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What updates did President Trump provide at the G7 summit regarding Iran?
Live from NPR News, I'm Lakshmi Singh. President Trump's concluding his time at the G7 summit in France with questions about the terms of the U.S. 's memorandum of understanding with Iran for attempting to end their war. At a news conference today, Trump did not rule out a resumption of U.S. strikes against Iran.
If we didn't do this deal, we could have dropped more bombs for another three weeks, two weeks, four weeks, two years. You would never have the harmless trade open. You would never have success. Your market would have, instead of going up at levels that nobody's ever seen before, would go down at levels that nobody ever saw before, maybe except for 1929 or whatever.
Now, the president laid out some of the broad strokes of his preliminary agreement. Trump said the two sides would begin the technical discussions on the Iran nuclear issues immediately and that any economic relief for Iran as a result of the deal will, quote, be based on merit. The confirmation hearing for Director of National Intelligence nominee Jay Clayton is postponed.
Senate Select Committee Chair Republican Tom Cotton of Arkansas confirmed President Trump told Clayton not to show up. Cotton called that regrettable. In an overnight social media post, President Trump wrote housing official Bill Pulte would continue as acting DNI. decision facing bipartisan backlash in Congress. Trump's blocking a key intelligence gathering tool from being renewed as leverage.
He wants Congress to advance a stalled voting restrictions bill and another of his nominees for a separate position. No changes in interest rates are expected to be announced today when the Federal Reserve wraps up its latest policy meeting. And Pierre Scott Horsley says the central bank is wrestling with the highest inflation in the U.S.
economy in more than three years, fueled by the war with Iran.
A wartime spike in energy prices has pushed inflation up to 4.2 percent. But the Fed's main tool for battling price hikes, higher interest rates, would do little to address the supply shock caused by the U.S. war with Iran. So for now, Fed policymakers are expected to sit tight.
President Trump wants the central bank to lower interest rates, and he chose the new Fed chairman, Kevin Warsh, with that goal in mind. Warsh meets with reporters this afternoon for the first time since taking over at the central bank.
Warsh's colleagues on the rate-setting committee will also offer an updated forecast of where they think prices and interest rates are headed for the rest of the year. Scott Horsley, Empire News, Washington.
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