WS #13011

The dominant signal in this window is the escalation of US-Iran tensions. President Trump stated the US will 'hit them very hard' after a drone strike on a US-owned platform off Egypt and a rocket attack from Iran. This is corroborated by multiple sources (Reuters, pro-wire, Bluesky posts). Oil prices are spiking, with crude futures rising, and energy stocks (XOM) are trading higher. Airlines are trading lower on fuel cost concerns. Separately, SpaceX is reportedly seeking to acquire spectrum to compete with wireless carriers, sending AT&T and Verizon down ~4%. The Fed decision (rates held steady, 9-3 vote) is now stale; the market is focused on the geopolitical escalation. The narrative arc is ESCALATING on US-Iran tensions. The Fed's fractured vote and Warsh's commitment to more press conferences are secondary to the immediate geopolitical risk.