Wall Street's Rate Reckoning

Wall Street entered Wednesday battered by five declines in six sessions and facing a Fed decision that looks certain right up until it happens. A rate increase is largely priced in, but the harder questions are not: whether Kevin Warsh plans to keep tightening, whether the bond market will settle down, and how long expensive money can coexist with America's costly AI boom. Cheaper oil offered some relief, while fresh economic data, tariff talks with China, and conflict in the Middle East kept the list of possible problems impressively well stocked. Investors may know what they expect at 2 p.m. What they do not know is whether they will still like it at 2:30.

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