The Guardian on the 29th said Washington’s decision to pause strikes rather than escalate suggests recognition that military force alone is unlikely to secure its stated objectives. US bombing has not compelled Iran to yield; achieving those goals would likely require a ground war the US does not want to fight, so continued negotiations may be the lowest-cost option.

Market takeaway: Fed Governor Waller is widely expected to maintain the terse, June-style communication approach and provide little new forward guidance, keeping headline market signals limited. FHN: Tone likely as hawkish as June but with equal or less tradable information. Wells Fargo: Biggest change would be in communication and forward-guidance flexibility; investors should expect more policy flexibility. BNP Paribas: Likely a short opening, concise answers and very limited forward guidance; remarks should align with congressional testimony. TD Securities: Unlikely to offer forward guidance; will reaffirm price-stability commitment, note recent disinflation while stressing inflation remains elevated. Saxo Bank: Watch for a possible announcement to stop publishing the dot plot or summary forecasts from September. JP Morgan: Low expectations for new information given Waller’s recent brief, broad communications; unlikely to give explicit forward guidance. Societe Generale: Will reiterate commitment to disinflation to 2% while acknowledging inflation may be stickier than expected; welcomes June inflation prints but will stress need to confirm the downward trend. Goldman: Unlikely to map a clear future policy path; may outline timelines for work by five Fed working groups. WSJ reporter Nick: If the Fed hikes, market reaction will hinge on whether Waller frames it as a one-off response or the start of a sustained tightening cycle.

Concerns about returns on AI investments are denting sentiment toward the mega-cap techs that powered this year's rally. On Tuesday the Nasdaq-100 fell 1.6% and was poised to close in a correction (defined as a 10% decline from the peak), having reached that threshold in just 38 trading days. By contrast, the pullback prior to March took more than 100 trading days to fall 10% from its October 2025 high.