Donald Trump says he wants a “real end” to the nuclear dispute with Iran, rather than just a ceasefire in the conflict with Israel, and demands “unconditional surrender”. The escalating tensions and another set of weak US macro data triggered a risk-off sentiment, weighing on equities and boosting oil prices. As the Federal Reserve prepares to announce its interest rate decision later today, investors remain cautious amidst heightened volatility in the energy market and growing concerns about a broader crisis in the Middle East. To provide insight into the implications of these events on bond markets, we have Dario Messi, Head of Fixed Income Research, on the show who shares his expectations for the US central bank's actions in the coming months.

• (00:00) - Introduction: Bernadette Anderko, Investment Writing