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EU opens investigation into $35.9B Mars-Kellanova merger; FTC approves deal


SUMMARY:

  • commission launches 90-day investigation into proposed –
  • Although deal could still go through, it will be delayed at least through Oct. 31, possibly till end of year
  • FTC approves $35.9B acquisition, leaving the European probe the deal’s final obstacle

Updated June 26

The European Union’s watchdog organization announced Wednesday that it has opened an in-depth investigation into candy and pet care giant Mars’ proposed $35.9 billion acquisition of Kellanova, the producer of Cheez-It, Pop-Tarts, Pringles and Eggo.

“Preliminary investigation indicates that, by enlarging its product portfolio with the addition of Kellanova’s very popular brands, Mars could increase its bargaining power vis-à-vis retailers,” the said in its statement. “As a result, Mars could be in a position to use this increased leverage to, for example, extract higher prices during negotiations, which in turn would lead to higher prices for consumers.”

Retailers also have raised concerns about the privately held Mars’ bargaining power, the statement says. With this announcement, the commission now has 90 working days to conduct its probe, until Oct. 31, when it must make a decision about whether these competition concerns are valid.

Mars released a statement Wednesday voicing optimism that the deal will go forward, although it will be delayed from a previously announced closing in August to an expected conclusion at the end of the year.

“We remain confident the pending combination of Mars Snacking and Kellanova’s complementary footprints and portfolios will deliver more choice and innovation to consumers,” Mars said. “Today, the European Commission announced that it has opened a Phase II investigation into the transaction. We are disappointed yet remain optimistic that this investigation will be positively resolved.

“We have cooperated with the regulatory authorities, furnishing substantial supporting information, and will continue to do so.

“Based on the current status of the ongoing antitrust review by the European Commission, we now expect the transaction to close towards the end of 2025; however, the exact timing cannot be predicted with any certainty at this point. We look forward to delivering the benefits of the pending transaction to all Mars and Kellanova stakeholders.”

In positive news for the corporations, the U.S. Federal Trade Commission cleared the deal following an antitrust review, the FTC announced late Wednesday.

Mars CEO Poul Weihrauch issued the following statement: “We are very pleased that the FTC has completed its review of the transaction without the imposition of any condition or requiring any remedy. The transaction has now received all but one of the 28 required regulatory clearances, with only the review by the European Commission outstanding. This brings us one step closer to uniting two iconic businesses with complementary footprints and portfolios, allowing us to deliver more choice and innovation to consumers.”

The EU’s expected decision to conduct an in-depth probe was reported last week by Reuters, after Mars did not meet a June 18 deadline to submit remedies to the commission’s concerns about its high market share.

“By acquiring Kellanova, Mars will add several very popular brands of potato chips and cereals to its already broad and strong product portfolio,” said Teresa Ribera, a commissioner. “As inflation-hit food prices remain high across Europe, it is essential to ensure that this acquisition does not further drive up the cost of shopping baskets. Our in-depth investigation will assess the transaction’s impact on the price of these companies’ products for consumers in the [European Economic Area].”

According to the European Commission’s competition policy, following the Phase II investigation, the commission could conclude that the merger will impede competition. If that occurs, commissioners will send the companies a “statement of objections,” which the parties can respond to in writing.

After that, the commission can either approve the merger unconditionally or with certain remedies, which could include the selling off of certain brands, or it can prohibit the merger.

The European Commission notes that it works with the U.S. Federal Trade Commission and the U.S. Department of Justice on investigations, and all decisions by the commission are subject to review by the EU general court and the court of justice.

Mars, which produces M&M’s, Snickers and Twix, announced the all-cash deal in August 2024, which would bring Cheez-It, Pop-Tarts, Pringles, Eggo and other food products under Mars’ ownership. The publicly owned Kellanova was created in October 2023 when Kellogg split into two companies, with WK Kellogg Co. producing breakfast cereals and Kellanova manufacturing its snack brands.

