UK average weekly earnings ex-bonus, 3-month YoY (Apr) 3.4% vs 3.2% expected; prior 3.4%.

1. Trump says US-Iran agreement negotiations have entered second phase – On June 16, Trump stated that the US and Iran had successfully signed a memorandum of understanding online, and the negotiations had now entered the second phase. He also stated that the US would not invest any funds in Iran. 2. US-Iran Memorandum of Understanding Signing Ceremony to be Held in Central Switzerland on June 19 The Swiss Foreign Ministry stated on June 16 that the signing ceremony for the potential US-Iran memorandum of understanding between the two countries will be held on June 19 in Burgenstock, central Switzerland, not Geneva. 3. Full Text of Agreement to be Released Soon, Possibly Read Aloud on Camera Trump promised to release the full text of the agreement with Iran “within days,” and may even read the entire document aloud on camera. He said he was waiting for a “formal occasion” to release the agreement. 4. US Reportedly Refuses Israel Access to US-Iran Memorandum of Understanding According to CNN, Israeli sources revealed that Israel requested the text of the US-Iran memorandum of understanding from the US for review, but was refused because the Trump administration was “concerned that Netanyahu would leak the text before its official release.” 5. US to Allow Iran to Resume Oil Exports Immediately After Agreement Signing —A senior US official reportedly stated on Tuesday that the waivers of sanctions on Iranian oil sales will take effect immediately after the agreement is signed this week, also covering related services including banking, transportation, and insurance. 6. Joins G7 Statement in Support of Ukraine, Agrees to Increase Sanctions Pressure on Russia —The G7 issued a joint statement on June 17, reaffirming its support for Ukraine's freedom, sovereignty, and territorial integrity, and pledging further pressure on Russia's "war economy," including strengthening sanctions against Russia's oil and gas industry. 7. Invokes Defense Production Act to Expand Ammunition Supply Chain—Trump has invoked the Defense Production Act, authorizing the Secretary of Defense to establish a voluntary cooperation mechanism with defense contractors to address bottlenecks in US weapons production and supply chains. 8. Arrives Late for G7 Meeting, Claims He's the "Boss" —According to CNN, Trump arrived nearly an hour late for the morning meeting of the G7 summit in Evian-Lebanon. When Macron announced the start of the meeting, US Treasury Secretary Bessant was sitting in a seat bearing Trump's name. As Trump entered the room, he joked, "I'm the boss." 9. Pressure to delay the appointment of the Director of National Intelligence—Trump pressured Senate Republicans to delay the confirmation of Jay Clayton as the next Director of National Intelligence.

Federal Reserve Chairman Warsh: Financial markets perform best when they react to data.