IMF chief warns of ‘tough times’ if oil prices stay high

*LEAVITT: NOT TRUE US REQUESTED IRAN CEASEFIRE EXTENSION *LEAVITT: NEXT-ROUND IRAN TALKS WOULD LIKELY BE IN SAME PLACE WH PRESS SEC. LEAVITT ON THE 50% TARIFF THREAT: CHINA’S PRESIDENT XI ASSURED TRUMP THAT CHINA IS NOT SUPPLYING WEAPONS TO IRAN. ... WH PRESS SEC. LEAVITT ON IRAN BLOCKADE DURATION: WILL NOT SET A TIMELINE ...

SNB'S SCHLEGEL: TOO SOON TO DETERMINE IF 2021-22 SITUATION WILL RECUR; READINESS TO INTERVENE IN FX MARKET HAS GROWN Just in | SNB's Schlegel emphasizes the need for central banks to respond swiftly and decisively to potential second-round effects in the current economic climate. SNB's Schlegel: Currency can be a shock absorber for inflation.

*US WON'T RENEW IRANIAN, RUSSIAN OIL WAIVERS, BESSENT SAYS ...

Overall economic activity increased at a slight to modest pace in eight of the twelve Federal Reserve Districts, while two Districts reported little change and two Districts reported slight to modest declines. The conflict in the Middle East was cited as a major source of uncertainty that complicated decision-making around hiring, pricing, and capital investment, with many firms adopting a wait-and-see posture. Manufacturing activity rose slightly to moderately in most Districts. Banking sector activity was generally steady with loan demand stable to up moderately. On balance, consumer spending increased slightly despite harsh winter weather in some regions and higher fuel prices. Many Districts continued to report signs of consumer financial strain, increased price sensitivity, and rising demand at food banks and other social service organizations, while spending among higher-income consumers was resilient. Housing market activity softened across several Districts as heightened uncertainty and rising mortgage rates dampened buyer demand. Commercial real estate markets improved, with strength in industrial properties, especially data center projects. Office markets saw solid demand for Class A space but weaker demand for lower-tier properties. Energy activity was up slightly as oil prices rose, though many producers remained cautious about increasing drilling due to uncertainty about the persistence of higher prices. Agricultural activity was mixed, and several Districts reported that rising crop prices helped offset steep price increases of fertilizer and fuel. Business outlooks varied amid widespread uncertainty about future conditions. FED BEIGE BOOK (DATA THRU APR 6): ECONOMIC ACTIVITY GREW AT SLIGHT TO MODEST PACE IN 8 OF 12 FED DISTRICTS; 2 FLAT, 2 REPORTED SLIGHT TO MODEST DECLINES FED BEIGE BOOK: BUSINESS OUTLOOKS MIXED AMID WIDESPREAD UNCERTAINTY; WAGES CONTINUED TO RISE ...