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The Dow Jones Industrial Average closed down 506.51 points, or 0.97%, at 51,493.16 on Wednesday, June 17; the S&P 500 closed down 91.22 points, or 1.21%, at 7,420.13; and the Nasdaq Composite closed down 354.69 points, or 1.34%, at 26,021.66 on Wednesday, June 17.

Apple (AAPL.O) is preparing to release the second-generation iPhone Air in the spring of 2027. The iPhone Air prototype will feature a second rear camera and an upgraded battery.

June 18th – Warsh's first press conference as Federal Reserve Chairman officially concluded, during which he previewed a series of reforms to be implemented at the Fed. One significant change is the establishment of several special working groups to explore more open data collection methods and study how to improve the Fed's existing statistical indicator system. During the press conference, Warsh repeatedly emphasized that he would not provide any forward guidance and avoided all questions regarding the future path of interest rates. Furthermore, he did not submit his personal interest rate forecasts in this dot plot and stated that he would not comment on any price fluctuations that occurred in the market during the press conference. Overall, the core message conveyed by Warsh's first press conference was: reduce policy guidance to the market, downplay pre-commitments to the interest rate path, and focus more on reforming the Fed's systems, data structures, and communication framework.

According to the Wall Street Journal: Federal Reserve Chairman Warsh's first press conference was slightly shorter than usual.

On June 18th, when asked whether Federal Reserve officials had discussed interest rate cuts at their meetings ending Wednesday, Fed Chairman Warsh's answer was clear: "There was only one proposal on the table, and no other proposals were discussed." He stated, "For us, there was only one core issue, and officials had a heated internal discussion around it (like a family debate)." However, he also pointed out that after thorough discussion, officials ultimately reached a consensus. The Fed decided to maintain interest rates in the 3.5% to 3.75% range, a decision that was ultimately unanimously approved.

On June 18th, Federal Reserve Chairman Warsh declined to comment at a press conference on Wednesday whether he had communicated with Trump since officially assuming the chairmanship last month, but he confirmed that he had met with Treasury Secretary Bessant. He said, "I have no information to provide regarding the president. As for the Treasury Secretary, he even posted a photo of us having breakfast together on social media, so… I guess I can't deny that. It's a long-standing tradition between the Fed and the Treasury that the Fed Chairman and the Treasury Secretary meet weekly. I think we've had three meetings so far. He should be overseas this week, so this meeting will be an exception."

According to the Islamic Republic News Agency (IRNA), the United States pledged to grant exemptions for Iranian exports of oil, petrochemical products and derivatives, as well as all related services, between the signing of the memorandum and the lifting of sanctions.

On June 18, newly appointed Federal Reserve Chairman Warsh announced at his first press conference in Washington that he would initiate reforms to the Federal Reserve, including the establishment of five new special working groups. Warsh stated, “I will establish working groups in five areas closely related to the implementation of monetary policy—first, the Fed’s communication mechanism; second, the Fed’s balance sheet; third, the use and reliance on existing data sources; fourth, productivity and employment in a transitional era; and fifth, the Fed’s inflation framework. These issues are all relevant and have significant implications, and in my view, deserve a comprehensive review.” He expressed hope that most, if not all, of the working groups would be completed by the end of this year. The relevant teams are still being formed and are expected to launch in the coming weeks, with preliminary analytical frameworks to be provided starting in the fall. Warsh also stated that the working group responsible for the communication mechanism is expected to ultimately propose “well-considered adjustments,” which may include revisions to the Fed’s Summary of Economic Projections (SEP). The SEP includes a “dot plot” that displays the interest rate expectations of 19 senior officials. Warsh further pointed out that most private sector executives use real-time information, which generally requires little correction, while government data is frequently revised.

On June 18th, Federal Reserve Chairman Warsh stated at a press conference that the Fed has the capability to achieve its 2% inflation target, which is exactly what they are doing. The committee is "clearly and consistently" committed to achieving the 2% inflation target. He pointed out that the current high inflation is due to supply shocks. When pressed for forward guidance, he declined to provide specific details but indicated that the Fed's policies appear to have curbed the housing market. Warsh stated that press conferences are an effective way to communicate with American households and businesses, but he did not commit to holding press conferences after every future Fed meeting.

On June 18th, Federal Reserve Chairman Warsh stated on Wednesday that he had met with the Fed's Inspector General, who informed him that a report on cost overruns in the renovation project of the Fed's Washington headquarters is expected to be released this summer. This project has drawn significant attention in US political circles, following the Trump administration's criminal investigation into former Fed Chairman Powell over the issue. Although the investigation was later dropped, this incident remains a key factor in Powell's continued tenure as a Fed governor after his term as chairman expires in May.

According to relevant documents and oil field management officials, Iraq will increase production at the Rumaila oil field by 300,000 barrels per day, reaching 650,000 barrels per day, as export operations resume.

According to the Islamic Republic News Agency (IRNA), the United States has pledged to end all sanctions against Iran in accordance with the timetable agreed upon within the framework of the final agreement.

June 18th - Federal Reserve Chairman Warsh said on Wednesday that many of his central bank colleagues generally believe the U.S. labor market remains stable, with some even believing the employment trend is improving. He emphasized that trends are more important than individual data points. He said, "The trend over three to six months is more important than any single data point, any single data release. I think the employment data as a whole has been moving in a positive direction."

According to the Islamic Republic News Agency (IRNA), Iran will maintain the status quo of its nuclear program until a final agreement is reached, and the United States will not impose any new sanctions on Iran or deploy additional military forces in the region.

On June 18th, Federal Reserve Chairman Warsh did not provide forward guidance at a press conference. However, he acknowledged that he had heard statements from FOMC members indicating they "still have some work to do in maintaining price stability." Regarding the impact of artificial intelligence, Warsh stated that this new technology may be the most significant economic transformation he has experienced since adulthood, presenting both opportunities and risks. Warsh said, "If we do our job well, we can achieve strong economic growth, low prices, and strong employment all at the same time."

"New Bond King" Gundlach: The Federal Reserve is unlikely to adjust interest rates before the fall.