Markets Brace for Powell's Final FOMC Appearance Amid Energy Price Surges

Wall Street is entering Wednesday's session with a cautious outlook, balanced between geopolitical instability in the Middle East and anticipation of the Federal Reserve's latest policy move. The market is currently squeezed by two primary forces: persistent inflation worries fueled by elevated energy costs and the uncertainty surrounding the transition of leadership at the U.S. central bank. Brent crude continues to trade above $113 per barrel, while reports indicate Iran may submit a revised proposal to resolve the ongoing regional crisis. In the U.S., futures show a mixed start, with the Nasdaq 100 leading gains despite a broad decline in major indices during the previous session, where the Nasdaq fell 0.9% to 24,663.80 and the S&P 500 dropped 0.5% to 7,138.90. A dense calendar of economic data precedes the Fed's 2:00 PM ET announcement. Key releases include March Durable Goods Orders, with a consensus increase of 0.5%, and February Housing Starts, expected at 1.370 million. Additionally, the EIA's Petroleum Status Report will provide critical updates on crude and gasoline inventories. The FOMC is widely expected to maintain rates with a 0 bp change. However, the primary catalyst for market movement will be Chair Jerome Powell's final press conference at 2:30 PM ET, which is expected to provide definitive guidance on the future trajectory of monetary policy.