The US officially released the “memorandum of understanding” it reached with Iran, signed electronically on Wednesday by President Donald Trump and Iranian President Masoud Pezeshkian.

Today, negotiations will begin between the parties on a final settlement in Switzerland, ending the months-long war.

The 14-point list of provisions (read here) establishes an immediate ceasefire, commits both sides to avoiding further military action, and launches a 60-day negotiating period to resolve remaining disputes.

However, it also provides Iran with a lifeline to the global economy:

But, these are all contingent on… Iran complying with the nuclear conditions outlined in the agreement. While some details will still be negotiated, Iran agreed to reduce the enrichment level of its uranium in the presence of international observers, while the US Space Force will monitor the nation’s damaged nuclear infrastructure to ensure materials are not recovered.

Things are already de-escalating: Major commercial oil shipping companies have begun moving through the Strait of Hormuz, and the US has observed a “precipitous decline” in the number of missiles and drones fired in the area, according to Vice President JD Vance. However, it is worth noting that the deal does not cover Iran’s missiles, over 70% of which are reportedly still intact.

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Hopefully, this means the end of $60 fill-ups. The national average price of gas in the US has fallen below $4 per gallon for the first time since March, offering some relief to drivers after months of elevated fuel costs.

The decline is largely thanks to a steep drop in oil prices following the peace agreement between the US and Iran, which vastly eased concerns about disruptions to global energy supplies.

Don’t celebrate too early, though, as prices are still hovering around 90 cents to $1.10 higher than they were before the war began in February.

It’s all about oil: Crude oil surged above $100 per barrel earlier this year after fighting in the Middle East disrupted shipments through the Strait of Hormuz, through which 20% of the world’s oil passes (see more). So far, crude oil prices have fallen more than 15% this month as tensions eased.

How long until prices get any lower? Economists also note that gasoline prices often fall more slowly than oil prices, meaning consumers may not immediately see the full benefit of lower crude costs at the pump. The AP notes that getting oil traveling through the Strait of Hormuz at pre-war levels could still take weeks or even months.

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New Federal Reserve Chair Kevin Warsh announced that the central bank voted unanimously to press pause again, keeping interest rates unchanged at 3.50%–3.75%. But with inflation and economic growth still in focus, that pause may not last much longer.

It was the first led by Warsh, who was expected by some to favor lower interest rates after being nominated by President Trump. However, the Fed’s latest projections pointed in the opposite direction:

Inflation is the main concern: Although the economy continues to grow and the labor market remains relatively strong, inflation has accelerated in recent months, driven in part by higher energy prices.

While there were no immediate policy changes, Warsh made clear that he wants to rethink how the Fed works behind the scenes:

As for the economy: Wrapping up his first Q&A as Fed chair, Warsh struck an optimistic tone on employment, noting that unemployment has held steady at 4.3% for three straight months as of May. He also added that some officials believe the labor market may actually be getting stronger.

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A Consumer Reports investigation published this week found Uber and Lyft frequently charge customers vastly different prices for identical rides requested at the same time and place.

Unlike traditional taxis, Uber and Lyft use dynamic pricing that adjusts based on factors such as demand, traffic conditions, and driver availability. However, the report argues that personal data also plays a role.

It’s drastically impacted ride prices:

Why make some riders pay more? Essentially, some customers are shown higher prices simply because the company’s algorithms believe they're more likely to pay them, a practice known as surveillance pricing (see 101).

The companies say they aren't charging customers different prices based on personal data, though both acknowledge that they leverage the data to provide “personalized discounts.”

So, who should you believe? That’s up to you. Consumer Reports argues the results suggest riders may not always be paying based solely on supply and demand, while Uber and Lyft maintain that their pricing systems reflect real-time marketplace conditions.

Office workers are embracing a growing workplace trend called "microshifting," which encourages employees to break away from their rigid 9-to-5 schedule and instead work during the hours when they feel most productive.

The increasingly popular trend dictates that working in shorter, more focused bursts throughout the day is more efficient than trying to complete work in one continuous block… and people agree:

How did microshifting come to be? The practice gained traction during the pandemic as remote work became widespread, but has gained staying power as many employees and managers found that it can reduce burnout, improve productivity, and help work-life balance.

Will it work for you? It depends. Not every worker has the freedom to set their own schedule, and flexible arrangements often depend on a high degree of trust from employers. However, even small changes, such as blocking off uninterrupted time for focused work and minimizing busy work, can provide some of the same benefits.

> To celebrate America’s 250th birthday, officials have sealed a massive time capsule packed with artifacts from all 50 states that won’t be opened until July 4, 2276. Look at all the contributions here.

> A father living with ALS has used a brain implant to communicate with 92% accuracy for over two years, making it the longest-running successful speech brain-computer interface to date.

> Scientists discovered a new species of walking shark off the coast of Papua New Guinea that uses its four fins like legs to move across reef flats at low tide. Watch a video of it walking here.

> Astronomers have discovered a third galaxy that appears to contain little or no dark matter, challenging the assumption that dark matter is an invisible glue needed to hold galaxies together

> More than 80 years after World War II, archaeologists uncovered a sunken section of the infamous Death Railway in Thailand, built by Allied prisoners of war and forced laborers under brutal conditions.