Inflation remains stubborn, oil prices are falling, and investors are trying to determine whether Kevin Warsh’s Federal Reserve will be willing to act if price pressures stay too high.

Mike Armstrong and Marc Fandetti break down why markets appear to believe the Fed can keep inflation from becoming entrenched, why Warsh’s early focus on price stability may matter, and how the end of forward guidance could change the way investors interpret Fed policy. They also discuss how AI spending is lifting corporate profits while creating future depreciation risks, why Social Security’s trust fund deadline still lacks a serious political response, what SK Hynix’s planned U.S. listing could mean for investors, and why control of the Strait of Hormuz remains a major risk for oil markets.