Federal Reserve & Monetary Policy

Fed's Collins: Stated that the Fed is not rethinking its 2% inflation target, that economic uncertainty remains elevated, and that models are mindful of government debt levels. She noted officials are aware that higher rates create challenges and she is watching broad inflation data closely.
Market Impact: US stocks rebounded from session lows as commentary from officials like New York Fed President John Williams (suggesting further rate increases past this year may be unnecessary) and Fed Governor Christopher Waller eased aggressive rate-hike fears.

Corporate News & Banking

Bank of America ($BAC): Fined and settled with the US Treasury's OFAC and regulators for $11.66 million up to $1.2 billion for anti-money laundering and sanctions violations involving Russia, Iran, and other nations, resulting in a non-tax-deductible charge impacting Q3 EPS.
Market Activity: Microsoft climbed to a record high, while semiconductor stocks pared losses to finish slightly down.

Middle East Tensions: Aramco's headquarters in Dhahran/Saudi Arabia were reportedly evacuated and hit following missile/drone attacks from Yemen (attributed to Houthi actions). Meanwhile, the U.S. and regional partners continue shipping crude oil through regional straits while coordinating across various scenarios.
Ukraine Conflict: President Zelenskiy reported a Russian ballistic missile attack on Kyiv targeting energy infrastructure, specifically hitting CHPP-4.