Russian central bank said it will assess at its upcoming meeting whether further rate cuts are necessary.

Hostilities between the U.S. and Iran may be paused, but the contest over who prevailed is starting. Both sides cast the June 17 memorandum of understanding signed by their leaders as a victory. Analysts say Iran won new sanctions relief and reconstruction financing and therefore holds the upper hand; the U.S. secured reopening of the Strait of Hormuz — which had been operating normally before the conflict — and concessions on Iran’s nuclear program that Tehran had already made. The White House circulated talking points to allies to present the pact as a political win.

President Trump said about 700 vessels are transiting the Strait of Hormuz and warned Iran must reach an agreement within 60 days or the United States will take measures that will make them unhappy.