Trump Inks Iran Deal, Intel Shares Soar, More
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News when you want it with Bloomberg News Now. I'm Karen Moscow. We begin with the latest on Iran. President Trump has signed an interim deal to end the war with Iran and reopen the Strait of Hormuz. According to the Memorandum of Understanding published by Iran's president, Iran will make arrangements using its best efforts for the safe passage of commercial vehicles with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa. President Trump, meanwhile, insisted Iran would never obtain a nuclear weapon, but suggested Iran should be allowed to develop ballistic missiles and have the right to enrich uranium for electricity.
If Saudi Arabia and Qatar, and they all have some, I would say in relative proportion, I think it's okay.
And President Trump also said he's ready to release billions of dollars in Iranian frozen assets. Still, the deals prompted criticism from Iran hawks. Former Vice President Mike Pence tells Bloomberg government he has great concerns about the deal. Meanwhile, the president said strong signals from the stock market suggest otherwise.
Every time we talked about the possibility of peace, the stock market shot up like a rocket ship. It never went down. They didn't like it, the people. You know, the stock market is more brilliant than anybody there is, including the people on this stage, other than me, of course.
President Trump posted on Truth Social this morning that critics of the deal are fools and says it's unclear whether Iran has begun taking steps to fully reopen the waterway. Following news of a deal, U.S. gas prices have fallen below $4 for the first time since March. While prices are still well above where they stood before the war, it follows a broad decline in global crude prices. Checking oil right now, NYMEX crude oil is down 1.7 percent at $75.51 a barrel. Brent is at $78.66. President Trump is planning to slash the military assets the Pentagon would send to defend the European continent in case of an attack. Defense Secretary Pete Hagseth announced an audit of American assets in Europe during a NATO meeting in Brussels.
The move raises questions about how NATO might replace those military capabilities. The Bank of England held interest rates at 3.75 percent. As it said, the recent fall in oil prices was encouraging, even while two policymakers voted for an immediate quarter-point hike over concerns of persistent inflation. Turning to yesterday's historic Fed meeting, it was the first gathering under Kevin Warsh's leadership. The Federal Open Market Committee voted unanimously to hold its benchmark federal funds rate in a range of 3.5 percent to 3.75 percent, and Fed Chair Walsh made clear the central bank will not tolerate high inflation.
I tend to focus on the left of the decimal point.
What recent deal did President Trump sign regarding Iran?
Well, the two is the left of the decimal point. For now, zero is to the right. I see no reason until we have reestablished our commitment and ability to deliver on the 2% inflation objective to revisit that. So that'll be outside the scope of what we're taking on.
Fed Chair Kevin Warsh also announced he's appointing a task force to examine the central bank's $6.7 trillion balance sheet. Warsh also did not submit an interest rate path projection as part of the Fed's quarterly publication of economic projections, signaling changes ahead for the central bank's forward guidance. In D.C., President Trump has forced the Senate to postpone the confirmation hearing for Jay Clinton as his next intelligence director.
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