Fed's Williams said CPI is "a small piece of the puzzle" in the process of inf returning to target.

Financial Times reports President Zelenskiy is expected to replace Ukraine's defense minister.

The U.S. is advancing talks to reopen an oil pipeline linking Iraq and Syria that would bypass the Strait of Hormuz, aiming to reduce Iran's ability to disrupt global energy flows. Special envoy Thomas Barrack has convened Iraqi and Syrian officials and companies including Chevron to discuss restarting a long-dormant route; while multiple new-route options are under consideration, talks have focused on rebuilding the Kirkuk–Baniyas pipeline, out of service for more than 20 years. A U.S. State Department official said Washington is supporting repairs to expand trade corridors and expects U.S. firms to play a major role in construction. President Trump met Iraq's prime minister and said “large-scale” new oil cooperation would be announced this week or next.