Cycle on Jun 15, 2026

I will list the open threads and watches for this topic to understand what has been flagged for follow-up or monitoring.

I will search for the latest news on the US-Iran peace deal, the SCOTUS rulings regarding the Federal Reserve (Lisa Cook / Trump v Cook), and updates on the US CPI inflation and the upcoming FOMC meeting under Kevin Warsh.

The US and Iran have announced a major peace deal framework to end the war, reopen the Strait of Hormuz, and lift the US blockade, with a formal signing expected on Friday (June 19, 2026). Oil prices have tumbled over 4-5% in response. Let's fetch the Reuters, BBC, or NYT article to get the precise details, concrete figures, and quotes. I'll fetch the Reuters article and NYT article if possible. Let's start with Reuters first.

This is a massive development. Let's do a search on the Supreme Court cases regarding the Federal Reserve: `Trump v. Cook` and `Trump v. Slaughter` (or Lisa Cook Fed firing case). Let's see if there are any new updates or rulings on this, as the prior finding says "With rulings expected by late June 2026." Let's check today's date: June 15, 2026. Have there been any recent SCOTUS rulings? Let's search.

Let's search for "Trump v. Cook" and "Trump v. Slaughter" specifically, or details on SCOTUS's upcoming opinion days. Let's fetch the CNN Politics article or Law Dork article or "Independence or Accountability: The Fed Cannot Have Both" article to see if there are any specific updates. Let's start with `web_fetch` for `https://thedailyeconomy.org/article/independence-or-accountability-the-fed-cannot-have-both/` and `https://www.lawdork.com/p/whats-left-from-scotus`. Let's do that.

Okay, let's search specifically for the Supreme Court's latest opinions or schedule for June 2026 to see if "Trump v. Cook" or "Trump v. Slaughter" has actually been decided yet, or if they are still pending. Let's run a search for: `"Trump v. Cook" OR "Trump v. Slaughter" OR "Lisa Cook" site:scotusblog.com OR site:supremecourt.gov` and see. Let's do a broader search too.

Interesting. Let's look at `https://www.courthousenews.com/supreme-court-set-to-rule-on-trump-gop-policy-goals-ahead-of-summer-recess/` or `https://www.stevevladeck.com/p/232-and-then-there-were-23ish` or `https://www.law.com/nationallawjournal/2026/06/12/june-boom-supreme-court-prepares-for-explosive-end-of-term-rulings/` to see the details of where these cases stand and what is expected. Let's fetch `https://www.courthousenews.com/supreme-court-set-to-rule-on-trump-gop-policy-goals-ahead-of-summer-recess/` first.

This is extremely helpful. Let's summarize the state of play for the Supreme Court cases: - In *Trump v. Cook* (concerning whether President Trump can dismiss Fed Governor Lisa Cook "for cause" or under his emergency authority), the justices "seemed to view the Federal Reserve... differently than other regulatory bodies, appearing skeptical that Trump had unreviewable removal authority over its members" during oral arguments. - In *Trump v. Slaughter* (concerning whether the President can fire Federal Trade Commissioner Rebecca Slaughter), the justices are weighing whether to overturn nearly a century of precedent (*Humphrey's Executor*) governing the independence of federal regulatory bodies (the "headless fourth branch"). - These rulings are expected in the next few weeks (by late June or early July 2026), as the Supreme Court is in the final stretch of its term. Now, let's look at the third piece: US CPI inflation and the Fed's upcoming June 16-17, 2026 meeting. Let's search for the latest CPI print (which usually happens in mid-June for May data, or mid-May, etc.). Let's search for "CPI" or "inflation" or "FOMC" or "Kevin Warsh" June 2026 to see what the latest data is and what the market expects for the June 16-17 FOMC meeting. Let's do a web search.

Okay, let's fetch the CNBC or Reuters article on US CPI inflation for May 2026 (released on Wednesday, June 10, 2026). Let's fetch `https://www.cnbc.com/2026/06/10/cpi-inflation-report-may-2026.html` and `https://www.reuters.com/world/us/us-consumer-prices-increase-expected-may-2026-06-10/` to understand the exact numbers and what they mean. Let's do that.

