👋 Good morning! And happy Fed day. The press conference is at 2:30 p.m. ET, and we will be carrying it live on the site. Instead of a senioritis situation as Chair Jerome Powell heads toward the end of his term, there's quite a lot on the Fed's plate.

On the agenda this morning:

🇺🇸 The US economy may be strong — but it's delicate

🛢️ One supply shock after another

🗓️ SEC considers ending quarterly earnings

✂️ 'A month ago, no one would have believed this.'

🛒 People (obviously) still like browsing the aisles

📆 What we're watching Wednesday: Both oil and stocks rose on Tuesday as the stock market looked, at least somewhat, past the Iran conflict that's showing no signs of cooling. (Energy is still outperforming!)

The vibes and substance from the Fed meeting will be the main question mark for Wednesday, even if the rate decision is clear (no action expected). The Fed's dot plot will also be on our radar, though predicting anything right now may seem somewhat laughable.

We'll also be eying quarterly results from Micron Technology (MU) and others on the corporate calendar.

☢️ Oklo reaches an agreement with the DOE to open its first reactor. The SMR (small modular reactor) is a big hope for nuclear power expansion that's supposed to be cheaper, safer, and more efficient.

🛢️ Oil shocks turn markets into a game of whack-a-mole. That's because oil shocks rarely stay inside the inflation story.

🤑 The real winner in the Warner Bros. Deal is David Zazlav. The CEO is set to receive up to $887 million should the Paramount deal close.

🇮🇷 The Iran war is ripping up the central bank playbook. The conflict is hitting the Fed on both sides of its mandate, with growth concerns rising as sharply as inflationary ones.

🛫 Delta lifts revenue guidance. Strong demand is, for now, offsetting surging fuel prices.

🏡 The housing market saw some thawing last month. But the market is concerned higher mortgage rates may undo the long-sought progress.

⛽️ Oil jumps as Iran goes after energy infrastructure. Brent surfed over the $100 mark yet again.

🔻 Nebius stock plunges after Meta and Nvidia deals. The company says it will raise $3.75 billion in debt, souring the investor mood.

📈 AI drone software stock jumps as much as 700% in big debut. It's the best IPO since Newsmax.

₿ Bitcoin outshines gold and stocks. Finally, the cryptocurrency is showing its "resilient" nature.

See what else is trending on Yahoo Finance.

Recent labor market data gave the Federal Reserve some flexibility to turn its attention to a persistent inflation problem. But now we have an oil shock to add to the picture.