President Donald Trump announced 'major combat operations' against Iran on Feb. 28, involving joint U.S.-Israeli strikes targeting military, government, and infrastructure sites. A memorandum of understanding was read to reporters and signed by the U.S. and Iranian presidents, with Trump stating the two nations had reached a deal. The administration extended a U.S. blockade until negotiations concluded, and talks initially scheduled for Friday were postponed. Timing for when peace talks may begin remains unclear. Special Envoy Steve Witkoff is en route to Switzerland, where Jared Kushner is expected to join him, according to a U.S. official.

Inflation stood at 4.2 percent in May, outpacing wage growth of 3.4 percent over the same period, according to Dawn. Rising energy prices and persistent inflation have heightened economic pressures on households and businesses, as reported by Newsweek.com. Economists warn the economic fallout from the U.S.-Iran conflict could linger well beyond the war itself. The Federal Reserve is assessing whether higher costs have closed the door on interest-rate cuts this year.

Senate Democratic leader Chuck Schumer criticized the administration’s handling of the economy and foreign policy in a social media post, according to Dawn. Democrats have blamed President Donald Trump’s Iran policy and trade agenda for worsening economic conditions for American households. A defeat in the Iran war would weaken America’s global standing, according to Brookings.edu. Prior to the war beginning on February 28, the health of the U.S. economy had been a point of pride for the administration.