A memorandum of understanding to be signed Friday by the United States and Iran calls for Tehran to at minimum dilute its enriched uranium and would waive but not permanently end sanctions on the country, according to U.S. officials who read the draft language to journalists.
The agreement would also open the Strait of Hormuz toll-free for two months and affirm a commitment to Lebanon’s territorial integrity in the face of Israel’s invasion against the Hezbollah militant group.
U.S. officials dictated the language to journalists Wednesday after days of secrecy. They spoke on condition of anonymity to share the memorandum, which Iran has not yet released.
—The Associated Press
Trump lauds tentative Iran agreement at closing remarks of G7
In closing remarks at the Group of Seven summit Wednesday, President Donald Trump touted the tentative agreement between the U.S. and Iran that he said would reopen the Strait of Hormuz and prevent Iran from ever obtaining a nuclear weapon.
“This meeting could not have come at a better time,” he told world leaders. “On Sunday, we reached an agreement with Iran that achieved everything that we set out to accomplish — everything and much more.”
The U.S. president said that he had discussed details of the memorandum of understanding with leaders in attendance at the G7 and sent a copy to Israel, which participated in the joint military operation with the U.S. that began Feb. 28.
—Spectrum News’ Christina Santucci and The Associated Press
Trump delays Clayton’s nomination for intelligence director to try to push Congress on voter ID bill
President Donald Trump said Wednesday that he was delaying federal prosecutor Jay Clayton’s nomination to lead the U.S. intelligence community in a bid to force Congress to act on a voter ID bill that currently lacks enough support for passage.
A key Republican senator, Tom Cotton, had vowed to push forward with a hearing anyway, but Trump eventually directed Clayton to not appear for his confirmation proceedings, forcing Cotton, the chairman of the Senate Intelligence Committee, to announce that the hearing was postponed.
“It’s regrettable that the president has directed Jay Clayton not to appear at his confirmation hearing today,” Cotton, of Arkansas, said in a statement. “Mr. Clayton is a patriot and a highly qualified nominee, as the president has said repeatedly. While today’s hearing is now unfortunately postponed, I look forward to proceeding with his confirmation in the near future.”
—The Associated Press
Federal Reserve Chairman Kevin Warsh speaks during his swearing-in in the East Room of the White House, Friday, May 22, 2026, in Washington. (AP Photo/Alex Brandon)
Warsh announces task forces to review Fed’s communications, data sources at first meeting as chair
During his first news conference as Federal Reserve chair, Kevin Warsh pledged Wednesday to use monetary policy to bring inflation in the U.S. back down to the central bank’s target of 2%.
“Persistently high prices are a burden for the American people,” he told reporters. “But the recent past need not be a prologue. I am pleased to report that members of the FOMC are unambiguous and unanimous. This committee will deliver price stability.”
Earlier in the afternoon the Federal Open Market Committee, or FOMC, voted 12-0 to keep the target range for the federal funds rate unchanged at 3.5% to 3.75%.
—Spectrum News’ Christina Santucci
More Wednesday reads
• Takeaways from Tuesday’s elections in Georgia, Alabama, California and DC
• Trump administration uses hydrogen peroxide and tiny bubbles against algae in Reflecting Pool
• Military officials identify all 8 victims of fiery B-52 crash at California Air Force base