veteran Ed Yardeni said.

If the new central bank leader fails to signal that policymakers are attuned to inflation pressures, it could risk further market wrath in the form of escalating Treasury yields, added Yardeni, the originator of the term “bond vigilantes” to describe such incidents of investor unrest.

“Warsh is set to chair the June Federal Open Market Committee (FOMC) meeting, but who’s actually in the monetary-policy driver’s seat? We’d argue that it’s the Bond Vigilantes,” Yardeni, the head of Yardeni Research, wrote Monday. When it comes to the sentiment of policymakers, “Warsh is going to be the odd man out. But he is the new Fed chair, and the bond market is reacting badly to his dovish stance.” (CNBC – Continue Reading)

The EU will downgrade its growth forecast because of the “stagflationary shock” caused by the Iran war, the bloc’s commissioner for the economy told CNBC.

Valdis Dombrovskis, European Commissioner for Economy and Productivity, told CNBC’s Charlotte Reed that the spring forecast, released later this week, will see economic growth figures adjusted down and inflation figures up.

“We are facing a stagflationary shock,” he said on Monday, on the sidelines of the meeting of G7 finance ministers in Paris.

Fears of stagflation have risen in recent weeks. A lasting settlement to the war in the Middle East has proven elusive and with the vital Strait of Hormuz closed, oil prices remain above $100 a barrel. (CNBC – Continue Reading)