Trump Delays Iran Strike as Markets Rally, Fed Reform Plans Remain Secret
The global market has been on edge as tensions between Iran and the United States have escalated. President Donald Trump's decision to pause a massive military strike on Iran, dubbed Tehran's 'last chance', was met with relief in the markets. The S&P 500 rose to 7,600.50, nearing its June 2 record high, as oil prices fell.
However, Iranian Foreign Ministry spokesperson Esmaeil Baqaei stated that no direct negotiations with the United States are underway or scheduled, contradicting Trump's claims. The Trump administration has been tapping the Strategic Petroleum Reserves to keep oil prices from rising further.
Fed Chair Kevin Warsh is working on a plan to deliver price stability, but his methods and timeline remain unclear. He has established five special task forces to reform the Federal Reserve, with plans expected to be released by the end of 2026.