Ed Kalecki

by using international waterways, a reference to Hormuz, a critical shipping lane for oil and natural gas that remains largely shut, raising global energy prices.

Trump declared that the Iranians don't seem to realize they have no cards.

The semi-official Tasnim News Agency reported an Iranian delegation

Led by Parliament Speaker Mohammad Bashir, Ghalibaf has arrived in Islamabad.

He told a Tasnim reporter that talks would only proceed if the opposing side accepts Iran's preconditions for negotiations.

The Federal Reserve is asking major U.S.

banks for details about their exposure to private credit following a surge in redemptions from the funds and a rise in troubled loans in the industry.

The queries by Fed examiners are intended to assess the level of stress in the private credit industry and the potential for it to spill over to the wider financial system.

Among the queries the Fed has been incorporating into its routine oversight process, the central bank has been seeking detail on the debt private credit funds have taken on from banks.

In good times, that debt can juice returns and make private credit funds more enticing.

In bad times,

It risks exposing banks to losses.

Wall Street banks are starting to test Anthropic's Mythos model.

Bloomberg's Dan Schwartzman has more.

Trump administration officials have encouraged the banks to use Mythos internally to detect vulnerabilities.

So far, JPMorgan Chase is the only bank named as part of an initiative to test the model, but other major financial institutions such as Goldman Sachs, Citigroup, Bank of America, and Morgan Stanley have also gained access or expect to in the coming days.

Bloomberg News had reported Thursday that earlier this week,

Treasury Secretary Scott Besant and Federal Reserve Chair Jerome Powell summoned Wall Street leaders for an urgent chat to warn that they should take the mythos model seriously.

Dan Schwartzman, Bloomberg Radio.

U.S.