The Dow Jones moved sharply lower on Wednesday after President Trump told the NATO summit that the ceasefire with Iran is “over” amid renewed hostilities in the Middle East. The Fed Minutes from June’s meeting dropped at the top of the hour, and Brian Sullivan broke down the commentary with Steve Liesman, Rick Santelli, and Jefferies’ David Zervos. Miller Tabak’s Matt Maley also joins the show to give his take on the South Korean Kospi index’s year-to-date outperformance and recent plunge amid the global chip sell-off. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Latest Fed Minutes, Iran Ceasefire Uncertainty, & Kospi Enters Bear Market 7/8/26

Power Lunch

The future of the Middle East, unclear. Welcome to Power Lunch, everybody. I am Brian Kelly. We'll be back tomorrow. Stocks, they are under a little bit of pressure right now on another re-escalation around Iran. The Dow is losing more than 1% bond yields. They are moving higher. President Trump saying the ceasefire with Iran is over. And those words and more attacks on ships by Iranian forces, they are moving oil higher. We're going to get to all of that in moments when we begin in Washington, where Steve Leesman has the readout on Kevin Warsh's first

meeting. As Fed Chair Steve, we know the minutes just crossed. What are the takeaways? Brian, what this says is all members supported no change in the policy rate. Upside risk to price stability was seen as elevated. Downside risk to job growth had moderated. A few saw a case at this meeting for raising the target rate, but ultimately supported no change at this meeting. Before I say the rest of these minutes, I want you to remember, at this meeting,

from the dots or the forecast, eight had a hold or a cut and nine had a hike. What that tells you is this was a divided committee. The rest of these minutes will reflect that division. So if it sounds like I'm contradicting myself, it's because the committee has different ideas. Several did not see current policy as restrictive. A few saw it as slightly restrictive. Most talked about a scenario where inflation would come down and return to 2%.

Latest Fed Minutes, Iran Ceasefire Uncertainty, & Kospi Enters Bear Market 7/8/26

Read the full transcript

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

Latest Fed Minutes, Iran Ceasefire Uncertainty, & Kospi Enters Bear Market 7/8/26

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.