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After more than a decade criticizing the U.S. central bank, former Federal Reserve Governor Kevin Warsh faces a mark-to-market moment in a Senate hearing on Tuesday when lawmakers will likely press the Fed chief nominee to flesh out his monetary policy and economic ideas and calls for fundamental change.

* Warsh advocates regime change, lower rates and smaller balance sheet. * He calls for narrowing Fed's remit and more coordination with Treasury. * Criticizes current Fed communication, urges less 'cacophony' and clearer policy direction. Kevin Warsh, picked by President Donald Trump to succeed Federal Reserve Chair Jerome Powell, has big plans for the central bank once he takes the helm.

* Senate Banking Committee to scrutinize Warsh's Fed reform agenda, policy views. * Session on Tuesday is next step in tangled path to confirmation. * Former Fed governor has long track record of central bank criticism to unpack, detail. By Howard Schneider.

FITCH: * FITCH REVISES PHILIPPINES' OUTLOOK TO NEGATIVE; AFFIRMS AT 'BBB' * FITCH ON PHILIPPINES: AFFIRMATION REFLECTS OUR BASELINE THAT, DESPITE RISING RISKS, MEDIUM-TERM GDP GROWTH WILL REMAIN ROBUST. * FITCH: PHILIPPINES HIGHLY EXPOSED TO MIDDLE EAST CONFLICT GIVEN ITS RELIANCE ON ENERGY IMPORTS & POTENTIAL MODERATION OF REMITTANCES FROM GULF REGION.

Japanese government bonds rallied on Monday as investors gauged how inflationary pressures will affect the timing of the rate increases by the central bank. The benchmark 10-year JGB yield, which last week touched a 29-year high of 2.49%, fell 2.5 basis points to 2.395%. The five-year yield, which jumped to a record 1.9% on April 13, slid 2 bps to 1.815%. Yields move inversely to bond prices.

The Bank for International Settlements' chief has made a renewed call for international cooperation on how stablecoins are used, saying this is vital to prevent severe market fragmentation. The central bankers' central bank, as the BIS is known, has long raised concerns about stablecoins - a type of cryptocurrency usually pegged 1:1 to the U.S. dollar.

The head of the Bank for International Settlements has made a renewed call for international cooperation on how stablecoins are used, describing it as vital to prevent severe market fragmentation. The central bankers' central bank, as the BIS is known, has long raised concerns about stablecoins - a type of cryptocurrency usually pegged 1:1 to the U.S. dollar.

Japanese government bonds rallied on Monday as markets awaited an inflation report from the central bank to gauge the timing of the next interest rate increase. The benchmark 10-year JGB yield, which last week touched a 29-year high of 2.49%, fell 2 basis points to 2.4%. The five-year yield, which jumped to a record 1.9% on April 13, slid 1 bp to 1.825%. Yields move inversely to bond prices.

The global economy cannot afford further Strait of Hormuz uncertainty, the CEO of Abu Dhabi state oil company ADNOC said on Sunday, adding that the waterway should not operate under threat. "Hormuz belongs to the world.

The yen may come under further pressure if markets see the Bank of Japan as being too slow in addressing inflationary risks, Asian Development Bank President Masato Kanda said.

* US-Japan interest rate gap behind yen's weakness, Kanda says. * Worry about Japan's fiscal sustainability may also weaken yen. * Kanda urges countries to keep fuel subsidies targeted, temporary. By Leika Kihara. The yen may come under further pressure if markets see the Bank of Japan as being too slow in addressing inflationary risks, Asian Development Bank President Masato Kanda said.

* Central bank relies on scenarios amid volatile commodity prices. * South Africa faces no immediate fuel shortages. * Fertilizer impact unclear until autumn. By Libby George. South Africa's central bank governor told Reuters that it was difficult to see a near-term path for easing interest rates due to the volatility from the war in the Middle East and its impact on inflation.

The U.S. Federal Reserve's vice chair for supervision, Michelle Bowman, has told big bank executives that she does not expect the industry to stage another aggressive pushback in a bid to win further capital relief, according to three people with knowledge of the communications.

* Insurance companies may be reluctant, Saudi minister says. * Risks remain until 'serious, credible' de-escalation reached, Al-Jadaan says. * IMF chief Georgieva says it's too soon to back away from most severe scenario. By Andrea Shalal and David Lawder.

Bank of Canada Governor Tiff Macklem said on Friday inflation will rise in the short term and that an uptick in near-term inflation expectations would not worry the central bank. However, he said he would be concerned if longer-term inflation expectations remained elevated. Macklem was speaking to journalists on a call from Washington on the sidelines of the IMF meetings.

* All Fed chairs face economic surprises, Daly says. * Daly in wait-and-see mode on rates since Iran war. * Daly says Fed-Treasury relationship has changed over time, sees no danger in evolution. By Ann Saphir.

Federal Reserve Governor Christopher Waller said on Friday that while the U.S.-Israeli war with Iran will likely drive up near-term inflation, a fast end to the conflict would keep the door open to cutting interest rates later this year.

Kevin Warsh may have plans for big changes at the U.S. central bank, but like previous Federal Reserve leaders cannot know what economic surprises he may need to deal with once he is in the role, San Francisco Fed President Mary Daly said on Friday.

