Taiwan Taiex closed up 893.64 points, +2.0%, at 45,631.59 on Wednesday, July 15.

CENTCOM said at 3:00pm EDT on Tuesday the US launched a new round of strikes against Iran to degrade Tehran’s ability to attack commercial vessels in the Strait of Hormuz. A maritime blockade of Iranian ports and coastal areas will begin at 4:00pm EDT.

Kevin Warsh told a congressional hearing he will not provide forward guidance on interest rates and largely avoided discussing specific rate policy. He said the Fed is firmly committed to price stability and to driving disinflation back to a 2% target, and that the central bank has the tools to do so. Warsh said the Fed will reassess its inflation framework to better understand drivers of inflation and potential policy responses. Newly created working groups remain in a research phase; discussions will occur among the 19 policymakers, with the process conducted transparently and research and policy ideas shared periodically. On balance-sheet policy he said the balance sheet is part of monetary policy, not just market plumbing, and any adjustments would be communicated well in advance to give markets time to prepare. Asked about potential political interference, including from Trump, Warsh said he will continue to execute his duties and defend the Fed’s policy independence.