Iran MOU Published, Warsh Fed Signals Hike, Meng Ruling Opens Huawei Trial

The Islamabad Memorandum of Understanding, the formal accord ending US-Iran hostilities, published overnight. Iran's crude tankers are crossing the Gulf of Oman blockade line. Energy desks treat this as noise until throughput numbers confirm the Strait of Hormuz is physically open.

The Federal Reserve, in Kevin Warsh's first meeting as chair, held rates steady. Warsh, who replaced Jerome Powell in April, opened with a hawkish lean: the Fed's own projections show nearly half of policymakers tilting toward a rise this year. APAC rate desks watching the HKMA peg, the mechanism that ties Hong Kong's local dollar to the US dollar, should treat this as the first signal the US rate ceiling shifts up rather than down.

The story FT is not running this morning: a US judge ruled overnight that Meng Wanzhou's 2021 deferred prosecution admissions, her formal acknowledgment of Iran sanctions evasion, are admissible against Huawei Technologies at criminal trial. SCMP leads with it. Bank compliance officers with Huawei gear in network infrastructure have a vendor-risk decision to make before a trial date lands.

SpaceX acquired Cursor, the leading AI coding assistant, for $60 billion. Trump officials met Anthropic for a regulatory truce, a signal of direct White House-to-lab governance brokering ahead of any Congressional AI framework.