Good morning.You're reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day.Vice President JD Vance is traveling to Switzerland this Friday to sign a tentative deal to end the war with Iran.
The specifics of this agreement remain unclear.With the announcement to extend the ceasefire and reopen the Strait of Hormuz, President Trump said Friday is the day merchant ships can once again sail unimpeded through the major waterway.
But questions still linger regarding how quickly commercial vessels can resume their journeys and whether Iran will permit free passage through this international waterway.Around 1,500 ships remain stranded inside the Persian Gulf, awaiting clearance to leave, according to industry analysts.Trump has spent much of his time this week at the G7 summit in France talking about his tentative agreement with Iran.
The president is scheduled to hold a press conference today before departing for Washington.He may face questions about how confident he is that Israel won't take actions that could jeopardize the tentative agreement.
You can watch the press conference live here at 10:30 AM ET.New Federal Reserve Chairman Kevin Warsh is set to hold his first news conference this afternoon.Trump chose Warsh to lead the central bank in the hopes that he would advocate for lower interest rates.
In May, the cost of living jumped 4.2% from a year ago — the largest annual increase since 2023.This surge is mainly driven by rising energy prices linked to the U.S.
war with Iran.Until inflation moderates, the Fed is unlikely to lower interest rates.
Here's what else you should know about Warsh's first meeting.Trump faced a rare defeat in primary endorsements yesterday as Georgia Republicans chose billionaire healthcare executive Rick Jackson as the party's nominee for governor.Jackson defeated GOP Lt.
Gov.Burt Jones and will challenge Democratic form...