June 20, 2026: US-Iran Talks Set to Open with Vance, Hormuz Closed, More
episodePreviously titled “US-Iran Talks Set to Open with Vance, Hormuz Closed, More” — renamed by the publisher on Aug 2, 2026
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News when you want it with Bloomberg News Now. I'm Ed Kalecki. Vice President J.D. Vance is traveling to Switzerland for talks with top Iranian officials after fighting in southern Lebanon delayed the negotiations and prompted Iran to close the Strait of Hormuz to shipping traffic again. Vance departed from Washington shortly after Pakistan said Prime Minister Shehbaz Sharif and military chief Asim Mounir would attend the meeting, bringing two key mediators to the table. After a ceasefire between Israel and Iran backed Hezbollah militants on Friday set the stage for talks, renewed fighting delayed the start and Iran said Saturday it had closed the Strait for shipping transit, claiming Israel violated the ceasefire.
A memorandum of understanding signed by the U.S. at Iran clears the way for 60 days of negotiations that Vance said began on Thursday with technical discussions led by Jared Kushner and Steve Witkoff, the president's two global negotiators. Iran has warned that while negotiators were going to Switzerland for talks with the U.S. on their interim agreement, not much likely will happen if the fighting does not stop. President Trump, in response, threatened to impose American tolls on the crucial waterway if a final deal with Iran is not reached in 60 days, saying the money would be for services rendered as the guardian angel to the countries of the Middle East. His social media post underscored that the agreement calls for toll-free travel for 60 days.
President Trump says he does not see Anthropic as a national security threat anymore after his administration took steps to cut off foreign access to the company's most advanced artificial intelligence models.
We didn't like what they were doing. And so far, I think they behaved very responsibly to our request.
President Trump on Axios. He says he won't shut Anthropic down because the U.S. is beating China in the AI race. Cumming Electric is saving people more money in states with higher gas prices.
Bloomberg's Monica Ricks explains. average fuel savings between a current gas car and the typical electric vehicle charged at a US home is roughly $1500 a year. But in nine US states, including Arizona, Utah and Washington, where consumers pay more than average for gas and maybe a little less on their electric bills, they're saving even more. especially in California, where drivers are paying close to $6 a gallon at the pump. California also topped the list with 16% of new car purchases this year powered entirely by batteries, mostly due to spiking gas prices due to the war in Iran. Monica Ricks. Bloomberg Radio.
The Wall Street Journal reports Michelle Bowman, the Federal Reserve's vice chair for supervision, spoke at a private dinner in New York hours after attending the central bank's policy meeting, a period when officials are restricted from commenting on monetary policy. The event in New York was hosted by Bank of America on the same day the FOMC concluded their policy meeting under new chairman Kevin Warsh.
What are the latest developments in US-Iran talks?
Under the Fed's rules, members of the FOMC are in a so-called blackout period in which they don't speak publicly on monetary policy for almost two weeks before and after each policy meeting. AbbVie is nearing a deal to buy Apogee Therapeutics for almost $11 billion. to bolster the drug giant's anti-inflammatory portfolio. The Financial Times reports the all-cash deal could be announced as soon as Monday and reflects a roughly 60 percent premium to the biotech's closing price of $90.38 on Thursday. The deal would be one of AbbVie's largest acquisitions since it bought Allergen about six years ago.
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