Mars is Virginia’s largest privately held company and the fourth-largest in the United States. In recent years, it has made acquisitions in pet care and candy sectors in an effort to double its sales by 2033.

HUD to move into National Science Foundation building in Alexandria

SUMMARY:

  • relocating its from Washington, D.C., to (NSF) building in
  • Department cites health, safety and cost concerns with its current facility
  • The move displaces over 1,830 NSF employees, prompting backlash from NSF workers’ union
  • About 2,700 HUD employees will be relocated to new building

The is relocating its headquarters from Washington, D.C., to the National Science Foundation building in Alexandria — a move that will displace more than 1,830 NSF employees.

HUD Secretary Scott Turner announced Wednesday the relocation of HUD headquarters from the Robert C. Weaver Federal Building in D.C. to 2415 Eisenhower Ave. in Alexandria, where NSF currently resides.

The move is meant to address health and safety concerns and improve the department’s work culture. HUD says that for decades, the Robert C. Weaver building — owned by the U.S. General Services Administration — has been plagued by severe long-term infrastructure, safety, health and operational challenges and has “deteriorated well beyond the point of cost-effective repair.” According to HUD, the building would require nearly $500 million in improvements and maintenance over the next four years to meet minimum federal standards.

HUD plans to implement a staggered employee relocation plan, in coordination with the GSA. The department argues the move will save taxpayers money, including more than $22 million in yearly operations expenditures.

“It is time to turn the page on the Weaver Building and relocate to a new headquarters that prioritizes the well-being of HUD employees and properly reflects the passion and excellence of our team,” Turner said in a statement.

said in a statement that he was excited to welcome HUD and its more than 2,700 headquarters-based employees to Virginia.

But the news drew criticism from the AFGE Local 3403 union representing NSF employees. A Tuesday press release from the union, which anticipated Wednesday’s announcement, said that more than 1,833 NSF employees work in the building and that many were forced to relocate to Northern Virginia with very short notice and “at great personal expense when return to work orders were given.”

“NSF employees are being displaced with no plan, no communication and no respect,” the union said.

NPR reported in May that a preliminary budget request from the White House called for cutting $4.7 billion from NSF, more than half the agency’s $9 billion budget. NPR reported the proposal was revealed the same day the NSF said 344 previously approved grants had been terminated as they “were not aligned with agency priorities.”

“This kind of let-them-eat-cake approach to government is absurd,” AFGE Local 3403 said in its release. “At a time when they claim to be cutting government waste, it is unbelievable that government funding is being redirected to build a palace-like office for the secretary of Housing and Urban Development. The hypocrisy is truly dumbfounding.”

The City of Alexandria said in a statement: “We welcome HUD, the first cabinet-level agency to locate in Alexandria, its 2,700 employees and its vital mission to our community. And we are committed to making sure that the National Science Foundation, its workers and its vital mission continue to make their home in Alexandria.”

HUD did not immediately return requests for comment. NSF declined to comment.

EdgeCore to invest $17B in Louisa County data center campus


SUMMARY:

  • Digital Infrastructure plans to build a multiphase 3.9 million-square-foot campus in
  • in facility, capable of supporting more than 1.1 GW of power, could reach $17B
  • Potential customer not disclosed, but development will serve hyperscale clients

Denver-based data center developer EdgeCore Digital Infrastructure has purchased 697 acres in Louisa County to build a 3.9 million-square-foot capable of supporting more than 1.1 gigawatts of power, a total expected investment of $17 billion, according to a Wednesday announcement.

According to EdgeCore, the campus will be developed in multiple phases over the course of several years, with size depending on customer demand. A construction start date has not yet been announced, and EdgeCore says it is not currently disclosing tenant information for the site, which is positioned to serve hyperscale clients.

