Iran fired a surprise rocket attack overnight and just like that, Trump&#x27;s &quot;pause&quot; is over. He says it&#x27;s now our turn to fire back — but war doesn&#x27;t work like taking turns, and today we explain why that framing should worry everyone paying attention. The Fed held interest rates unchanged and Wall Street hated it — the Dow dropped over a thousand points on inflation fears with no Fed action to calm them. And Todd Blanche&#x27;s Attorney General confirmation just hit a wall — Senator John Cornyn says no vote unless the DOJ puts specific promises in writing about the anti-weaponization bill and Trump&#x27;s tax audit immunity, and the DOJ won&#x27;t do it. Big, chaotic news day — all of it today.<br><br>Become a supporter of this podcast: https://www.spreaker.com/podcast/the-tom-sullivan-show--6632619/support.<br><br>Remember to call with your money and investing questions 855-295-6600 for the Financial Friday podcast. https://www.spreaker.com/show/7102919/episodes/feed

Iran's Surprise Rocket Attack Just Ended Trump's "Pause." He Says Now It's "Our Turn" to Fire Back — But War Isn't a Turn-Based Game. Fed Ho

The Tom Sullivan Show

And here we go. Welcome to the big podcast on this Wednesday. Today is the 29th day of July. Year of our Lord, 2026. My name is Tom Sullivan and busy day, busy, busy, busy day. We've got, oh, you don't want, do not open your bank statement. Just don't. It was an ugly day on Wall Street today.

We've got, the Fed also had their meeting, second meeting which Kevin Warsh sat as chairman of the Fed. And they left interest rates unchanged at 3.5 to 3.75 on the federal funds rate. So Wall Street tanked on that. It was already down. It was already down.

But at 2 o'clock when the announcement came out that they were leaving interest rates unchanged, a lot of the markets sold off, a lot of people are very concerned that inflation not only is above the Fed's target, and Kevin Warsh keeps talking about the fact that we are going to make sure that we're going to tackle that inflation. I mean, he's talking tough. But they left it unchanged.

Now, there are 12 people that make the vote, but it was three of the Federal Reserve Open Market Committee members voted to hike interest rates. And if you think inflation is growing and getting out of control, you hike interest rates to slow down the economy. That's the proper reaction. And yet, they left it unchanged, which a lot of people on Wall Street are going,

oh my gosh, the Fed is going to fall behind on fighting inflation, and inflation is just going to keep growing. So, yeah, 3.5 to 3.75 is the federal funds rate. The 30-year Treasury, the highest yield since Liberation Day back in April 2025.

Iran's Surprise Rocket Attack Just Ended Trump's "Pause." He Says Now It's "Our Turn" to Fire Back — But War Isn't a Turn-Based Game. Fed Ho

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Iran's Surprise Rocket Attack Just Ended Trump's "Pause." He Says Now It's "Our Turn" to Fire Back — But War Isn't a Turn-Based Game. Fed Ho

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.