Ceasefire is indefinite, Trump says, as economist puts recession risk at 40% if Hormuz stays closed
Fortune • • general
Key Points:
- The Gates Foundation has launched an external investigation into its past connections with Jeffrey Epstein, coinciding with Bill Gates' upcoming congressional testimony about his relationship with the late sex offender.
- President Trump announced an indefinite ceasefire with Iran, but experts warn that reopening the Strait of Hormuz could take months due to mine-clearing operations and ongoing regional tensions.
- EY-Parthenon chief economist Gregory Daco estimates a 40% chance of a U.S. recession within the next year, citing prolonged Middle East conflict impacts, labor market slowdown, and private credit stress.
- There is a potential for the U.S. and Iran to face each other in the World Cup knockout stage on July 3, depending on both teams' performance in the group stages, with the U.S. favored if the match occurs.
- U.S. consumers lag behind other countries in AI adoption and trust, with only 52% using AI regularly at work, highlighting a competitive disadvantage in the global AI race according to Deutsche Bank.