“Virginia is the world capital for the infrastructure on which the internet and the entire global economy runs,” said in a statement. “From the spine of the internet running through Ashburn to the transatlantic cables that connect in Virginia Beach, the entire commonwealth is engaged in supporting the which runs the world. We are proud to welcome EdgeCore to Central Virginia where their $17 billion investment will create jobs and fund vital public resources.”

The company says it will spend the $17 billion in several areas: site preparation and utility infrastructure, construction of data centers, operations and maintenance, taxes, job creation, and philanthropic initiatives in the region.

EdgeCore purchased the land for $42 million, according to a Tuesday announcement by the county. Louisa officials plan to use surplus funds from the property sale to pay off county debt early. The company notes that the site is already zoned for data center use, and it is working with the county on standard permitting and development processes.

Rappahannock Electric Cooperative and its affiliate, Hyperscale Energy Services, will power the campus to be built at the Shannon Hill Regional Business Park. EdgeCore builds data centers for single hyperscale tenants, but Wednesday’s announcement does not say whether the company has a tenant secured.

EdgeCore has data centers under construction in Ashburn and Culpeper in Virginia, as well as California’s Silicon Valley and the Phoenix and Reno areas in Arizona and Nevada.

With the development, EdgeCore plans to use a close-looped air-cooled system, which requires less water than data centers typically require.

Louisa bought the land for the Shannon Hill Regional Business Park, which is located off Interstate 64, in 2018 for $2.6 million. The next year it was zoned for several technology-based uses, including data center development, according to Louisa.

“The use of future annual revenues from the development itself will be significant and is under consideration by the board of supervisors,” the county’s announcement stated.

“EdgeCore’s development enables the property’s usage in a manner that minimizes traffic on Shannon Hill Road, conserves water and generates significant and ongoing revenues which will benefit our citizens,” Dustin Madison, chairman of the Louisa County Industrial Development Authority, said in a statement.

A spokesperson for Gov. Glenn Youngkin said the commonwealth did not give any incentives to secure this project. However, in 2022, the state provided $300,000 to boost site readiness at Shannon Hill as part of the Virginia Business Ready Site program, administered by the Virginia Partnership.

The announcement comes a day after announced Google’s $14 million parcel purchase in an industrial park for data center development.

Editor’s note: this story has been updated.

Virginia Business Associate Editor Beth JoJack contributed to this story.

Tysons company acquired in $5B wireless tech deal

Casa del Fuego Family Office and Trust, an and asset management firm, has acquired -based , which provides to optimize radio frequency signals. The all-stock transaction is valued at $5 billion, according to a Tuesday announcement.

The acquisition is a 100% stock purchase, and DGS will operate independently as a subsidiary with its leadership team unchanged.

The acquisition will help to speed “the deployment of next-generation wireless capabilities across government, commercial and civilian networks,” according to the announcement.

“This marks a transformative chapter for DGS,” said Fernando Murias, chairman and CEO of DGS. “Joining gives us the strategic backing and global resources to fulfill our mission of redefining wireless networks through intelligent RF Awareness. We remain focused on enabling self-optimizing, autonomous networks powered by our patented AI-driven platform.”

Casa del Fuego is an investment entity led by CEO Oliver Patterson, a Canadian entrepreneur and founder of esports businesses Meta Game and Shockwave Holdings, according to his LinkedIn page. Casa del Fuego, which was started in 2024, has more than $30 billion in assets under management, including Oeno Group, a high-end line of wine and whiskeys.

“DGS’s unmatched technology and extensive patent portfolio make it a cornerstone of future wireless innovation,” Patterson said in a statement. “Together, we will set the standard for intelligent and deliver cutting-edge solutions to both public and private wireless ecosystems.”

Earlier this year, the company announced it had 361 issued and allowed patents and 124 pending. As of September 2024, Digital Global Systems’ patent portfolio was independently valued at about $2 billion, according to a company announcement, and it has 43 staff members.

In May, DGS announced Lewis C. Merletti, a former director of the U.S. Secret Service and a U.S. Army Green Beret, had joined the company’s advisory board.

