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

May 26 – Ondo Finance announced that its founder and CEO Nathan Allman passed away unexpectedly. In a statement, the company paid tribute to Allman, saying: “Nate’s talent, humility, and execution have shaped the Ondo we know today. He always believed technology could build a more open, accessible financial system — a vision that will continue to guide all our future work.” Ondo added that it has a seasoned management team in place, with longtime President Ian De Bode stepping in as the new CEO. The firm noted De Bode has led the company’s strategy, product, and day-to-day operations for more than two years, and has the full support of its entire management team.

May 26 — According to Al Jazeera, a source familiar with talks between a senior Iranian delegation and Qatari officials says Qatar’s mediation has resulted in a breakthrough with the U.S. over Iran’s frozen assets. The source added that with an agreement now in place on this critical issue for Iran, an announcement of the U.S.-Iran deal is likely to be made tomorrow. (FXStreet)

On May 26, U.S. President Trump stated: "Iran's enriched uranium (called "nuclear dust") must be immediately transferred back to the United States for destruction on domestic soil, or, preferably, coordinated with Iran for on-site destruction, or destroyed at another acceptable location. The entire process will be overseen by the Atomic Energy Commission or its equivalent authority."

Per a May 26 Fox News report, U.S. Central Command (CENTCOM) spokesman Captain Bill Urban said the U.S. military carried out a defensive strike in southern Iran on Monday local time. The operation targeted missile launch sites and Iranian vessels attempting to plant mines. CENTCOM noted it has maintained restraint during the ongoing ceasefire while continuing to defend its forces.

May 26 — Fox News reports a senior U.S. official has shared fresh details about the U.S. military’s strike on Iranian targets, claiming two Islamic Revolutionary Guard Corps (IRGC) ships were detected laying mines in the Strait of Hormuz. The U.S. destroyed both IRGC vessels and targeted a surface-to-air missile site at the Port of Abbas that was aimed at U.S. warplanes. The official called the operations “defensive strikes,” and two sources add this does not mean the existing ceasefire has come to an end. (FXStreet)

May 26 — A draft agreement between the United States and Iran has been reached, according to a report from Al Arabiya. The draft includes provisions for unimpeded free passage through the Strait of Hormuz and the clearance of mines in the strategic waterway, with full restoration of navigation required within 30 days. Under the terms of the deal, the U.S. commits to easing sanctions on Iranian ports, allowing Iran to sell and export oil, and granting targeted sanctions exemptions for Tehran’s oil exports. Sanctions relief for Iran’s oil sector will be implemented in phases, subject to Iran’s compliance with its commitments outlined in the agreement. The pact also mandates continued nuclear negotiations aimed at forging a long-term comprehensive accord.