This is excellent. Let's look at the details: - May CPI (released June 10, 2026) showed headline CPI at 4.2% annually, up from 3.8% in April. This is the highest in three years (since April 2023). - The monthly increase was 0.5% (seasonally adjusted). - However, core CPI (excluding food and energy) rose 0.2% for the month and 2.9% annually, which was actually below expectations for the month (0.3%) and down from 0.4% in April, indicating that core pressures are actually moderating. - Much of the surge was driven by energy costs (up 3.9% in May, and up 23.5% over the past 12 months) due to the conflict in Iran. - Let's check the watch named "US CPI Inflation Rate Threshold" with trigger `BLS CPI inflation_rate >= 3.5`. In this cycle, the headline inflation rate was 4.2%, which is indeed >= 3.5. So this watch has fired! Let's check if it's ongoing or one_shot. It is `ongoing` according to `list_threads`. We can record an event for it using `record_event` with `resolves: false`. - Let's check the other watches: - "US-Iran Peace Deal Signing in Europe" with trigger "Watch for a signed diplomatic agreement...". This has had a huge breakthrough: an initial peace deal framework has been reached, and a memorandum of understanding (MOU) is set to be signed in Switzerland on Friday, June 19, 2026. This has already caused oil prices to plunge over 4%. This watch's fire date was June 15 (today). The actual formal signing is scheduled for Friday, June 19. Let's check if we should record an event or resolve it, or update it. Since the formal signing is on Friday, we can record an event that the framework was announced and oil plummeted, resolving standard expectations but keeping a watch on the actual Friday signing. Wait, the watch itself asks to "Watch for a signed diplomatic agreement". The actual signing is Friday, so we can record an event or wait, or resolve it since the framework was reached and the Strait is reopening. Let's look at the options. - "SCOTUS Ruling on Lisa Cook Fed Firing Case" (one-shot). It hasn't fired yet since the ruling is still pending ("could hand down any week now"). - "FOMC Policy Meeting (Kevin Warsh's Debut)" (one-shot). The meeting is June 16-17, 2026. Today is June 15, so it hasn't happened yet. Let's do a search on Kevin Warsh's first press conference or pre-meeting comments to see if there is any other news. Wait, the search results showed: `Federal Reserve Chair Kevin Warsh Holds First Briefing on U.S. Economy` on C-SPAN, 1 day ago. Let's see if we can find more details about that briefing. Let's search for "Kevin Warsh" press conference OR briefing June 2026.

This is fantastic. Let's look at `https://www.wsj.com/economy/central-banking/fed-warsh-chair-communication-d2f2d226` or a similar article about Kevin Warsh wanting to stop explaining everything or his approach. Let's do a search on "Kevin Warsh" "WSJ" "explaining" OR "communication" to find out more. First, let's fetch the WSJ page if possible, or search for more info about Kevin Warsh's communication style. Let's do a search: `site:wsj.com "Kevin Warsh" "communication" OR "press conference" OR "explaining"`.

Let's fetch `https://www.wsj.com/economy/central-banking/fed-warsh-chair-communication-d2f2d226` to see what is said about Kevin Warsh wanting to stop explaining everything. This is a very interesting institutional shift under his leadership. Let's do that.

Let's also fetch another WSJ article to get a little more context if we can. Wait, let's fetch `https://www.wsj.com/opinion/the-kevin-warsh-era-begins-at-the-federal-reserve-25e54654` or `https://www.wsj.com/opinion/as-kevin-warsh-arrives-expect-him-to-move-slowly-a378bcaf` to see what is expected. Let's try `https://www.wsj.com/opinion/as-kevin-warsh-arrives-expect-him-to-move-slowly-a378bcaf`.

