BREAKING: $550 Billion wiped out from the US market in the last 90 minutes.

Two things hit markets at the same time:

First, the Warsh hearing.

Kevin Warsh is widely expected to cut rates given Trump has been pushing for it for months.

But today, he introduced uncertainty.

He said presidents tend to push for lower rates and that the Fed has “lost its way,” while also claiming he would remain independent.

That contradiction is what markets reacted to, not rate cuts themselves, but confusion around how policy will actually be handled, especially with Powell’s term ending in 24 days.

Markets don’t like uncertainty around the Fed.

Second, the ceasefire.

The US–Iran ceasefire ends tomorrow. No deal has been confirmed and there is still no clarity on a second round of talks.

Trump also made aggressive statements today, reinforcing that the blockade stays until a final deal.

That brought back escalation risk immediately.

Oil reacted to this and pushed above $90.

When oil goes up and stocks go down at the same time, the signal is clear. Markets are pricing risk.