On June 17 local time, a regional diplomat familiar with the US-Iran memorandum said the 14-point text circulated by CNN and Bloomberg is not the formal text signed by the two sides last weekend but a draft produced in May. Trump announced on June 14 that the US and Iran had reached a ceasefire understanding memorandum; a formal signing ceremony is scheduled for June 19 in Bürgenstock, Switzerland.

LME inventories: aluminium -1,475 t; zinc -2,175 t; lead -25 t; nickel +528 t; tin +315 t; copper +525 t.

Fed chair KEVIN WARSH said at a press conference the Fed can achieve a 2% inf target and that the C.BANK is "clear and consistent" in its commitment. He attributed current high inf to supply shocks. On forward guidance he declined to give specifics but said policy appears to have restrained the housing market. He called press conferences an effective communication tool for households and businesses but did not commit to holding one after every Fed meeting.