Fed's Schmid said intuitively that when roughly one-seventh of U.S. federal spending is absorbed by interest payments, a solution is required.

At the White House on the 3rd, President Trump said negotiations with Iran are progressing very smoothly and an agreement could be reached and announced this weekend. Asked whether a ceasefire remained in effect after a recent Iranian strike on Kuwait, he said recent US strikes on Iran in the previous nights were quite heavy and that such actions have reasons; he called the Iranian move not a big deal and said US forces have the situation under control and snuffed it out quickly.

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