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US President Donald Trump signaled he would give diplomacy a chance before deciding whether to strike Iran, dialing back on recent comments that suggested military action could be imminent.
“Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,” Trump said in a dictated message, according to White House spokeswoman Karoline Leavitt. Iran maintained Friday it won’t negotiate with the US while an Israeli assault continues. The only way to end the imposed war is to “unconditionally stop” the enemy’s aggression, Iranian President Masoud Pezeshkian said Friday in a post on X.

Oil prices fell following a report from Reuters that Iran is ready to discuss limitations on nuclear enrichment, but will not consider stopping entirely. That puts the country’s leadership at odds with Trump, who has called for zero enrichment.

Israel launched its surprise attack on Iran a week ago, saying the threat of its sworn enemy acquiring nuclear weapons had to be neutralized. While that goal hasn’t been fully met, the Islamic Republic’s military capabilities have been degraded and a number of its top generals and atomic scientists have been killed. Iran has struck back at Israel with waves of ballistic missiles and drones, and there have been heavy casualties on both sides.

Trump, who is scheduled to attend a national security meeting in the Oval Office on Friday, has publicly mused for days about the US joining the fray. His latest stance signals a step back after a run of tough rhetoric, including demands for Tehran residents to relocate and threats toward Iran’s Supreme Leader Ayatollah Ali Khamenei, and his early departure from this week’s Group of Seven summit in Canada to return to Washington.
Today's show features:

• Dan Williams, Reporter for Bloomberg News Based in Jerusalem, on life in Israel given the Israel/Iran War
• Alex Vatanka, Senior Fellow at the Middle East Institute on life in Iran
• John Erath, Senior Policy Director for the Center for Arms Control and Non-Proliferation on Iran's nuclear ambitions
• and Peter Atwater, President of Financial Insyghts on the overall US macro environment

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Federal Reserve officials left interest rates unchanged and continued to pencil in two rate cuts in 2025, saying uncertainty over the economic outlook was still high but had diminished. The Federal Open Market Committee voted unanimously on Wednesday to hold the benchmark federal funds rate in a range of 4.25%-4.5%, as they have at each of their meetings this year.
Officials also downgraded their estimates for economic growth this year while lifting their forecasts for unemployment and inflation.

Speaking to reporters following the decision, Chair Jerome Powell repeated his view that the central bank was “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”

While the median expectation for two rate cuts in 2025 didn’t change, a number of officials lowered their projections. Seven officials now foresee no rate cuts this year, compared with four in March. Two others pointed to one cut this year
Today's show features:

• Ross Mayfield, Investment Strategist at Baird Private Wealth Management & Ira Jersey Bloomberg Intelligence Chief US Interest Rates Strategist on FOMC Reaction
• Heather Williams, Director of Project on Nuclear Issues and Senior Fellow for Defense and Security at Center for Strategic and International Studies
• Michael Lohan, head of IDA Ireland on trade, tariffs and EU’s view of Trump.

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