US stocks hang near their record as Wall Street takes a breath following two big days

Summary

NEW YORK (AP) — U.S. stocks are hanging near their all-time high on Wednesday as financial markets catch a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil.

The S&P 500 was 0.2% higher in early trading and sitting just 0.7% below its all-time high. The Industrial Average was virtually unchanged, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.6% higher.

In the oil market, which has been the center of much of this week’s action, crude prices stabilized after plunging by roughly $10 per barrel in the last two days. Benchmark U.S. crude rose 0.7% to $64.81 per barrel, though it still remains below where it was before the fighting between Israel and Iran broke out nearly two weeks ago.

A fragile ceasefire between the two countries appears to be holding, at least for the moment.

On Wall Street, companies involved in the cryptocurrency industry jumped to some of the bigger gains as the price of bitcoin continued to steam ahead with investors willing to take on more risk. Coinbase Global, the crypto exchange, rose 7%, and Robinhood Markets gained 4% as bitcoin topped $107,000.

They helped offset a 5.3% drop for FedEx. It reported stronger profit and revenue for the latest quarter than analysts expected, but it gave a forecast for profit in the current quarter that fell short of expectations.

General Mills, the company behind Pillsbury and Progresso soups, fell 2.8% after reporting weaker revenue for the latest quarter than analysts expected, though its profit topped forecasts. It also said an underlying measure of profits could fall by 10% to 15% this upcoming fiscal year.

In the bond market, Treasury yields were holding relatively steady, and the yield on the 10-year Treasury rose to 4.32% from 4.30% late Tuesday.

Yields had dropped a day before after the chair of the said it is waiting for the right moment to resume cutting interest rates. By lowering rates, the Fed could help give the economy a boost, but it could also offer additional fuel for inflation.

Fed Chair told a House of Representatives committee on Tuesday that he wants to wait and see how ‘s tariffs affect the economy and inflation before committing to its next move. Powell will speak before a Senate committee later Wednesday morning.

In stock markets abroad, indexes fell modestly in Europe after rising across much of Asia.

Stocks jumped 1.2% in Hong Kong and 1% in Shanghai for two of the larger moves.

“The world can now move on to face other difficult choices like tariffs and things like that,” said Frances Lun, CEO of GEO Securities in Hong Kong. “So I think the market is well on its way to rebound and could again reach new levels.”

___

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Google buys $14M parcel for Botetourt data center


SUMMARY:

  • purchased 312 acres at for $14.06M.
  • Company pledges $4M over five years for local community projects.
  • Google will not need rezoning to move forward with project.

Google has purchased a 312-acre parcel for $14.06 million at ‘s Botetourt Center at Greenfield industrial park for development, county officials announced Tuesday.

Additionally, the Menlo Park, California-based Big Tech company has pledged to give $4 million over the next five years to support community projects in Botetourt, which encompasses suburbs and rural farmland.

Botetourt County Administrator Gary Larrowe was not able to give an estimate of the number of jobs the project will create or a timeline for the construction. “All the details of this gigantic opportunity will not be provided today due to the fact that it’s not all known at this point,” he said.

Representatives from Google will make a separate announcement about the project at a later date, according to Larrowe.

Officials in Botetourt worked with the Roanoke Regional Partnership and the as well as with Appalachian Power, a subsidiary of Ohio-based American Electric Power Co., the Western Virginia Water Authority, the Virginia Department of Transportation and Roanoke Gas on landing the proposed data center, according to Larrowe.

“This project broadens our industrial mix and puts the area on the map in a sector that is increasingly becoming the foundation of the modern economy,” John Hull, executive director of the Roanoke Regional Partnership, said Tuesday. “Projects like this do not happen in isolation. They bring suppliers, service providers … [and] spin off opportunities over time.”

