{"id":64460,"date":"2026-07-08T18:08:18","date_gmt":"2026-07-08T22:08:18","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-orders-retaliatory-strikes-on-iran-as-fed-chair-warsh-set-for-senate-testimony\/64460\/"},"modified":"2026-07-08T18:08:18","modified_gmt":"2026-07-08T22:08:18","slug":"trump-orders-retaliatory-strikes-on-iran-as-fed-chair-warsh-set-for-senate-testimony","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-orders-retaliatory-strikes-on-iran-as-fed-chair-warsh-set-for-senate-testimony\/64460\/","title":{"rendered":"Trump Orders Retaliatory Strikes on Iran as Fed Chair Warsh Set for Senate Testimony"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>U.S. forces launched over 80 retaliatory strikes<\/strong> against Iranian targets following a series of attacks on commercial shipping in the <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>President Donald Trump<\/strong> declared the tenuous ceasefire with Tehran &quot;over,&quot; warning that further aggression will result in &quot;much worse&quot; consequences for Iran&#39;s civilian and oil infrastructure.<\/li>\n<li><strong>Federal Reserve Chairman Kevin Warsh<\/strong> is scheduled to testify before the <strong>Senate Banking Committee<\/strong> on July 15, his first major appearance since taking the helm of the central bank.<\/li>\n<li><strong>Global <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a><\/strong> surged as the escalating conflict threatens the flow of energy through the world&#39;s most vital maritime chokepoint.<\/li>\n<li><strong>Market focus<\/strong> shifts to the Fed&#39;s next move, as newly released minutes suggest a &quot;family fight&quot; over interest rate policy amid rising war-driven inflation.<\/li>\n<\/ul>\n<h2>U.S. Resumes Military Action Against Iran<\/h2>\n<p>President <strong>Donald Trump<\/strong> confirmed on Wednesday that the United States has conducted fresh military strikes on Iran in response to the bombing of commercial vessels. Speaking from the <strong>NATO<\/strong> summit in Ankara, Turkey, the President characterized the operation as &quot;retribution&quot; for attacks on ships passing through the <strong>Strait of Hormuz<\/strong>. The strikes targeted marine piers, maritime traffic control towers, and military sites in the Iranian port city of <strong>Chabahar<\/strong>.<\/p>\n<p>The President warned that the U.S. military is prepared to &quot;probably hit them hard again tonight&quot; if Iranian aggression continues. Trump also renewed threats to seize <strong>Kharg Island<\/strong>, the hub of Iran&#39;s oil production, and to target civilian infrastructure such as electric and desalinization plants. <em>The escalation has effectively ended an interim ceasefire reached in June, reigniting fears of a broader regional conflict.<\/em><\/p>\n<h2>Fed Chair Warsh to Face Senate Scrutiny<\/h2>\n<p>Amid the geopolitical turmoil, the <strong>Federal Reserve<\/strong> announced that Chairman <strong>Kevin Warsh<\/strong> will testify before the <strong>Senate Banking Committee<\/strong> on July 15. This hearing will be closely watched by investors seeking clarity on the central bank&#39;s path forward under its new leadership. Warsh, who succeeded <strong>Jerome Powell<\/strong> in May, has recently adopted a hawkish tone, emphasizing inflation control over the rate cuts previously sought by the White House.<\/p>\n<p>The upcoming testimony follows the release of <strong>FOMC<\/strong> minutes from the June 16-17 meeting, which revealed a divided committee. While officials unanimously voted to keep the benchmark rate between <strong>3.50% and 3.75%<\/strong>, updated forecasts show a shift away from projected rate cuts. <em>Analysts believe Warsh may use the July 15 hearing to further distance the Fed from political pressure and reinforce its commitment to a 2% inflation target.<\/em><\/p>\n<h2>Market Implications and Economic Outlook<\/h2>\n<p>The combination of military strikes and hawkish Fed rhetoric has injected significant volatility into global markets. Energy sectors are reacting to the threat of a naval blockade, while defense contractors like Lockheed Martin (<a href=\"\/stock\/LMT\">LMT<\/a>) and Northrop Grumman (<a href=\"\/stock\/NOC\">NOC<\/a>) see increased attention. <em>Inflationary pressures are mounting as the conflict disrupts global oil supplies, complicating the Fed&#39;s mission to stabilize prices.<\/em><\/p>\n<p>Investors are also monitoring the impact on major indices as the &quot;Warsh era&quot; begins to take shape. The Chairman&#39;s recent comments in Sintra, Portugal, suggesting that the Fed will no longer provide explicit forward guidance, have forced markets to become more data-dependent. With the <strong>Senate Banking Committee<\/strong> hearing just a week away, the financial world remains on high alert for any signals regarding a potential rate hike later this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. forces launched over 80 retaliatory strikes against Iranian targets following a series of attacks on commercial shipping 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