Warsh and Peace

New Fed Chair Kevin Warsh makes his debut with a hawkish hold and a notably short statement, wrong-footing markets that had hoped for a softer tone. Meanwhile, details of the U.S.-Iran deal suggest Iran may have come away with more leverage than expected, even as crude prices fall on Hormuz optimism. And a Manchester by-election could determine who becomes Britain's next prime minister.

Today’s recommended read: Gulf exporters' quest to bypass Hormuz will reshape the region, (reuters.com/commentary/reuters-open-interest/g…) Ron Bousso

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Read more from Amanda Cooper (reuters.com/authors/amanda-cooper) and Anna Szymanski (reuters.com/authors/anna-szymanski)

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