Federal Reserve Chair Kevin Warsh said the Fed's dot plot is drawn in pencil and can be erased.

China foreign minister Wang Yi spoke by phone with Iranian foreign minister Araghchi on June 17. Wang welcomed the US-Iran first-phase memorandum of understanding, saying it demonstrates force cannot resolve disputes and that dialogue is the correct path. He reiterated China’s support for Iran’s legitimate claims and for Iran’s sovereignty and security, endorsed Pakistan and international mediation efforts, and said China has acted to halt fighting and promote peace.

Zimbabwe has approved construction of a second gold refinery in Bulawayo to purchase and process rising gold output; it is expected to begin operations next year. Currently all gold is sold through state-owned Fidelity Gold Refinery, but officials warn it may be unable to handle national output from next year. Zimbabwe targets 50 tonnes of gold production in 2026, up from a record 46.7 tonnes last year.