Today in One Sentence. The U.S. and Iran signed a memorandum of understanding to end the war, reopen the Strait of Hormuz, and start 60 days of nuclear talks; Trump “canceled” the Senate’s plan to quickly confirm his director of national intelligence nominee, directing Jay Clayton not to appear at his confirmation hearing hours before it was set to begin; Georgia Republicans rejected Gov. Brian Kemp’s plan to redraw congressional and legislative maps during a special session; the Federal Reserve held interest rates steady but moved closer to raising them this year; the Trump administration will pay $765 million to abandon four offshore wind leases; at least 776,000 children have lost SNAP benefits since Trump’s One Big Beautiful Bill took effect; and 51% of Americans say they’re extremely or very proud of being American – down from 82% in 2013.

1/ The U.S. and Iran signed a memorandum of understanding to end the war, reopen the Strait of Hormuz, and start 60 days of nuclear talks. The 14-point framework ends military operations “on all fronts,” including Lebanon, requires Iran to restore commercial traffic through Hormuz with “no charge for 60 days only,” lifts the U.S. naval blockade, lets Iran resume oil exports, works toward releasing frozen Iranian assets, and develops a $300 billion reconstruction and economic development plan with regional partners. In exchange, Iran “reaffirms” that it will not procure or develop nuclear weapons and agrees, at minimum, to down-blend enriched uranium on site under IAEA supervision. The deal, however, doesn’t resolve enrichment, inspections, sanctions termination, ballistic missiles, or whether Iran’s stockpile leaves the country. Trump nevertheless defended the agreement as necessary to avoid an “economic catastrophe,” and denied that the U.S. would directly fund Iran’s reconstruction, saying “We’re not doing anything, we’re not putting up money.” He also attacked Obama’s 2015 deal, saying Iranians “laughed at Obama” and called him “a stupid son of a bitch.” Trump then threatened to restart the war if Tehran doesn’t “behave,” saying” “we go back to bombing.” Bill Cassidy called it a “tremendous foreign policy blunder,” Mike Pence warned that immediate sanctions waivers would be “a lifeline to the Iranian regime,” and Ted Cruz said “giving billions of dollars to theocratic lunatics who want to murder us is not a good idea.” Iran’s lead negotiator Mohammad-Bagher Ghalibaf, meanwhile, called the MOU “a record of America’s failure” and said Tehran was negotiating “from a position of strength.” (Axios / New York Times / Wall Street Journal / Associated Press / Bloomberg / NBC News / New Republic / Reuters / The Hill / NPR / New York Times / CNN)

2/ Trump “canceled” the Senate’s plan to quickly confirm his director of national intelligence nominee, directing Jay Clayton not to appear at his confirmation hearing hours before it was set to begin. Trump claimed Republicans “fell into a trap” by moving too fast on Clayton, saying “we are cancelling the Senate Hearing RE: DNI today,” and that the nomination “will not be going forward until Jamie McDonald is approved to be U.S. Attorney.” The result is that Bill Pulte, who runs the Federal Housing Finance Agency and has no national security experience, will take over as ting director of national intelligence when Tulsi Gabbard leaves on Friday. Trump defended him as “a very smart guy” and said he could stay “as long as it takes to get everybody else approved.” Meanwhile, Trump also threatened to block renewal of Section 702 of FISA unless Congress attaches the SAVE America Act, a proof-of-citizenship voting bill that Senate Republicans say doesn’t have the votes to pass. Tom Cotton called it “regrettable” that Trump told Clayton not to appear, while Mark Warner said “National security cannot be governed by social media post.” (CBS News / New York Times / Wall Street Journal / Associated Press / CNN / NBC News / Politico / CNBC / Bloomberg / NPR / Axios / Washington Post)

3/ Georgia Republicans rejected Gov. Brian Kemp’s plan to redraw congressional and legislative maps during a special session, saying they wouldn’t rush new districts for the 2028 election without more public input and clarity from the courts. Kemp wanted lawmakers to revisit majority-Black districts held by Democrats after the Supreme Court weakened the Voting Rights Act, but House Speaker Jon Burns said redistricting “was not the right path forward for our state at this time.” (Associated Press / NBC News / Axios / Politico / New York Times)

4/ The Federal Reserve held interest rates steady but moved closer to raising them this year. In Kevin Warsh’s first meeting as chair, the Fed voted unanimously to keep its benchmark rate at 3.5% to 3.75%, while projections showed nine officials expect at least one hike this year, eight expect no change, and one expects a cut. Warsh, who Trump appointed after demanding rate cuts, declined to submit his own “dot,” stripped the Fed’s statement of forward guidance, and said he couldn’t say what policymakers would do next because forward guidance is not “well suited” to the current moment. The Fed raised its year-end inflation forecast to 3.6% from 2.7%, saying inflation remains elevated, in part because of supply shocks in energy tied to Trump’s Iran war. Trump, meanwhile, called the prospect of rates hikes “hard to believe,” but “It’s alright, whatever.” (Reuters / CNBC / New York Times / Wall Street Journal / Bloomberg / Politico / NPR / Semafor / Axios / Washington Post)

5/ The Trump administration will pay $765 million to abandon four offshore wind leases. The government has spent roughly $2.5 billion to cancel offshore wind projects. Invenergy had paid about $800 million for the leases under Biden, and will instead use the money to develop at least five natural gas plants, along with geothermal projects in the West. It’s the Interior Department’s third lease-surrender agreement since March after courts blocked the Trump administration’s attempts to stop five wind farms already under construction. (New York Times)

6/ At least 776,000 children have lost SNAP benefits since Trump’s One Big Beautiful Bill took effect. While Republican promised that children and the “most vulnerable” would be protected, an analysis of 12 states that report SNAP participation by age found that children accounted for 46% of the 1.67 million people who lost SNAP benefits. USDA data also shows 4.3 million fewer people nationwide received SNAP than a year earlier. (ProPublica)

poll/ 51% of Americans say they’re extremely or very proud of being American – down from 82% in 2013. (Axios)

The 2026 midterms are in 139 days; the 2028 presidential election is in 874 days.