U.S. CPI: +2.9% YEAR-OVER-YEAR (EST. +2.9%); U.S. CORE CPI: +3.2% YEAR-OVER-YEAR (EST. +3.3%)

Local time April 22 — In response to former President Trump’s statement about extending the ceasefire deadline, Iran’s state TV declared Iran the battlefield winner on Monday. Controlling the Strait of Hormuz has given Iran valuable leverage in the conflict. While Tehran agreed to a temporary halt in military operations, the war is not over, the broadcaster emphasized. Iran’s state TV also warned against any demands that Iran must engage in negotiations, noting such calls could be interpreted by the enemy as an invitation to attack. Even if a naval blockade is lifted, Iran will only participate in talks on the condition that no issues infringing on its independence and dignity are raised — with priorities including Iran’s defense capabilities, missile program, nuclear program and technology. (Source: CCTV)

April 22 – Iran has not sought an extension to the ceasefire, per Iran’s Tasnim News Agency, which cites multiple sources. Maintaining the maritime blockade signals an ongoing state of hostility: Iran will not reopen the Strait of Hormuz at the very least while the blockade remains in effect, and will use force to break the blockade if needed. (GoldenFinance)

April 22 — An advisor to the Speaker of Iran’s Parliament said Donald Trump’s ceasefire extension is meaningless, arguing the losing side cannot dictate terms. The U.S. is maintaining its blockade, which the advisor called tantamount to bombing and said must be met with a military response. The advisor added that Trump’s ceasefire extension is clearly an attempt to buy time for a sneak attack, so Iran must take the initiative. (Source: Wall Street CN)

Local time April 22 — On the afternoon of April 21, U.S. President Donald Trump posted to his personal social media platform, noting that in response to requests from Pakistan’s Chief of Army Staff and Prime Minister, the U.S. will postpone its military strike on Iran, extend the ceasefire deadline, and require Iran to first put forward a unified negotiation plan. During this period, the U.S. military will continue enforcing a naval blockade of Iran while maintaining full military readiness. He added that the ceasefire will remain in effect until Iran submits the proposal and completes negotiations, “regardless of the outcome.”

April 22 – Per U.S. news outlet DropSiteNews: An Iranian official (Beijing time 03:38 Wednesday) said Iran won’t participate in the next round of talks. The official noted Pakistan informed Iran that Trump will lift the naval blockade during the ceasefire’s final hours. If this occurs and the ceasefire is extended, fresh talks could convene Thursday. (Forex Crunch)

April 22 — The Associated Press reports that U.S. Vice President Kamala Harris has canceled her trip to Pakistan. She had been set to fly to Islamabad on Wednesday morning. Separately, CCTV News says the Iranian negotiating team has informed the U.S. via a Pakistani intermediary that it will not travel to Islamabad on April 22 due to multiple factors, and there is currently no chance of engaging in talks. Sources also note that in recent communications, the U.S. has stuck to excessive demands violating the Iranian people’s absolute rights. No substantive progress has been made in the two sides’ exchanges. As a result, Iran announced today that continuing talks under these circumstances would be a waste of time, since the U.S. is blocking any substantive agreements.