Across the state, Virginians, particularly in rural areas, have turned up at local government meetings to object to data center development, citing noise and the amount of resources required to run the facilities. But Hull doesn’t that expect to be a problem with the Google at Greenfield project because the industrial park is set away from residential areas. “It’s really the ideal solution for a quality ,” he said.

Google will not have to go through a county zoning process to move forward with the project. “The property is designed for data center usage,” explained Larrowe.

Larrowe became county administrator in 2016. At the time, he recalled, Altec and a fish food storage company were the only businesses at Greenfield. “Today, we’re talking about it being full,” he said.

In March, Munters, an air treatment and climate control solutions company with its global in Sweden, announced plans to invest $29.95 million on a 200,000-square-foot expansion of its HVAC manufacturing facility at Greenfield. Its neighbors include Australian-based Pratt Industries, a corrugated packaging company, and Italy-based Eldor Corp. S.p.A, an auto parts company.

Larrowe became weepy Tuesday discussing the effort it’s taken to get the deal over the finish line since county officials first began talking with Google in January 2024. “I need to apologize to my family. To my friends, to even … citizens and the staff here, and that is for the absence of my time during this project,” he said. “It has taken 18 months of everything that we could do, pushing forward.”

On Tuesday, Larrowe shared a PowerPoint presentation on how the county plans to spend the money it is receiving from Google from the land sale and community funding, including $2 million for Botetourt County Schools, $162,966 to purchase two deputy vehicles; about $2.59 million for the Botetourt County Sheriff’s Office and the county commonwealth attorney’s office; and $3.6 million for a community events center.

When asked for comment, a spokesperson for Google said the company would not have a statement outside of Botetourt County’s press release on the development.

Charlottesville-based Apex Clean Energy announced in December 2024 that it had reached a deal for Google to purchase the full capacity of Rocky Forge Wind, a wind farm the Charlottesville renewable energy company has been working to develop in Botetourt since 2015.

“Google has invested significantly in the commonwealth, and I am proud that they have chosen Botetourt County as the site of their newest data center,” Virginia said in a statement released Tuesday. “Virginia is the data center capital of the world, and this latest investment reinforces our global leadership in the industry. Botetourt offers the space, infrastructure and skilled workforce that innovative companies like Google demand. This move signals the industry’s growing interest in expanding beyond Northern Virginia and highlights the county’s strong commitment to smart growth. I look forward to the positive effects this project will generate across the Roanoke region for years to come.”

Virginia Bankers Association names new chair

Thomas F. Cherry, president and CEO of -based and its parent company, has been named chairman of the , the organization announced Tuesday.

During its annual business meeting, the announced newly elected officers for its 2025-26 board of directors, including Cherry as chairman and CEO Sherri A. Sackett as chairman-elect.

Cherry, who is succeeding immediate past chairman Victor Branch, president of the Richmond market for Bank of America, began his career with C&F as chief accounting officer in 1996. He was named president of C&F Bank in 2014, appointed to the boards of directors of C&F Financial and C&F Bank in 2015, and became CEO in 2019.

He has a bachelor’s degree in business administration from Old Dominion University and an MBA from William & Mary.

The Virginia Bankers Association 2025-26 Chairman-Elect Sherri A. Sackett. Photo Courtesy Virginia Bankers Association

Sackett, who is slated to become VBA chairman in June 2026, is a founding member of -based Select Bank and has more than 25 years of experience in the banking industry. Before joining Select Bank, she was a senior executive at Community First Bank in Lynchburg before it was acquired by American National Bank, now Atlantic Union. Sackett was appointed to the boards of directors for Select Bank Financial and Select Bank in 2021 and became CEO in 2023.

Sackett has a degree from the University of North Carolina and graduated from both the Virginia Bankers School of Bank Management at the University of Virginia and the Graduate School of Banking at Louisiana State University, where she currently serves on the board of trustees.

The VBA was founded in 1893 and advocates for the state’s banking industry, composed of 110 small, regional and large banks operating 1,826 branches and offices. The VBA says the state banking industry employs approximately 58,105 people and safeguards $296 billion in deposits.

