Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The US and Iran reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for negotiations on the fate of Tehran’s nuclear program. Officials from the two countries will meet in Switzerland to formally sign the agreement, with key sticking points left for the next stage of talks, including the removal of sanctions and financial incentives for Iran. The agreement could bring peace and security to the region, but its details remain unresolved, and both sides are casting the deal in different lights, underscoring the difficulties that may lie ahead in resolving outstanding issues.

2) Inflation is roaring back at the fastest pace in three years, and investors have been dumping US Treasury bonds and piling into bets the Fed will need to start raising rates by December. Federal Reserve Chairman Kevin Warsh is facing an unusually high-stakes test in his first FOMC meeting as Fed chair, with his maiden press conference and the Fed's post-meeting statement and forecasts to be scoured for clues on what's next. Warsh's commitment to maintaining the bank's political independence will be reassured if he sends a convincing message that the Fed is willing to shift back into inflation-fighting mode, but falling short will rattle markets already worried he could jeopardize the Fed's credibility.

3) SpaceX shares jumped in premarket trading Monday, after its blockbuster debut Friday vaulted it into the ranks of the world’s most valuable public companies. The performance helped bolster confidence in the artificial intelligence rally, following SpaceX’s embrace of AI earlier this year with the acquisition of Musk’s xAI. It also boosted the IPO prospects of Anthropic PBC and OpenAI, both of which plan go public themselves.

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