US, Iran Halt Military Operations, Boosting Investor Sentiment Ahead of Fed Decision

US and Iran have halted their military operations, giving investors a boost in sentiment ahead of the Federal Reserve's interest rate decision on Wednesday. The US President Donald Trump has decided to pause military actions, citing that he is providing 'some space' for talks with Iran, according to CNN.

In response, Iran has also paused its retaliatory strikes. Crude oil prices dropped sharply after this development, with the barrel of West Texas Intermediate (WTI) trading below $64, down more than 6% on the day.

US stock index futures are up between 0.8% and 1.4%, while the US Dollar Index is down over 0.2%. The Federal Reserve's two-day policy meeting will conclude with its interest rate decision on Wednesday.