Investors are anxious about whether the central bank will change course on rate cuts as geopolitical turmoil and tariffs pose inflation risks.

Jay Powell, the Fed chair, will probably face questions today about turmoil in the Middle East.Haiyun Jiang for The New York Times

If there is one story to watch on Wednesday, it will be this: what Jay Powell, the Fed chair, says about the economic impact of conflict in the Middle East and how it might change the central bank’s forecasts about interest rates in the coming months. We also take a look at the fallout of the Musk-Trump breakup for an overlooked stakeholder: China.

Trump and Iran loom over the Fed

President Trump’s increasingly bellicose remarks about Iran over the past 24 hours — he’s called for the country’s “unconditional surrender” as

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