Finance

The Federal Open Market Committee voted 9–3 to keep the benchmark federal funds rate at a target range of 3.5% to 3.75%. Although borrowing costs were left unchanged, a hawkish stance from central bank officials and a divided committee signaled a strong determination to restore price stability to the 2% target.

Energy markets reacted intensely to a sudden resumption of hostilities in the Middle East, characterized by an attempted surprise missile strike from Iran targeting U.S. forces. In response, the price of Brent crude surged more than 7% to settle above $88 per barrel, amplifying corporate supply chain and transportation concerns.

Bucking the broader market downturn, Ford Motor reported a quarterly financial beat and raised its annual profit outlook for the second time this year. Driven by strong production across its commercial and consumer vehicle segments, its shares closed higher on volume well above historical averages.