Stock market fear index spikes after Trump’s war threats

• The U.S. Federal Reserve will give us a new interest rate decision today and offer commentary on how it sees the economy. The Israel-Iran war enters its sixth day. And yet, in the markets, somehow it’s all going to be about President Trump.

The Fed will likely keep interest rates on hold today. The CME Fedwatch market has priced that in with a 99.9% (!) level of certainty. Normally, therefore, investors would spend the rest of the day closely parsing Federal Reserve Chairman...