Inflation test focuses Fed row

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By Mike DolanWhat matters in U.S. and global markets todayBy , Editor-At-Large, Finance and MarketsThe market’s relatively modest reaction to new threats to Federal Reserve independence this week owes much to the torrent of additional information hitting investors. Inflation and corporate earnings updates are coming down the pike on Tuesday.A frenetic news overload since the start of the year has failed to shake Wall Street stocks from record highs, while overseas attention on Iran tensions saw crude oil prices hit their highest in almost two months. Japan's yen and bonds also slid anew on speculation about snap elections there.I'll get into all the market-moving news below, but first check out my latest column, where I look at President Trump's forceful efforts to cut the cost of credit further.And listen to the . Subscribe to hear Reuters journalists discuss the biggest news in markets and finance seven days a week.Today's Market Minute * Global central bank officials are planning to release a coordinated statement of support for U.S. ​Federal Reserve Chair Jerome Powell on Tuesday, stressing the need for independent central banking, according to two sources.* UBS CEO Sergio Ermotti, who oversaw the Swiss bank's emergency takeover of former rival Credit Suisse, plans to step down in April 2027, the Financial Times reported on Tuesday.* U.S. President Donald Trump said that any countries that does business with Iran will face a tariff rate of 25% on any trade with the U.S.* If record-high U.S. stock prices accurately reflect investors' assessment of Trump 2.0, then it's a glowing scorecard for the most interventionist government in decades. But ROI Finance Columnist Jamie McGeever asks how long Wall Street can keep looking the other way.* The post-war system of international laws and norms is on the ropes, but that does not mean the global order is totally dead, argues Hugo Dixon for Reuters Breakingviews. Other countries, especially in Europe, can salvage something of it, particularly if they muscle up.Inflation test focuses Fed rowA relatively modest market reaction to new threats on Federal Reserve independence this week owes much to the torrent of additional information hitting investors, with inflation and corporate earnings updates coming down the pike on Tuesday.A frenetic news overload since the start of the year has failed to shake Wall Street s...

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