Iran Deal Signed, Fed Rates, & Burrowcore

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Adam Rogers
June 18, 2026

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President Donald Trump and Iranian President Masoud Pezeshkian have formally signed a memorandum of understanding aimed at ending the war between the two countries, with the White House releasing the agreement's terms Wednesday. The interim deal calls for an immediate end to hostilities while both sides work toward a broader settlement over the next 60 days.
The agreement would reopen the Strait of Hormuz to commercial shipping, begin lifting US sanctions and unfreezing Iranian assets, and commit Iran to abandoning efforts to develop nuclear weapons while negotiating the future of its enriched uranium stockpile. Additional sanctions relief is tied to Iran meeting its obligations.
Major challenges remain. Israel is not a party to the agreement, fighting in Lebanon has continued despite ceasefire efforts, and both sides must still negotiate a permanent nuclear settlement. US officials say military and economic pressure remain on the table if the talks collapse.

The Federal Reserve left interest rates unchanged yesterday but signaled a tougher stance on inflation, with nearly half of its policymakers indicating they could support a rate hike later this year. The decision is the first policy meeting under new Fed Chair Kevin Warsh.
Fed officials unanimously kept the benchmark rate at 3.5% to 3.75% but removed language suggesting future rate cuts. New economic projections also sharply raised inflation expectations, with policymakers now forecasting inflation of 3.6% by the end of the year and signaling higher borrowing costs could remain in place longer.
Warsh said the Fed is committed to returning inflation to its 2% target, even as rising energy costs push prices higher. Investors reacted to the Fed's more hawkish outlook by sending the Dow down 1.0%, while the S&P 500 fell 1.2%, and the Nasdaq dropped 1.3%.

Archaeologists in Boston have uncovered the remains of the earthen fort built by American forces before the Battle of Bunker Hill, including part of the defensive ditch hastily dug on the eve of the battle in 1775.
The team used a 250-year-old map and ground-penetrating radar to locate the ruins, uncovering musket balls, gun flints, musket fragments, and personal items left behind by both American and British troops. Archaeologists say many of the objects were dropped during or immediately after the fighting.
The discovery also highlights a quirk of American history. Although remembered as the Battle of Bunker Hill, most of the fighting took place on nearby Breed's Hill, where the newly uncovered fortifications were built.

Rex Heuermann, the Manhattan architect who led a double life as the Gilgo Beach serial killer, was sentenced yesterday to multiple consecutive life terms without the possibility of parole. (More)

Georgia Republican leaders abandoned a special-session redistricting push, saying any changes to congressional and legislative maps can wait until the 2028 cycle. (More)

Tropical Storm Arthur formed off Texas as the Atlantic's first named storm, threatening Gulf Coast states with flooding and strong winds. (More)

Vietnam police rescued more than 400 live cats and dismantled an alleged cat meat trafficking ring after investigating a series of pet thefts. (More)

Chile launched collections against defaulted student loan borrowers, including bank account seizures, to recover more than $4 billion in outstanding debt. (More)

Israel approved a new Jewish school in Hebron's historic center, a move Palestinians say violates longstanding agreements governing construction in the contested West Bank city. (More)

SpaceX shares slid nearly 5%, slowing their meteoric post-IPO rise as investors weighed the company's lofty valuation against its financial performance. (More)

Allbirds became Smartbird, hired a new CEO, and continued its pivot from shoemaking to AI infrastructure after selling its footwear business. (More)

Carvana has entered the new vehicle market by buying seven dealerships, positioning the used-car giant to challenge the traditional franchise system. (More)

The US Open tees off today at Shinnecock Hills Golf Club, with organizers adjusting conditions ahead of forecast winds and a notoriously difficult layout. (More)

Daveigh Chase, known for voicing Lilo and starring in The Ring, has died at 35, her manager confirmed. (More)

Lionel Messi scored three times as Argentina beat Algeria 3-0, tying Miroslav Klose for the men's World Cup goal record with 16. (More)

A study found GLP-1 users showed weaker links between impulsivity and violent behavior, suggesting the drugs may influence aggression-related traits, though researchers say more study is needed. (More)

A study found California's San Andreas Fault is under its highest stress in 1,000 years, raising the risk of a major future earthquake. (More)

Snap introduced $2,195 augmented reality Specs, positioning the device as a smartphone alternative in its bid to compete with Meta and Google. (More)

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