Global stock markets rallied as oil prices declined and volatility subsided ahead of the Federal Reserve's Wednesday meeting. The S&P 500 posted its first back-to-back gain since the Iranian war began, while Brent crude fell 0.6% to $102.84 per barrel. Analysts say that with oil stabilizing, market focus has shifted from monetary policy to geopolitical developments.

The Federal Reserve's interest rate determination meeting will be held tonight, with rates expected to remain steady at 3.75%. This will be Mr. Powell's last meeting. The session will also include new economic forecasts, and due to the oil price shock, Mr. Powell will face a wave of questions regarding the weak February employment report and the oil price shock. Powell is likely to emphasize a wait-and-see approach.

Iranian missile and drone strikes on Israel and Arab states in the Persian Gulf, including the UAE, Saudi Arabia, and Kuwait, continued for the third consecutive day. These attacks followed Iran's confirmation of the assassination of its national security chief, Ali Larijani, in an Israeli strike. Meanwhile, Trump announced that the US would soon be ready to end the war, and a strike also targeted an area near the Bushehr nuclear power plant, which Russia reported was without casualties.

The Swiss National Bank faces growing pressure to curb investor demand for the franc as a safe haven amid the Iran war ahead of Thursday's decision. The bank is expected to keep interest rates at zero percent, but officials appear ready to intensify their rhetoric on currency intervention to prevent further appreciation. The Swiss franc has become Europe's strongest major currency against the dollar this year, threatening inflation and exporters.