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The US president also imposes a 25% tariff on countries that "do business" with Tehran, while Iran's foreign minister says his country his "ready for war".
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The Federal Reserve is likely to hold interest rates steady when it meets at the end of the month, keeping tensions high with President Trump.
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;Resize=(620)) Jan. 12, 2026 | The launch of a criminal investigation into U.S. Federal Reserve chair Jerome Powell garners criticism from both sides of the political aisle. Americans warned to leave Iran as President Donald Trump weighs airstrikes. And the questions surrounding an on-ice brawl between eight year olds.
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And the market is gently shrugging.
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