Trump, Iran sign peace deal early; Arthur raises flood threat along Gulf Coast

The U.S. and Iran don't wait till Friday. The deal is signed. The fighting stops and the clock starts on 60 days of nuclear talks

Plus, the Fed hits pause on interest rates, what the new chairman is signaling about inflation and what comes next

And tropical storm Arthur keeps moving east. The flood threat now stretches across the Gulf Coast

The stories that matter, clear and credible, from across the country to around the world

These are your unbiased updates from Straight Arrow. Good morning, I'm Craig Negrelli. The fighting may be over, at least for now. The United States

and Iran have officially signed a peace agreement, starting a 60-day push to reach a final deal

on Iran's nuclear program. This was not easy. I can tell you

The agreement took effect immediately after President Trump signed it. Under the deal

Iran agrees to address its enriched uranium stockpile in future talks, while the U.S. moves toward lifting sanctions and allowing Iranian oil exports to resume

Critics argue the agreement gives Tehran too much leverage going into the next round of

negotiations. Trump defended the deal, saying it prevents a broader economic shock

So the one thing I didn't want to see is I didn't want to see economic catastrophe. If you

kept this going, that could have happened. But all I know is every time we talked about the

possibility of peace, the stock market shot up like a rocket ship. It never went down

They didn't like it. The people, you know, the stock market is more brilliant than anybody there

is, including the people on this stage other than me, of course

Iran's president also signed the agreement, which the two sides were originally expected

to formalize in Switzerland on Friday. Trump also warned that if Iran violates the deal, the U.S. would respond forcefully

Pakistan, which helped mediate the agreement, also signed the document. Markets responded positively to the news

Oil prices have fallen sharply from their wartime peaks, and the national average for

the price of a gallon of gasoline has dropped below $4 a gallon for the first time since March

President Trump's pick to lead the Federal Reserve, Kevin Walsh, is leaving interest rates

unchanged for now. In his first policy decision as Fed chair, Walsh announced that interest rates

will remain in the current range of 3 to 3 percent Despite inflation remaining above the Fed 2 target Warsh said high prices have been a problem for years and insisted the central bank is focused on bringing them under control

We recognize that inflation has been running well ahead of the Fed's long stated inflation goal of 2%

That's been going on for more than five years. Persistently high prices are a burden for the American people

But the recent past need not be prologue. Warsh also pledged that the Fed would deliver price stability

At the same time, nearly half of the Fed officials who help set interest rate policy say

they could support a rate hike before the end of the year. Warsh also announced a series of internal reviews looking at how the Fed communicates

the data it relies on, and the economic forecasts it releases, while breaking with tradition by not issuing its own quarterly projection

Hurricane season is officially underway, and while Tropical Storm Arthur has weakened after moving onshore along the Gulf Coast

forecasters say the flood threat is far from over. Arthur is now a low-pressure system but still potent

dumping up to 20 inches of rain in parts of Texas and triggering flooding

The system is tracking east with forecasters warning of flash flooding from Louisiana to Alabama

The heaviest rain is expected around the Mobile area. Emergency managers are also watching how quickly the system moves

If it slows down or stalls, some communities could see hours of torrential rainfall

Parts of Georgia and the Florida Panhandle might also see impacts, while coastal areas face the risk of storm surge, high tides, and gusty winds

A massive fire in Los Angeles sent a thick column of black smoke into the sky

and force people in surrounding neighborhoods to shelter in place. Look at this

Firefighters spent hours battling the inferno at a huge cold storage warehouse

in the Boyle Heights area Wednesday afternoon. The fire started on the roof of the building, which is covered with solar panels

But crews also discovered an ammonia leak inside the facility, forcing firefighters to pull back as the fire grew

With flames spreading across the massive roof, Fire officials called in helicopters to drop thousands of gallons of water from the air

something rarely seen in a structure fire. Nearby residents were told to stay inside, close their windows, and shut off air conditioning

as thick smoke drifted across parts of East Los Angeles. Authorities eventually lifted the shelter order No injuries reported Fire crews are remaining on the scene through the morning as they monitor hotspots and investigate what sparked the fire

