The US and Iran agreed to extend the ceasefire 60 days and open Hormuz. Trump has not yet signed; Vance said he “feels pretty good about it.” Trump said Wednesday he was “not satisfied” with the deal terms. That changed overnight, or didn’t.Reuters
2.
April PCE hit 3.8% — the highest since May 2023. The Iran war energy shock is now in the official inflation data. Q1 GDP was revised down to 1.6%. The personal savings rate fell to 2.6% — its lowest since June 2022.WSJ
3.
Bessent confirmed the administration is preparing a $250 bill with Trump’s portrait. Legislation is pending; current law bars any living person from US currency. It would be the first living person on US currency since 1866. Bessent called it “not untoward.”Reuters
War & Conflict
4.
The Trump administration is bracing for Cuba’s collapse “as early as this summer.” It has war-gamed military response options in case the island descends into chaos. One official: “We have time. The regime doesn’t.” Another: “This could get messy.”Axios
5.
Before the deal, US downed 4 Iranian drones and struck an IRGC launch site. Iran then hit a US base in Kuwait. Three weeks of trading strikes during a ceasefire. Both sides are still calling it a ceasefire.AP
6.
Tankers began preparing to transit Hormuz as the tentative deal awaited Trump’s signature. WTI fell about 3% on the news. Same trade oil made Monday. The market didn’t wait for Trump to sign.BBG
Politics
7.
The Justice Department opened a criminal probe into E. Jean Carroll. Carroll won an $83 million civil judgment against Trump for sexual abuse in 2024. Carroll’s lawyers called it “weaponization of the DOJ.” The OPM NDA proposal landed the same week.WSJ
8.
The DOJ filed to identify Reddit and X accounts that publicly criticize ICE tactics. The ACLU filed a legal challenge Thursday. Online critics of federal immigration enforcement have new reason to check their privacy settings.AP
Markets & Economy
9.
S&P 500 and Nasdaq both closed at records Thursday. Chip stocks led; PCE came in as forecast. 3.8% inflation, an ongoing war, and a sixth straight record. Markets are stubborn.CNBC
10.
The personal savings rate fell to 2.6% in April — the lowest since June 2022. Consumers are spending through Iran war inflation rather than cutting back. Real consumer spending rose just 0.1%. The savings cushion isn’t infinite.CNBC
