Treasury Secretary Scott Bessent’s scheduled Monday press conference on new U.S. sanctions against Iran represents the dominant near-term catalyst shaping trader expectations. On August 20 he previewed the “toughest sanctions in history” targeting Tehran, called on Beijing to cooperate, and stated the briefing would detail the measures. This follows heightened U.S.-Iran tensions and aligns with administration priorities on economic pressure rather than renewed large-scale military action. Traders monitoring the event also weigh concurrent fiscal developments, including recent Treasury debt buyback announcements and deficit-reduction messaging, as potential secondary topics. Resolution depends on the exact wording and subjects covered during the briefing itself.