AI Summary
5 min readThe U.S. military launched new strikes against Iran today, targeting the country’s ability to control the Strait of Hormuz, just one day after President Trump declared the ceasefire over. Iranian media reported explosions in the same areas hit the night before. The strikes are the latest sign that efforts to negotiate a permanent peace deal with Iran are unraveling, and they sent oil prices and Treasury yields jumping as markets grappled with the prospect of a prolonged conflict.
NATO Summit Ends with a Show of Unity — and Lingering Unease
The NATO summit in Ankara, Turkey, concluded with a display of alliance solidarity, but underlying tensions remain. WSJ Brussels Bureau Chief Dan Michaels reported from the summit compound that the main takeaway was “NATO lives to fight — or they would say defend — another day.” There had been widespread concern that President Trump might fracture the alliance, given his longstanding frustration with European members and Canada. However, Trump met with Ukrainian President Volodymyr Zelensky in what was described as a friendlier meeting than recent encounters. Trump said, “We’ve actually developed a good relationship, I believe,” adding, “This is not the end. This is going to be the beginning maybe.”
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What you'll learn
- 1 (01:09) **U.S. Launches New Strikes on Iran** - The U.S. military strikes Iran to hurt its ability to control the Strait of Hormuz, signaling the unraveling of a ceasefire.
- 2 (01:39) **NATO Summit Wraps Up in Ankara** - The alliance shows unity despite tensions, with a friendlier-than-expected meeting between Trump and Zelensky.
- 3 (04:15) **IMF Projects Brighter Global Outlook** - The IMF's latest quarterly projections are sunnier than expected, citing economic resilience despite the Iran conflict.
- 4 (05:27) **Fed Minutes Show Split on Rate Path** - Officials agree rates may need to rise if inflation stays high, but most see room to hold or cut if price pressures fade.
- 5 (05:50) **Markets Slide on Iran Tensions and Inflation Fears** - Oil prices jump 5% and Treasury yields rise, weighing on stocks in a risk-off day.
- 6 (07:47) **Former Wisconsin Judge Spared Prison in Immigration Case** - Judge Hannah Dugan is fined $5,000 for obstructing law enforcement by helping a man evade immigration officers.
- 7 (08:26) **IOC Clears Path for Russian Athletes at 2028 Olympics** - Russia has been absent from the Games for a decade due to a state-sponsored doping scheme and the invasion of Ukraine.
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Show Notes
P.M. Edition for July 8. While there’s more fighting in the Middle East, the NATO summit ended with a show of unity between the U.S. and its European allies. We caught up with WSJ Brussels bureau chief Dan Michaels in Ankara to discuss takeaways from the meeting for the U.S., Europe and Ukraine, including President Trump’s warm reception of its president, Volodymyr Zelensky. Plus, the latest forecast from the International Monetary Fund predicts that the world is no longer at risk of a recession caused by the war in Iran. Journal economics reporter Matt Grossman explains why. And Delta Air Lines announces its latest flight tier—basic business. Alex Ossola hosts.
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