But with practically all of Wall Street in agreement that no changes will be made, investors are focused on Fed Chair Jerome Powell’s afternoon press conference where he’ll answer questions about his outlook for monetary policy. Conflict in the Middle East and the Red Sea in particular “poses a risk to global trade,” said EY Senior Economist Lydia Boussour on Tuesday. That’s a huge blow to trade: As much as 15% of global trade and 25%-30% of global container shipments transit through the waterway. “For now, we don’t expect the situation in the Red Sea to substantially alter the outlook for global inflation and global monetary policy this year,” said Boussour. The company reported earnings per share of $2.93, beating Wall Street expectations of $2.79.

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