Bank of America strategists say investors should sell into rallies in US stocks and the dollar, cautioning that the conditions for sustained gains are missing.

Federal Reserve Bank of Cleveland President Beth Hammack ruled out a May interest-rate cut but said the central bank could move as early as June if it has clear evidence of the economy's direction. And Federal Reserve Governor Christopher Waller said he'd support rate cuts if there's a significant rise in unemployment.

A number of hedge funds are trying to figure out how to make money on low-carbon investments that appear resilient to White House energy policies. Their preferred assets are generally located outside the US, including utilities and grid-equipment providers, money managers said. At the same time, US Energy Secretary Chris Wright sought to reassure US oil companies that turmoil from a trade war is apt to be fleeting. Oil looks set for a weekly loss.

The US is right that global trade imbalances need to be addressed, but it should be using multilateral institutions like the IMF to reform the system, UK Chancellor of the Exchequer Rachel Reeves said. And Bank of England Governor Andrew Bailey said the UK economy is not close to recession, even as US tariffs have a chilling effect. UK household confidence is now at its lowest level since the Labour government came to power.

US stocks rose to their highest since the US announced its tariff offensive as investors bet the Federal Reserve could cut rates sooner than anticipated. Fed Governor Christopher Waller said he'd support rate cuts if aggressive tariff levels hurt the job market. Cleveland Fed President Beth Hammack said the central bank could cut rates as early as June. Treasuries rallied.