📊 Deal Signed, LA Warehouse Fire, and Fed Rate Hikes

Initial deal, shelter order, and new guidance.

Jun 18, 2026

Greetings! Happy Bunker Hill Day to those celebrating.

Let’s get into today’s top stories.

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🌎 GLOBAL NEWS

🇮🇷 Iran deal is signed. The United States and Iran signed an initial deal Wednesday to end their war. President Trump signed a physical copy while dining with French President Emmanuel Macron at Versailles. He had just left the Group of Seven (G7) summit in France. Iranian President Masoud Pezeshkian signed on behalf of Tehran. Iran’s state-run IRNA news agency posted an image of him holding the document. The full text still has not been formally released by American officials. Draft language says the deal ends hostilities and restarts nuclear talks. It reopens the Strait of Hormuz, the energy passage whose closure created a historic crisis. The strait will reopen without tolls for two months. Future fees are not ruled out. The United States will waive, but not eliminate, some sanctions. Wider sanctions relief and frozen-asset releases would be tied to nuclear-talk progress. The deal also affirms Lebanon’s territorial integrity. That clause is already disputed because Israel has rejected withdrawal demands. The Iran war began February 28th. Trump called the interim deal “very strong.” A signature can stop a war faster than it can settle what caused it.

🇪🇺 G7 praise changes Trump. President Trump left the G7 summit in a better mood than he arrived. Praise for his tentative Iran deal softened his posture toward allies. He had previously criticized European leaders for not joining the United States and Israel in bombing Iran. At Evian-les-Bains, those same allies welcomed the deal. Trump said the summit showed “a great deal of unity.” He said the meeting could not have come at a better time. French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, German Chancellor Friedrich Merz, and British Prime Minister Keir Starmer backed the Iran breakthrough. The final statement credited Trump’s strong leadership. Trump also joined leaders in offering “unwavering support for Ukraine.” That marked a shift from his past claim that Ukraine had “no cards.” Leaders discussed air defense, interceptors, and long-range capabilities for Kyiv. Trump also thanked China and Russia for staying neutral during the Iran conflict. That undercut the G7’s harder line on China’s subsidized exports. Macron hosted Trump for dinner at Versailles after the summit. Diplomacy worked partly because praise became the room’s preferred currency.

🇺🇸 LOCAL NEWS

🔥 Los Angeles fire fouls air. A massive warehouse fire blackened skies near downtown Los Angeles on Wednesday. The fire started in Boyle Heights. Los Angeles firefighters responded around 2:30 p.m. Thick dark smoke rose from the roof. Local stations showed flames moving across solar panels. Officials issued shelter-in-place orders because of hazardous air. Residents were told to close windows, doors, and vents. They were also told to turn off air conditioning. People and pets were advised to move into inside rooms. Los Angeles Fire Department spokesperson Jennifer Middleton said there had been concern about an ammonia line. She later said that danger had dissipated. Firefighters extinguished the roof blaze by late afternoon. Crews then entered the building to assess the interior. The address is listed as a Lineage Logistics cold storage warehouse. The company transports frozen and temperature-controlled goods. Its website lists the building at 491K square feet. Smoke made the industrial map visible from blocks away.

🕵️ Clayton delay angers GOP. President Trump derailed the confirmation of his own intelligence nominee Wednesday. He delayed Jay Clayton’s nomination hours before a scheduled Senate hearing. Clayton is the United States attorney for the Southern District of New York. He had been nominated to become director of national intelligence. Senate Intelligence Committee Chair Tom Cotton said Republicans planned to proceed unless Trump stopped Clayton. Cotton later postponed the hearing. He called Trump’s order regrettable. The delay makes it likelier that Bill Pulte, a top housing official, becomes acting intelligence chief when Tulsi Gabbard leaves Friday. Pulte has no known national security experience. Republicans and Democrats have sharply criticized him. Pulte has used his current post to target perceived Trump adversaries. Senator Thom Tillis said Clayton was near a strong hearing. Tillis warned the move could endanger reauthorization of a crucial surveillance program. He called Pulte a sycophant to Trump. Senator Patty Murray said Trump seemed to be diverting attention from Iran. The intelligence fight turned one nomination into a loyalty test.

🗂️ MISC

🏦 Fed tilts hawkish. The Federal Reserve kept its key interest rate unchanged Wednesday. Almost half of policymakers said they could support a rate hike later this year. The shift surprised investors. It also disappointed President Trump, who wants easier monetary policy. The central bank’s short statement dropped language suggesting the next move would be a cut. That reflected new Chair Kevin Warsh’s influence. Warsh was appointed by Trump. He has criticized the Fed for talking too broadly about the economy. Nine of 18 rate-setting officials projected higher rates this year. Six supported two or more quarter-point increases. In March, no policymakers had penciled in a hike. The change acknowledges inflation at its highest level in three years. Many officials have said higher rates may be needed if prices do not fall. Warsh also emphasized the Fed’s 2% inflation target. Hawks want rates higher to restrain inflation. Doves prefer lower rates to support hiring. The Fed held steady, but its silence learned to sound louder.

📉 Stocks sink on Fed fear. American stocks slumped Wednesday after the Federal Reserve signaled a possible rate hike this year. The Standard & Poor’s 500 Index (S&P 500) fell 1.2%. It erased an earlier modest gain. The Dow Jones Industrial Average moved from a 280-point morning gain to a 507-point loss. That was a 1% decline. The Nasdaq Composite sank 1.3%. Nine of 18 Fed policymakers now foresee at least one rate increase this year. Chair Kevin Warsh gave no personal forecast for where rates may end 2026. He said he is considering changes to how the Fed communicates. He also ended forward guidance in Fed statements. SpaceX ($SPCX) fell 4.9% for its first loss since its public debut last week. Microsoft ($MSFT) dropped 3.8%. Amazon ($AMZN) fell 3.5%. Nvidia ($NVDA) slid 1.3%. Those megacaps were among the heaviest weights on the index. La-Z-Boy ($LZB) jumped 14.8% after stronger profit and revenue. Wall Street wanted reassurance and got a raised eyebrow instead.