A pretty remarkable political reversal out of Oklahoma this morning. Just weeks after President Trump called Jackson Lawmire a MAGA warrior and gave him his full

endorsement, the president has now pulled his support, and Lawmire has dropped out of the race

altogether. Lawmire is a Tulsa megachurch pastor and founder of Pastors for Trump. He advanced to

a Republican runoff for Oklahoma's open first congressional district seat on Tuesday, but his

campaign was rocked over the weekend after the Daily Mail published text messages between Lawmire

and a woman who is not his wife. The messages included flirtatious exchanges and an invitation

to his hotel room. Lawmeyer acknowledged what he called crossing a boundary line through text messaging

but said the communications were taken out of context. Then came Wednesday

Trump announced he was switching his endorsement to Oklahoma State Representative Mark Tedford

writing that Tedford is, quote, pro-Trump and MAGA all the way. Minutes later, Lawmeyer suspended his campaign

saying he did not want to be a distraction to his family, his church, or voters in the district

With Lawmire out, Tedford now has a clear path to the Republican nomination in a district that leans heavily Republican

The Federal Trade Commission is suing the leading Transgender Healthcare Association, accusing it of misleading parents about treatments for minors

The FTC says the World Professional Association for Transgender Health, known as WPATH

made deceptive claims about gender-related medical care for children and teens. The lawsuit accuses the group of downplaying risks, failing to fully disclose potential side effects

and including what the FTC calls false or unsubstantiated claims about the safety and effectiveness of certain treatments in its guidelines

The complaint also alleges WPATH classified nearly all medical transition services as medically necessary to improve the chances that insurance companies would cover them

Alaska, Iowa, Nebraska, and Texas joined the case. WPATH called the lawsuit baseless and said the FTC is not a medical provider

and has no place interfering with individualized medical decision-making. Later today in Chicago, a project nearly a decade in the making officially opens its doors

The Obama Presidential Center will be dedicated on Chicago's South Side, the city where Barack and Michelle Obama built their careers raised their family and launched a political movement that would eventually reach the White House The million campus includes a museum library

community spaces, and exhibits focused on both the presidency and the people behind it

One of the biggest attractions is a full-scale replica of the Oval Office

complete with a copy of the Resolute Desk, where visitors can walk in

take a seat, and get a feel for the room where presidential decisions are made

Many presidential libraries and institutions have some of these iconic features. There are some that have the replica of the limousine or Air Force One, but President Obama chose the Oval Office

If you remember, the White House was designed to be the people's house

and President Obama opened the White House to more people in our history than ever before

There's also a look at life inside the Obama White House, including several of Michelle Obama's most recognizable outfits from her years as first lady

The couple spoke to ABC News this week about the opening and their legacy

The thing that we were good at and allowed me to sleep at night and get up and go back at it

was I always felt that when we made decisions, we were making decisions with the American people in mind

Obama says he wanted the center to be more than a presidential library

calling it a place that encourages people to get involved in their communities and public life

A dedication ceremony is set for this afternoon, featuring the Obamas, dignitaries

and a lineup of performers, including Stevie Wonder, Bruce Springsteen, John Legend, and Jennifer Hudson

Before we head out, here's what we're tracking today. First up, we'll get a fresh read on the labor market when the weekly jobless claims report comes out at 830 Eastern

Then in New York, the Knicks take a victory lap. The newly crowned NBA champs will parade through Manhattan before receiving keys to the city

At noon, Freddie Mac releases its weekly mortgage rate report, a key snapshot for buyers watching borrowing costs

At that same hour in Chicago, the Obama Presidential Center will officially be dedicated

Unbiased Updates is the fastest, fairest few minutes in news. You can watch us anytime at san.com or on the app, or join our growing audience on Spotify

We thank you for making us part of your morning routine. Those are your Unbiased Updates for this Thursday

We'll see you back here tomorrow, Friday. We love that, of course. For all of us here at Straight Arrow, I'm Craig DeGrelli

Have a great day