Gundlach said the Federal Reserve is unlikely to adjust interest rates before autumn.

Axios reports the memorandum of understanding will be signed electronically and the US will release the text. No final decision has been made on an early signing of a US-Iran agreement.

Trump said on Wednesday European allies have pledged to help clear the Strait of Hormuz to keep shipping lanes open but he did not name specific countries. Asked which states offered to clear Iranian mines, he said “all of them,” adding that those with the equipment have offered assistance and every ally has pledged to take part. He added that, following a deal with Iran, the US would not necessarily have to rely on Europe to reopen the strait, though allied minesweepers would be “a good thing.” Trump continued to frame rapid restoration of traffic through the Strait of Hormuz as a key benefit of any Iran agreement, but said returning tanker flows to pre-crisis levels will likely take time.