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Kevin Hassett said an Iran deal could lower oil prices, creating room for the Fed to cut rates. He expects energy prices to "plummet" once a deal is reached. This drop could even lead to negative inflation, as core inflation has been barely moving.
Fine Gael and Social Democrats won seats in two by-elections Sunday. In Dublin Central, Daniel Ennis of the Social Democrats won. Fine Gael's Sean Kyne won in Galway West. Prime Minister Micheal Martin's Fianna Fail failed to win in either, risking pressure on the premier.
Iran warned Israel's attacks in Lebanon and Gaza threaten US ceasefire talks. Foreign Minister Araghchi said, "The ceasefire between Iran and the US is unequivocally a ceasefire on all fronts." Many exchanges with US counterparts have stopped. Israel's deep invasion into Lebanon and strikes in Gaza are seen as violations.
Defense Secretary Pete Hegseth recently blocked promotions for at least seven Navy officers, disproportionately affecting women and Black officers. The new list of 22 nominees for one-star admirals bears little resemblance to the broader force. Officials said Hegseth's actions appear to violate promotion rules.
California's primary election on June 2 could see a Republican governor, as its "jungle primary" system allows any voter to pick any candidate. With many Democrats running, two Republicans are near the top. This system, where the top two vote-getters advance, is used by only two states.
President Trump said Xi Jinping agreed Iran must open the Strait of Hormuz. Trump got this agreement after talks in Beijing on Friday. China gave no sign it would weigh in. Trump is considering lifting sanctions on Chinese oil companies buying Iranian oil. "We want the straits open," Trump said.
Britain's foreign minister Yvette Cooper plans to visit China in early June, sources said. The trip aims to use cordial ties before any setbacks. Cooper will meet Wang Yi in Beijing and businesses in Shenzhen. China said, "China is willing to maintain close contact and dialogue with the UK."
The U.S. House narrowly rejected a bid to stop the Iran war without Congress's OK. The vote was 212-212, failing by the closest margin. Three Republicans backed the effort. Democrats cited constitutional authority, warning Trump may have pulled the country into a long conflict.
Muslim American groups say Republican-led hearings, titled "Sharia-Free America," are weaponizing government against them. They believe these hearings stoke fear and single out Muslims. The U.S. Council of Muslim Organizations said the hearings engaged in "the politics of fear." Critics argue such actions revive harmful tropes and are unnecessary.
The Pentagon scrapped plans to send 4,000 U.S.-based troops to Poland, a surprise move lawmakers criticized. General Christopher LaNeve said "it made the most sense for that brigade to not do its deployment." Lawmakers expressed frustration, saying the decision sent a "horrible message" and that allies were watching.
U.S. President Donald Trump said he won't be "much more patient" with Iran, urging a deal. He suggested retrieving Iran's enriched uranium is more for public relations than security. The U.S. insists Iran move its stockpile abroad. The fragile ceasefire between the U.S. and Iran remains.
Aaron Lukas, a former CIA officer, was tapped to replace Tulsi Gabbard. Lukas warned the intelligence community has become "aimless, bloated, risk-averse, and disconnected." He praised Trump and Gabbard for "getting rid of a toxic diversity, equity, and inclusion political dogma," highlighting a shift in focus.