Fed's Musalem said the US remains the fastest-growing, most innovative economy and has an effective rule of law.

The Philippine Institute of Volcanology and Seismology (PHIVOLCS) reported a magnitude-5.8 earthquake hit near Occidental Mindoro at about 10:38 a.m. local time on Aug. 7, with a focal depth of 10 km.

US outlet MS NOW reports Oman and Iran have agreed a temporary framework to reopen the Strait of Hormuz without transit fees. Under the proposed corridor, commercial vessels would enter the Persian Gulf via Iran-controlled routes and exit via Oman-controlled routes. Iranian officials say the arrangement is fee-free and will be presented as a temporary measure that could pave the way for a Washington‑Tehran ceasefire announcement and revival of nuclear talks; the IMO and the US are expected to join a formal announcement. Gulf Cooperation Council members have reportedly endorsed the plan. Timing has not been disclosed. US support will depend on final details; a US official said Washington only backs a temporary reopening that is unimpeded and fee‑free.