Good morning. In today’s Fortune:
- It’s Fed day—expect Powell to keep rates at 3.5%.
- Iran: As Trump rages against his allies, Republicans want to know what the plan is.
- Chaos in the Gulf is producing ‘butterfly effects’ far away.
- Why the U.S. doesn’t have enough minesweepers to open the Strait of Hormuz.
- Prediction markets see the war getting longer.
- Nvidia might pay engineers in AI tokens
- Exclusive: AI isn’t destroying consultants, Capgemini says.
- Exclusive: Hinge CEO on the ‘dating recession.’
