Trump was fretting over the possibility of the ceasefire he brokered falling apart on Tuesday, but for markets, the news was good enough for a rally.

Federal Reserve Chair Jerome Powell told lawmakers on Tuesday that the central bank continues to monitor the threat of inflation.

In stock markets abroad, indexes rallied more than 1% everywhere from France to Germany to Japan following the announcement of the Israel-Iran ceasefire. Hong Kong’s jump of 2.1% and South Korea’s leap of 3% were two of the strongest moves.