AI Summary
5 min readU.S. Says It Has ‘Makings of a Deal’ With Iran
Treasury Secretary Scott Bessent told reporters today that the U.S. and Iran are within reach of an agreement to end the war. Bessent laid out three conditions Iran must meet: dispose of its highly enriched uranium, commit to never seek a nuclear weapon, and fully reopen the Strait of Hormuz. Iran has signaled that a final text isn't ready yet. If completed, the deal would represent the first phase of a framework, with negotiations continuing for another two months or more.
Railroad merger hits regulatory roadblock
A $72 billion merger between Union Pacific and Norfolk Southern has hit a significant snag. A federal regulator announced today that it was pausing its review of the deal, saying it needs more information. This puts the timeline in jeopardy. A Union Pacific spokeswoman said the company remains confident the board will rule by the middle of next year, matching the railroad's earlier projection.
Exxon eyes Venezuela return after Maduro's ouster
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What you'll learn
- 1 (01:00) **U.S.-Iran Nuclear Deal Nears Finalization** - Treasury Secretary Bessent says the U.S. and Iran are close to an agreement for Iran to dispose of enriched uranium and reopen the Strait of Hormuz, though Iran signals no final text is ready yet.
- 2 (01:50) **$72 Billion Railroad Merger Hits Regulatory Pause** - Federal regulator halts review of Union Pacific-Norfolk Southern deal, demanding more information, putting the timeline at risk.
- 3 (02:16) **Mango Founder Death Case: Son Accused of Criminal Responsibility** - Spanish authorities say Jonathan Andic is “criminally responsible” for his father’s 2024 hiking death; the son denies it, citing a knee problem.
- 4 (02:49) **BP Ousted CEO Fights Back Over Bullying Allegations** - Bernard Looney accepts the board’s removal but calls allegations of bullying and verbal abuse “lies”; BP stands by its characterization.
- 5 (03:15) **ExxonMobil Eyes Return to Venezuela After 19 Years** - Following Maduro’s ouster and Trump’s encouragement, Exxon is in talks with Venezuelan officials, but faces hurdles like poor infrastructure and unclear contract terms.
- 6 (06:35) **PCE Inflation Data and GDP Revision Released** - The Fed’s preferred inflation gauge rose 0.4% in April (3.8% year-over-year), while Q1 GDP was revised slightly higher; bond yields pared gains.
- 7 (07:09) **Investors Flock to Ultra-Short Bond Funds** - Morningstar data shows record inflows into short-term bond funds in March, reflecting inflation fears and a preference for price safety over returns.
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Show Notes
P.M. Edition for May 28. Treasury Secretary Scott Bessent told reporters today that the U.S. and Iran are near an agreement, but that President Trump hasn’t signed off on it yet. Iran signaled that a final deal isn’t ready. Plus, 19 years after leaving Venezuela, Exxon Mobil is weighing whether to restart operations there. WSJ reporter Collin Eaton discusses the negotiations between Exxon and the Venezuelan government…and the company’s dilemma. And in New York City, wealthy retirees are buying “med-à-terres” to have a place to stay when they come back to see their doctors. Journal residential real estate reporter Jessica Flint explains what’s driving the trend. Alex Ossola hosts.
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