Wall Street has pretty much written off the idea of a Fed rate cut at Kevin Warsh’s first meeting

Good morning. On Fortune’s radar today:

• Iran is taking a toll on market outlook
• AI revolution poses more of a status risk than job threat
• Goldman Sachs on Warsh’s balance sheet plan
• Hybrid hangover on transit figures
• How to build an AI film that debuts at Cannes

This story was originally featured on Fortune.com