Last year, the VBA and the Maryland Bankers Association merged to create the Mid-Atlantic Bankers Association holding company, which is headquartered in Glen Allen. MBA and VBA operate as subsidiaries and continue to have their own state association boards.

Business Facilities ranks Virginia No. 1 again for custom workforce training

The ‘s has been ranked first in ‘ ranking of states’ customized workforce training for the third consecutive year.

Business Facilities is a national publication geared toward corporate site selectors and professionals. The publication on Tuesday released the top states for two categories in its 21st annual business facilities rankings report. The full report will be published in its July/August 2025 issue. Texas won best business climate for the third consecutive year.

The Virginia Talent Accelerator Program (VTAP) is a workforce initiative that accelerates new facility startups through fully customized recruitment and training services, designed to accommodate a company’s products, processes, equipment, standards and culture. The program services are provided for free to qualified new and expanding companies to incentivize job creation.

The program was launched in 2019, and was created by the Virginia Economic Development Partnership in collaboration with the . Since its launch, the talent accelerator program has helped secure more than 17,000 jobs across the state.

President and CEO Jason El Koubi said in a statement he was “honored” that Business Facilities recognized the program. “The centerpiece of Virginia’s economic development model is positioning the commonwealth as America’s top state for talent — and the Virginia Talent Accelerator Program exemplifies that commitment,” El Koubi said.

in a statement said that for many companies, the program is a critical factor when they choose Virginia “because it provides customized workforce training tailored precisely to their needs from day one. … With Virginians entering the workforce in record numbers, we are uniquely positioned to equip them with the skills needed to succeed today and drive our economy forward tomorrow”

In the past year, according to Business Facilities, the talent accelerator program has begun work to support companies including: Microporous (Danville,  2,000 jobs); Micron (Manassas, 340 jobs); Kongsberg Defence & Aerospace (, 180 jobs); and Super Radiator Coils (Chesterfield County, 160 jobs).

Anne Cosgrove, editorial director for Business Facilities, described the program as “a leader of workforce recruitment and training programs” in a statement.

“The team’s comprehensive, speed-of-market approach in serving both new and existing companies across Virginia is evident,” Cosgrove said. “The program’s balance of traditional recruitment and training strategies with the use of cutting-edge technology to ensure a custom and effective approach is significant in supporting the businesses that utilize these resources.”

 

Report: EU set to launch antitrust probe of $35.9B Mars-Kellanova deal

Read the update about the decision here.

The ‘s watchdog is expected to launch a full-scale investigation into ‘ $35.9 billion acquisition of that would at least delay the , according to a Reuters report.

The European Commission’s Directorate-General for Competition is set to issue a decision Wednesday on next steps for the deal, which the -based candymaker and pet care giant Mars and snack producer Kellanova, based in Michigan, expected to complete in August. The companies acknowledged that it could take up to 12 months longer to complete the merger if they didn’t receive necessary regulatory approvals during the first six months of the year.

According to Reuters’ June 18 report, Mars was not expected to meet a deadline to submit remedies to the commission’s concerns about its high market share in some products in EU countries and its portfolio of strongly performing brands. A June 19 report from The Wall Street Journal said that Mars did not meet the June 18 deadline set by the EU panel.

Mars, which produces M&M’s, Snickers and Twix, announced the all-cash deal in August 2024, which would bring Cheez-It, Pop-Tarts, Pringles, Eggo and other food products under Mars’ ownership. The publicly owned Kellanova was created in October 2023 when Kellogg split into two companies, with WK Kellogg Co. producing breakfast cereals and Kellanova manufacturing its snack brands.

Mars is Virginia’s largest privately held company and the fourth-largest in the United States. In recent years, it has made acquisitions in pet care and candy sectors in an effort to double its sales by 2033.

Mars and Kellanova did not respond immediately to requests for comment Tuesday.

