Ceasefire will be indefinite, Trump says, as top economist puts risk of recession at 40% if Hormuz stays closed

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Good morning. On Fortune’s radar today:

  • Gates Foundation investigates ties to Epstein.
  • Ceasefire will be indefinite, Trump says.
  • Hormuz closure pushes chance of recession in the U.S. to 40%.
  • Markets: S&P futures decline after record high.
  • Iran could face the USA in the World Cup 😬 
  • Kevin Warsh may not arrive at the Fed until after the war.

This story was originally featured on Fortune.com

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