Warsh maintained a firm focus on inflation while addressing questions on forward guidance, asset sales, and the Fed's AI initiatives.

The Fed's Beige Book showed economic activity expanded at a slight to moderate pace in 11 of 12 districts. Consumer spending remained restrained by higher fuel costs, employment increased modestly, and businesses continued to report moderate to strong price pressures, partly linked to Middle East tensions and tariffs.

CENTCOM confirmed a second wave of US airstrikes on Iran after an earlier round the same day, saying the operations target military capabilities threatening shipping through the Strait of Hormuz under President Trump's orders.

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