South Korea and Egypt signed MOUs covering shipbuilding, clean energy, power infrastructure and information technology.

President Trump said on Wednesday that the Federal Reserve board "wants to see the country perform poorly" when asked about mortgage rates, noting 30-year mortgage rates rose last week to their highest in nearly three years. He called Fed Chair Kevin Warsh "very good" but added that other Fed board members, in his view, prefer weaker performance because he believes rates should be cut. Treasury Secretary Bessent said inflation is elevated due to an energy shock and that once the Iran conflict is resolved, energy supply should normalize and inflation should move toward the Fed's target, pushing mortgage rates and the 10-year US Treasury yield lower.

Petrobras won eight exploration blocks in the Campos Basin at an auction held by Brazil's oil regulator.