Iranian Foreign Minister Araghchi said Iran's conditions are clear and any reopening of the Strait of Hormuz depends on those conditions being met.

The Wall Street Journal reports President Trump rejected a seven-day ceasefire proposal from Iran and told aides he expects to resume air strikes after the U.S. midterm elections. Iran offered to reopen the Strait of Hormuz and resume nuclear talks if the U.S. lifted its blockade of Iranian ports; officials say Trump is privately skeptical Iran would comply. U.S. officials say the scale of any strike remains undecided and that Trump is reluctant to restart large-scale operations partly to conserve dwindling munitions for other contingencies. Washington and Tehran continue mediated talks, including on nuclear issues, but U.S.-led efforts to keep tankers transiting despite Iranian threats have reduced the urgency for a deal. U.S. officials have told Iran and mediators Trump does not intend to lift the maritime embargo and expect economic pressure will eventually secure an agreement favorable to Washington and Gulf Arab states.

SWISS NATIONAL BANK chair said policy rates can be kept on hold as inflation is in line with the target.