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Good morning from the Financial Times. Today is Wednesday, June 25th, and this is your FT News Briefing.

U.S. stocks seem to be impervious to the Iran-Israel conflict, and there's a bit of a rift going on at the Federal Reserve.

Plus, lawmakers from U.S. states want to take a page out of the book of EU climate policy.

I'm Mark Filipino, and here's the news you need to start your day.

U.S. stocks nearly hit a record yesterday. The S&P 500 ended the day up a little bit more than 1%

while the NASDAQ composite was around

1.5% higher. The last time indices were up that high was in February, before U.S. President

Donald Trump announced his tariff policies. Tuesday's highs were thanks to declining oil prices

and hopes from investors that the conflict in the Middle East might be cooling off.

But maybe investors should take that with a grain of salt, because yesterday, Israel said, quote, the battle with Iran has not reached its end yet.

The Iranian regime is facing its gravest threat in years.

It's been weakened by sanctions, bombed by both Israel and the U.S., and its proxy militias are in tatters.

The stakes for the Islamic Republic are existential.

And yet...

I don't see it actually changing course.

I don't see it as a moment where Iran is going to come out of this conflict and say,

we're going to make a 360-degree turn.

...