FED'S PAULSON: INFLATION LEVELS ARE STILL TOO HIGH, INFLATION EXPECTATIONS 'FRAGILE'

European officials, led by France and Britain, are advancing plans to secure the Strait of Hormuz after the Iran war. Discussions involve sending frigates to escort oil tankers, using air-defense batteries to intercept Iranian drones and missiles, and showcasing military power to reassure shipping companies. Over 35 countries, including non-NATO members like Japan and Australia, are involved in the plan, which aims to keep the critical sea lanes open. Trump has urged NATO nations to act, though he remains dissatisfied with their current contributions.

TRUMP AND TOP WHITE HOUSE OFFICIALS HAVE BEEN TOLD THAT IRAN'S COUNTER-PROPOSAL WOULD LIKELY ARRIVE FRIDAY VIA INTERLOCUTORS -SOURCE