Fed's Hammack said managing inf effectively requires monitoring a broad set of data.

Wall Street Journal: President Trump has ordered the US Navy to remove electromagnetic aircraft launch systems (EMALS) from aircraft carriers and revert to steam catapults; the change is expected to add tens of billions of dollars to retrofit costs.

Michael Stephens of the Royal United Services Institute says Iran, Oman and the GCC are holding behind‑the‑scenes talks on maritime traffic management in the Strait of Hormuz. It is unclear whether Iran and Oman have agreed transit fees. Stephens says Oman engaged Iran with GCC acquiescence, which suggests the GCC has accepted a 'new reality' for the strait. US Treasury Secretary Scott Bessent has argued a new pipeline would make the strait 'irrelevant', but Stephens warns pipeline construction will take time. He adds that, as talks enter a new phase, Iran is strengthening its bargaining position and the US should not treat the situation as a political or strategic victory.