The U.S. and Iran reach a fresh impasse in efforts to end their war, with President Donald Trump rebuffing a response from Iranian to an American peace proposal. More U.S. inflation data is due out, while Trump will head to China for a long-awaited summit with counterpart Xi Jinping. Federal Reserve Chair Jerome Powell’s term at the helm of the central bank is set to end, and artificial intelligence semiconductor name Cerebras plans to go public.

1. U.S.-Iran diplomacy efforts falter

According to Iranian state TV, Tehran issued a response to a U.S. plan to end their more than two-month old conflict, focusing on concluding the fighting on all fronts and demanding compensation for war damage.

Iran also stressed that it controlled the Strait of Hormuz, a vital shipping lane off the country’s southern coast through which roughly a fifth of the world’s oil flows. The strait has been all but shuttered during the conflict, and is now blockaded by both the U.S. and Iran.

Writing on social media within hours after Iran appeared to make its counteroffer, President Trump said: “I don’t like it — TOTALLY UNACCEPTABLE.” No further details were provided.

The U.S. has proposed bringing the war to a swift end, followed by more detailed negotiations on key issues, especially Iran’s nuclear ambitions.

2. U.S. CPI looms

Looking ahead this week, the U.S. consumer price index is due to highlight a slate of key economic data points.

Set to be released on Tuesday, the figures for April could provide a glimpse into the impact of the Iran war on U.S. inflationary pressures. In March, CPI accelerated, driven mostly by a sharp spike in gasoline-pump prices.

In April, headline consumer prices are seen increasing by 3.7% on an annualized basis, up from 3.3% previously. But, month-on-month, the number is tipped to slow to 0.6% from 0.9%.

So-called “core” CPI, which strips out volatile items like food and fuel, is anticipated to edge up slightly to 0.3%. Analysts have been on the lookout for signs that the jump in crude prices will eventually feed into the costs of a range of goods beyond gasoline.

3. Trump in China

Trump will visit China for a much-anticipated — and previously postponed — summit with President Xi Jinping between May 13 and 15, Chinese state media reported on Monday.

It will be the first major trip to Beijing by a U.S. leader in nearly a decade, and is aimed at mending strained ties between the world’s largest economies.

Along with the Iran war, Trump and Xi are expected to discuss disputes over trade tariffs and Taiwan. The two are also likely to extend a trade truce signed in October, media reports said.

4. Powell’s term as Fed chair to end

Elsewhere, Federal Reserve Chair Jerome Powell’s term at the helm of the U.S. central bank is due to come to an end on Friday.

Trump has tapped former Fed Governor Kevin Warsh to replace Powell, with the U.S. Senate widely anticipated to confirm the appointment this week.

But Powell, who has become a frequent target for Trump’s ire that the Fed has not moved to aggressive ratchet down interest rates to boost the economy, has indicated that he will stay in his own governor role after his time as chair concludes.

That governor role is set to extend until 2028. Powell said the decision was connected to his desire to wait to see if Trump’s legal attacks on the central bank come to an end.

5. Cerebras to go public

Meanwhile, artificial intelligence chipmaker Cerebras Systems is aiming go public on Thursday under the ticker CBRS.

Cerebras is looking to raise the size and price of its initial public offering as soon as Monday, as demand for its shares grows, Reuters reported.

A new IPO price range of $150-$160 a share is being considered, compared to a $115-125 a share, while the number of shares being marketed is being lifted to 30 million from 28 million, Reuters reported, citing two people familiar with the matter.

The IPO comes amid runaway growth in AI adoption, which has in turn powered the need for the types of high-end processors made by firms like Cerebras.