WS #10059

The dominant signal in this window is the U.S.-Iran MOU being electronically signed and now in effect, confirmed by multiple sources (Axios, N12, Press TV, Tasnim). This is a significant de-escalation of the Iran war narrative, with the MOU finalized and the text signed by both presidents. The deal includes a $300 billion reconstruction fund and reopening of the Strait of Hormuz, which counters the previous bearish thesis on energy and supply chains. The narrative arc is ESCALATING in terms of deal finalization, moving from framework to signed agreement. Separately, Apple CEO Tim Cook told WSJ that Apple will raise prices due to surging memory chip costs, a bearish signal for AAPL. The Fed's first meeting under Warsh resulted in a hawkish hold with a split dot plot, but this was already covered in previous windows. Trump also expressed reluctance about the USMCA trade deal, adding uncertainty to North American trade.