US stocks leap within a decent day of their all-time high as oil prices tumble

NEW YORK (AP) — U.S. stocks are leaping nearly to their all-time high Tuesday after eased further on hopes that Israel’s war with Iran will not damage the global flow of crude.

The was 1.2% higher in late trading, following up on big gains for stocks across Europe and Asia, after said late Monday that Israel and Iran had agreed to a “complete and total ceasefire.” The main measure of Wall Street’s health is back within 0.8% of its record set in February after falling roughly 20% below during the spring.

The Industrial Average was up 539 points, or 1.3%, with an hour remaining in trading, and the composite was 1.6% higher.

The strongest action was again in the oil market, where a barrel of benchmark U.S. crude fell 6% to settle at $64.37. Brent crude, the international standard, had a similar drop.

The fear throughout the Israel-Iran conflict has been that it could squeeze the world’s supply of oil, which would pump up prices for gasoline and hurt the global economy. Iran is a major producer of crude, and it could also try to block the Strait of Hormuz off its coast, through which 20% of the world’s daily oil needs passes on ships.

Oil prices began falling sharply on Monday after Iran launched what appeared to be a limited retaliatory strike to the United States’ entry into the war, one that did not target the production or movement of oil. They kept falling even after attacks continued past a deadline to stop hostilities early Tuesday. Trump later said that the ceasefire was “in effect.”

Oil prices have dropped so much in the last two days that they’re below where they were before the fighting began nearly two weeks ago.

With the global oil market well supplied and the OPEC+ alliance of producing countries steadily increasing production, oil prices could be headed even lower as long as the ceasefire holds and a lasting peace solution can be found, said Carsten Fritsch, commodities analyst at Commerzbank.

Falling oil prices should take some pressure off inflation, and that in turn could give the leeway to resume cutting interest rates.

Wall Street loves lower rates because they can give the economy a boost by making it cheaper for U.S. households and businesses to borrow money to buy a car or build a factory. But they could also give inflation more fuel. That threat is why the Fed has been hesitant to cut rates this year after lowering them through the end of last year.

The Fed has said repeatedly that it wants to wait and see how much Trump’s tariffs will hurt the economy and raise inflation before committing to its next move. So far, the economy seems to be holding up OK, though a report on confidence among U.S. consumers came in weaker than economists expected on Tuesday, while inflation has remained only a bit above the Fed’s 2% target.

Trump, though, has been pushing loudly for more cuts to rates. And two of his appointees to the Fed have said recently that they may consider cutting rates as soon as the Fed’s next meeting next month.

Fed Chair remains more cautious. He said again in testimony delivered to Congress Tuesday that the Fed is “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”

But he did indicate the next move is likey to be a cut. Asked whether a reduction could arrive as soon as July, Powell said, “We will get to a place where we cut rates, sooner rather than later – but I wouldn’t want to point to a particular meeting. I don’t think we need to be in any rush because the economy is still strong.”

That helped Treasury yields ease in the bond market. The yield on the 10-year Treasury fell to 4.29% from 4.34% late Monday.

The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.81% from 3.84%.

On Wall Street, cruise operator Carnival steamed 7.9% higher after delivering a much stronger profit for the latest quarter than analysts expected. CEO Josh Weinstein said it’s seeing strong demand from people booking cruises close to the departure date, and customers are spending strongly once on board. Carnival also raised its forecast for an underlying measure of profit for the full year.

Uber Technologies rose 8.2% after it said customers in Atlanta can use its app to ride in Waymo autonomous vehicles.

Coinbase Global rallied 13.2% as the cryptocurrency exchange rose with the price of , which jumped back above $105,000.

In stock markets abroad, indexes rallied at least 1% everywhere from France to Germany to Japan following the announcement of the Israel-Iran ceasefire. Hong Kong’s jump of 2.1% and South Korea’s leap of 3% were two of the strongest moves.

Notes: Eds: UPDATES: trading