This morning, Vice President JD Vance will speak at a meeting of world leaders convened in Washington by the Munich Security Conference. The speech is amid a backdrop of rising tensions between India and Pakistan, a Russia-Ukraine war that is dragging on, and seemingly endless tensions between Israelis and Palestinians. Back home, officials are bracing both for Federal Reserve Board Chair Jerome Powell’s decision on whether to cut interest rates — and President Donald Trump’s reaction to the announcement. Playbook managing editor and author Jack Blanchard and POLITICO White House bureau chief Dasha Burns unpack what they’re watching.