* Markets price in a first ECB hike in July, fewer than two moves fully priced in 2026. * German 2-year yields fall to one-month lows. * Macquarie says a 'nuclear concession' is crucial. By Stefano Rebaudo.

* Dollar index falls to lowest since February, euro and sterling strengthen. * Oil prices plunge over 10% as Strait of Hormuz reopens, easing supply concerns. * Fed rate cut expectations rise, Bank of England and Bank of Japan signal caution. By Chuck Mikolajczak.

Iran's move to reopen the Strait of Hormuz and a sharp drop in oil prices on Friday boosted bets the Federal Reserve may resume its interest rate cuts as soon as December, but its policymakers still face a tangled outlook ahead of their April 28-29 meeting and remained cautious about the risks of higher inflation.

Reopened Middle East shipping and plummeting oil prices on Friday boosted bets the U.S. Federal Reserve may begin cutting interest rates as soon as December, but officials still face a tangled outlook ahead of their April 28-29 policy meeting.

Two-year German government bond yields dropped sharply on Friday to one-month lows after Iran's foreign minister said on Friday that passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire.

The U.S. is urging G20 members and the International Monetary Fund and World Bank to take coordinated action to ensure fertilizer access amid disruptions in food trade supply chains caused by the war in the Middle East, two sources familiar with the matter said on Friday.

The U.S., current chair of the Group of 20 major economies, is urging G20 members and the International Monetary Fund and World Bank to take coordinated action to ensure fertilizer access and a buffer against disruptions in food trade supply chains, two sources familiar with the matter said on Friday.

Canadian housing starts posted a surprise decline in March, falling 6% from the previous month, data from the national housing agency showed on Friday. The seasonally adjusted annualized rate of housing starts decreased to 235,852 units from a revised 250,961 units in February, the Canada Mortgage and Housing Corporation said.

Canadian housing starts posted a surprise decline in March, falling 6% from the previous month, data from the national housing agency showed on Friday. The seasonally adjusted annualized rate of housing starts decreased to 235,852 units from a revised 250,961 units in February, the Canada Mortgage and Housing Corporation said.

Regions Financial (RF) reported a 14% rise in first-quarter profit on Friday, as strong loan growth following U.S. Federal Reserve rate cuts lifted interest income and provisions for bad loans fell. The Fed lowered interest rates by 75 basis points in the second half of 2025, boosting loan growth and lending income across U.S. banks in the first quarter.

Fifth Third Bancorp (FITB) reported a rise in first-quarter adjusted profit on Friday, driven by increased net interest income and strength in its capital markets division. Federal Reserve rate cuts in late 2025 helped U.S. banks lower deposit costs and stimulate loan demand, keeping borrowing levels resilient during the quarter despite broader macroeconomic headwinds.

China is expected to leave benchmark lending rates unchanged for an 11th consecutive month in April, a Reuters survey showed, as robust first-quarter growth and a pick-up in inflation have weakened the case for additional monetary stimulus. This week, China's economy logged 5.0% growth, picking up from 4.5% in the previous quarter, and at the top of its full-year target range.

China is expected to leave benchmark lending rates unchanged for an 11th consecutive month in April, a Reuters survey showed, as robust first-quarter growth and a pick-up in inflation have weakened the case for additional monetary stimulus. This week, China's economy logged 5.0% growth, picking up from 4.5% in the previous quarter, and at the top of its full-year target range.

Deutsche Bank expects the U.S. Federal Reserve to keep interest rates unchanged in 2026, citing oil-driven inflation risks linked to the Middle East war, resilient growth and a tight labour market that leave little room to cut. The brokerage had earlier pencilled in a 25-basis-point cut in September.

The European Central Bank should lift its key interest rate twice this year to combat an energy-driven inflation surge, but should then reverse these moves in 2027, the International Monetary Fund's European Department chief said on Friday.

Yields on short-term Japanese government bonds were set for a weekly decline on Friday as expectations eased for any rapid interest rate increases by the central bank. The two-year yield, the one most sensitive to Bank of Japan policy rates, increased 1 basis point to 1.365%, but was set for its first five-day slide in a month.

* BOJ must take into account Japan's low real interest rate. * Ueda highlights robust corporate profits, fiscal stimulus effect. * Markets rule out April rate hike after Ueda drops no clear hints. By Leika Kihara.

Bank of Japan Governor Kazuo Ueda said on Thursday the central bank must take into account the fact that Japan's real interest rate is low, when deciding how soon to raise interest rates. Ueda made the comment in a news conference, after attending the International Monetary Fund meetings in Washington.

Finance chiefs of the Group of Seven nations on Thursday said it was urgent to limit the cost to the global economy of an enduring Middle East war and "reaffirmed the pressing need to move toward a lasting peace."

* Middle East conflict and tariffs fuel inflation concerns, oil prices rise. * Labor market shows stability, but softening could prompt Fed to ease policy. * Fed funds futures now price less than 50% chance of rate cut by year-end. By Karen Brettell.

Group of Seven finance ministers and central bank governors have agreed to stay ready to act to mitigate economic and inflation risks caused by the Middle East war's energy price and supply shocks, French Finance Minister Roland Lescure said on Thursday.

Central bank independence is a prerequisite for successful monetary policy, Bank of France Governor Francois Villeroy de Galhau said on Thursday. "It's for our economies and society, because the practical experience is that independence brings lower inflation and lower interest rates," he said.