Bonds & Stocks
A rally that sent stocks to the brink of all-time highs wavered on the eve of the first Federal Reserve rate decision under Kevin Warsh, with a another slide in oil prices driving bond yields lower. The S&P 500 was little changed. The yield on 10-year Treasuries declined two basis points to 4.45%.
Economy
Brent oil fell below $80 a barrel for the first time in more than three months as the US-Iran deal to reopen the Strait of Hormuz boosted expectations for a revival in supply, with leading Wall Street banks reducing their price forecasts and regional benchmarks collapsing. Global benchmark Brent fell as much as 4.3%, on course for its longest run of declines this year.
World
The US and Iran are preparing to formally sign their interim peace deal in Switzerland on Friday, with both sides claiming victory and oil traders and shippers unsure over how quickly the Strait of Hormuz will be reopened.