Bank of America said there is a risk that the Fed will not cut interest rates until March 2025, although it currently still expects a rate cut in December.

All markets are red today, including stocks, gold, oil and cryptocurrencies, with many more worried about the Fed not cutting interest rates in time and causing a recession than political tensions in the Middle East.

At least this is the story being spread now, short term market reaction is driven by stories, long term by supply and demand.