The US carried out a sixth consecutive night of airstrikes against Iran yesterday, continuing its campaign to pressure Tehran and reopen shipping through the Strait of Hormuz.

US officials said the latest attacks targeted missile sites, military bases, and infrastructure used to threaten commercial vessels passing through the key waterway.

The strait is at the center of the conflict: Neither side is willing to give up control over the Strait of Hormuz, as Iran has continued to assert authority over the waterway, while the US says it is committed to restoring free passage for commercial shipping vessels.

Is diplomacy still an option? It should be. Mediators like Pakistan, Egypt, and Qatar are still working to revive negotiations, while President Trump has maintained that a broader peace agreement is still possible (see video). Analysts warn, however, that each new round of attacks increases the risk of making a diplomatic breakthrough more difficult.

🌎 Why is this important? As the renewed conflict escalates, Americans could yet again face higher prices for gas, airfare, and everyday goods as energy and shipping costs rise. Another prolonged disruption to the Strait of Hormuz could also add new inflationary pressure and create greater uncertainty for businesses, financial markets, and household budgets.

This story is still developing. See what's changed, recent data, what we're watching next, and every other major story that affects you all in one place… completely free.

On Tuesday, the US House of Representatives overwhelmingly passed the Sunshine Protection Act, a bipartisan bill that would make daylight saving time permanent across most of the country.

However, the legislation still faces an uncertain road ahead in the Senate before it becomes a law.

The bill’s passage is a welcome sign for many Americans who are not fond of changing their clocks twice a year. According to an AP-NORC poll conducted last fall:

Similar bills to the Sunshine Protection Act have surfaced in Congress twice in recent years, but none have managed to make it to a president’s desk. So what’s with the confusion?

While almost nobody likes our current system, lawmakers have been starkly divided on which time system to keep, permanent DST or permanent standard time. There are arguments for both.

Supporters of permanent DST say:

However, critics have valid points too:

Looking forward: The bill will now head to the Senate, where many lawmakers have previously shown mixed feelings on permanent DST. If it passes, see what the changes would look like in your state here.

🌎 Why should you care? If the Sunshine Protection Act becomes law, Americans will certainly notice the changes. More people may spend evenings outdoors, exercise after work, shop later, or attend youth sports and community events in daylight, while darker mornings could change school schedules, commuting habits, and morning routines for millions.

Government data showed inflation cooled in June, its first monthly decline in over six years. However, economists warn that the dip may not last very long.

The decline was mainly thanks to a massive decrease in gas and oil prices as tensions between the US and Iran eased (albeit temporarily):

While that’s obviously a good thing… there are still underlying issues. Core inflation, which excludes food and energy prices, has remained high, and the situation in the Middle East only seems to be getting more intense, suggesting inflation could rise again very soon.

What about borrowing costs? The softer inflation report has strengthened expectations that the Federal Reserve will leave interest rates unchanged at its next meeting. However, policymakers have cautioned that one month of favorable data is unlikely to settle the inflation debate. See how interest rates, borrowing costs, and inflation are intertwined here.

🌎 Why does this matter? If the trend continues, it could lower borrowing costs like mortgages, credit cards, and loans. However, with new inflation risks rearing their head, economists warn that everyday prices likely won’t decline to normal levels anytime soon.

This story is still developing, and we’re tracking it for you. See the next major events to watch, how the outlook changes over time, and get free updates.

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America's five biggest banks reported record profits that easily beat analysts’ expectations, mainly thanks to the AI boom and elevated trading activity during the war in Iran.

Despite inflation, elevated interest rates, and geopolitical uncertainty, JPMorgan Chase, Goldman Sachs, Bank of America, Wells Fargo, and Citigroup vaulted over expectations last quarter:

How did they manage to make it rain? Banks largely benefited from investors constantly moving cash around as they reacted to conflict in the Middle East, shifting interest-rate expectations, and sharp swings in AI stocks. Investment banking fees from a spree of mergers and acquisitions earlier this year also helped, along with the $85 billion SpaceX IPO, which brought in roughly $500 million for the banks involved.

Although Americans are grappling with high prices… they’re still spending (and borrowing) a lot of money. Banks also reported rising deposits, credit-card activity, and loan demand, with a confusingly low number of indicators showing widespread financial distress.

🌎 How does this affect you? The record profits suggest the US economy is more resilient than many expected, which could support continued lending, hiring, and consumer spending. However, since a lot of the profit came from Wall Street trading and investment banking, the benefits may not trickle down into lower borrowing costs or cheaper loans for Americans right away.

Four countries began advancing membership talks with the European Union this week amid growing security concerns, marking one of its biggest steps toward expansion in more than two decades.

During a series of meetings in Brussels, officials met with each country to advance their accession processes, which is considered the longest and most demanding phase of joining the 27-member bloc.

It’s a very long process: Despite the progress, none of the four countries is close to joining. To become a member, each candidate must negotiate across 35 policy areas and secure unanimous approval from all current EU member states at every major stage of the process (see 101). It often takes over a decade to gain membership.

Why the sudden rush to join? Mainly due to Russia’s invasion of Ukraine. EU leaders are increasingly viewing the bloc’s expansion as a way to strengthen regional security, encourage democratic reforms, and reduce Russian and Chinese influence in neighboring countries.

🌎 Why is this important? A larger European Union could create a more stable economic and security partner for the United States, supporting trade and reducing the risk of future geopolitical disruptions. While the changes would take years to unfold, they could strengthen global supply chains and open new opportunities for American businesses over time.

> Astronomers have detected a sugar molecule found in raspberries within clouds of dust and gas near the center of the Milky Way, adding to evidence that some of life's building blocks may have originated in space.

> One of the largest and most complete Tyrannosaurus rex fossils ever found, known as "Gus," sold for over $50 million on Tuesday, becoming the most expensive dinosaur fossil ever sold at auction (see photos).

> A long-lasting foodborne parasite that can cause weeks of severe diarrhea is forcing some restaurants to stop serving fresh produce in an attempt to curb a rise in infections.

> A meteorite that landed in New Jersey in 2024 contains material older than Earth itself, offering scientists a rare glimpse into the earliest days of the solar system.

> Scientists have created a paint-on electronic wearable that sticks directly to the skin, offering a more comfortable way to monitor heart rate, brain activity, and muscle movement than traditional sensors.

> Thousands of fans dressed as Pitbull, complete with bald caps, sunglasses, and black ties, flocked to London to break the Guinness World Record for the largest gathering of people wearing bald caps.