The Fed held interest rates steady but dropped heavy hints that a deal easing the Iran conflict could be coming soon, which markets should read as good news.

• The Fed kept rates unchanged, saying it needs more data before moving again, with a near-unanimous vote.
• Fed Chair Powell talked at length about how a drop in oil prices tied to "geopolitical events" would force the Fed to reassess policy — language read as a strong hint that an Iran deal is close.
• Powell said he can't call financial conditions "tight" right now, a softer tone than his last meeting, suggesting the Fed may not need to raise rates further.
• Stress signals in corporate credit markets (seen in default-swap costs at companies like Oracle, Meta, and Coreweave) have started easing after spiking earlier in the week, which is a bullish sign.
• The Fed said it will have a much clearer picture by its December meeting, which lines up with expectations that an Iran deal could land before then.

Outlook: If an Iran deal materializes, oil prices and inflation pressure should ease, giving the Fed room to turn more dovish and potentially supporting stocks.