Cuba has approved 176 free-market measures that would expand private enterprise, foreign investment and private banking as the island faces severe shortages and U.S. pressure. President Miguel Diaz-Canel said urgent changes are needed but insisted the reforms aim to preserve socialism.
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The national average price for regular gasoline fell below $4 a gallon for the first time since March after a preliminary U.S.-Iran agreement to end the war and reopen the Strait of Hormuz. Prices remain well above prewar levels, and experts warn broader cost pressures may persist.
California’s proposed billionaire wealth tax has qualified for the November ballot after supporters submitted enough signatures. Backers still have until June 25 to decide whether to proceed as opponents, including Gov. Gavin Newsom and major tech figures, mobilize against it.
Trump and Iranian President Masoud Pezeshkian signed a 60-day initial agreement to halt the war, reopen the Strait of Hormuz and begin talks on Iran’s nuclear program. The deal drew praise from G7 leaders and sharp criticism from U.S. lawmakers and Iranian hardliners.
The Federal Reserve unanimously held interest rates at 3.5% to 3.75% in Kevin Warsh’s first meeting as chair. New projections showed inflation expectations rising and nearly half of policymakers open to a rate hike later this year.
Brent crude fell to its lowest level since early March as markets anticipated a US-Iran framework agreement that could reopen the Strait of Hormuz. Shipping groups and analysts warned that restoring normal energy flows could still take weeks or months.
Kevin Warsh chairs his first Federal Reserve rate meeting as inflation rises and energy prices remain elevated after the U.S.-Iran conflict. Investors will watch the policy statement, news conference and dot plot for signs of the new chairman’s approach.