Key Events This Busy Week: FOMC, PCE, GDP, War On/War Off... And Earnings Galore

Markets start the week focused on a fragile pause in tensions in the Middle East. After 13 consecutive nights of US strikes aimed at limiting Iran’s ability to threaten commercial shipping, Washington has refrained from further attacks since late Friday, while Tehran says it also suspended retaliatory operations. The break is not a formal ceasefire, and Oman-mediated talks over navigation through the Strait of Hormuz continued over the weekend. The report highlights ongoing debate inside the US administration over strike effectiveness and costs. The market is treating the lull as positive, with Brent about 4.5% lower at $92.42 and S&P 500 futures up.