A Friendly Plane Wave

A fragile ceasefire has been reached between Israel and Iran, with President Trump intervening to de-escalate the situation. Despite initial reports of missile launches, the ceasefire appears to be holding. However, the US strike on Iran's nuclear sites reportedly only delayed the Iranian nuclear program by a few months. The Trump administration has denied these reports, claiming that the facilities were "obliterated." Markets remain volatile due to the fragile ceasefire and potential for further conflict. The US has considered options to mitigate the impact of a major oil supply disruption, including using the Strategic Petroleum Reserve. Meanwhile, the Federal Reserve is divided on interest rate cuts, with some policymakers pushing for cuts as early as next month. Fed Chair Powell has indicated that he is open to cutting rates sooner if inflation remains contained. However, the Fed is likely to wait until September for its first and only rate cut this year. Trade negotiations between the US and EU are also ongoing, with the EU refusing to accept a deal that leaves US tariffs in place, which could lead to further retaliation.