Federal Reserve official GOOLSBEE said restoring price stability "will not be painless".

Howard Marks, co‑chair of Oaktree Capital Management, said he favors the Federal Reserve cutting back public guidance and generally stepping back from active intervention, except when the economy risks getting out of control (for example, overheating or a sharp downturn). He noted Fed chair Kevin Warsh is seeking to pare some guidance measures, which Warsh has said have constrained the Fed's room for maneuver. Marks added that reduced policy guidance would force investors to build more antifragile portfolios—a net societal benefit—and called for an AI working group to study AI's impact on key economic areas such as the labor market.

London mining stocks opened higher as oil fell on intensified diplomatic efforts to end the Middle East conflict. Miners gained despite gold slipping modestly, with traders reassessing the inf outlook. Mining firms are among the world’s largest diesel consumers, so higher oil raises mining costs and squeezes margins. Anglo American +2.1%, BHP +1.5%, RIO +1%, Antofagasta +2.3%.