US stocks closed higher on Monday, as markets shrugged off the effects of the escalating West Asia conflict. The S&P 500 and Nasdaq Composite rose over 0.9 per cent each, and Dow Jones Industrial Average climbed almost 0.9 per cent. Earlier, Federal Reserve Vice Chair for Supervision Michelle Bowman said she would favour an interest rate cut at the next policy meeting in July so long as inflation pressures stay muted. In remarks for a speech in Prague, Bowman became the second central banker in recent days to suggest that President Donald Trump’s tariffs are likely to have a temporary and muted impact on prices, paving the way for lower rates. Previously, Federal Reserve Governor Christopher Waller spoke along the same lines last week, indicating that he did not anticipate tariffs would have a significant impact on inflation