This is incredibly rich. Let's look at the key themes here: 1. **The US-Iran Peace Deal**: This is a major breakthrough that has immediate economic consequences. President Trump announced a peace deal framework to end the war, lift the US blockade, and reopen the Strait of Hormuz. A memorandum of understanding (MOU) is set to be signed in Switzerland on Friday, June 19, 2026. Oil prices have plummeted by over 4-5% (Brent crude fell to $83.75, WTI to $80.87, their lowest since March). This represents a major turning point for energy prices and global supply chains, which had been choked for more than three months. 2. **US CPI Inflation & The Fed Squeeze**: May CPI inflation jumped to 4.2% annually, the highest in three years, up from 3.8% in April. The month-over-month increase was 0.5%. This was heavily driven by a 3.9% jump in energy prices (up 23.5% over the past 12 months) due to the Iran conflict. However, core CPI (excluding food and energy) rose just 0.2% for the month and 2.9% annually, which was below the 0.3% monthly forecast and down from April's 0.4% monthly increase. This indicates that core inflation pressures are actually moderating. The fall in oil prices following the US-Iran peace deal is expected to significantly ease pressure on the Fed and moderate headline inflation going forward. 3. **Kevin Warsh's Fed Debut & Communication Philosophy**: Fed Chair Kevin Warsh is presiding over his first FOMC meeting on June 16-17, 2026. While interest rates are widely expected to remain unchanged, investors are looking for signals of his long-term policy and structural changes. Warsh has historically championed a "less is more" communication philosophy, famously advising the Fed to "Stop talking so much... More thinking, less talking," challenging the decades-long trend of extensive forward guidance pioneered by Greenspan and Bernanke. 4. **Supreme Court Battles Over Fed Independence**: The Supreme Court is preparing to issue critical end-of-term rulings by late June 2026, including *Trump v. Cook* (whether President Trump can fire Fed Governor Lisa Cook "for cause" or under emergency authority) and *Trump v. Slaughter* (whether the President can dismiss FTC Commissioner Rebecca Slaughter, which could overturn nearly a century of precedent on independent agencies). During oral arguments, the justices appeared skeptical of Trump's unreviewable authority to fire a Fed governor, indicating they view the central bank as distinct from other regulatory agencies, but the broader ruling on *Trump v. Slaughter* could significantly expand presidential power over the "headless fourth branch." Let's review the existing findings and see which slugs we should reuse: - `us-labor-market-resilience-job-openings-adp-may-2026` -> No major update to jobs report this week (May was covered in the previous cycle, and May CPI is the focus here). - `fed-policy-pivot-kevin-warsh-rate-hike-chatter` -> This is perfect for the Kevin Warsh FOMC debut, his communication philosophy, and the May CPI print. Let's refine/update this note to reflect the current state of play as he gavels his first meeting on June 16-17, the 4.2% headline CPI print (highest in 3 years), and the moderating core CPI (2.9% annual, 0.2% monthly). - `us-consumer-squeeze-energy-shocks-inflation-mirage` -> This is perfect for the US-Iran peace deal framework, the reopening of the Strait of Hormuz, and the plunge in oil prices (Brent crude down over 4% to $83.75, WTI to $80.87), which will bring relief to the consumer squeeze. Let's update this note. - `fed-independence-pirro-cook-legal-challenges` -> This is perfect for the Supreme Court cases: *Trump v. Cook* and *Trump v. Slaughter*, with rulings expected by late June 2026. Let's update this note. Wait! The guidelines say: "For each distinct theme or story worth persisting, call `write_note` — ONE note per theme, never a combined write-up... Slugs are stable identities, not per-cycle labels — this is what makes findings a living document... When this cycle advances a subject you already have a finding for, call `write_note` with that SAME slug to revise it in place — an upsert that snapshots a new revision. Mint a fresh slug ONLY for a genuinely new subject." Let's carefully check the existing notes to make sure we reuse the correct slugs and update them cleanly. Let's call `read_notes` first to see the exact slugs and titles of prior findings to ensure perfect alignment.

Excellent! The slugs are: - `fed-independence-pirro-cook-legal-challenges` - `us-consumer-squeeze-energy-shocks-inflation-mirage` - `fed-policy-pivot-kevin-warsh-rate-hike-chatter` Let's update these three notes to reflect the latest developments. First, let's look at `us-consumer-squeeze-energy-shocks-inflation-mirage` (The U.S. Consumer Squeeze: Sentiment Bounces Off Historic Lows as Gas Prices Ease Amid Iran Peace Cliffhanger). The latest development is the official announcement of the US-Iran peace deal framework, set to be signed on Friday, June 19, 2026. This has caused an immediate 4-5% plunge in crude oil prices, with Brent crude dropping to $83.75 and WTI to $80.87 (their lowest levels since March). This represents a major catalyst that will lift the consumer squeeze and help normalize energy and gasoline prices over the coming months as the Strait of Hormuz is scheduled to reopen within 30 days. Let's write the note for `us-consumer-squeeze-energy-shocks-inflation-mirage`. Let's draft it carefully. Wait, let's make sure we include 1-2 representative verbatim quotes with their links. For the peace deal: Reuters: > "Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz." > "The geopolitical risk premium that had been built into crude is now being unwound quite aggressively as traders price in the prospect of restored oil flows,' said Tim Waterer, chief market analyst at KCM Trade." Link: `https://www.reuters.com/business/energy/oil-slips-over-4-after-us-iran-reach-peace-deal-reopen-strait-hormuz-2026-06-14/` Let's call `write_note` for `us-consumer-squeeze-energy-shocks-inflation-mirage`. Let's state our intent first. I will now update the consumer squeeze note with the news of the US-Iran peace deal framework and the subsequent plunge in oil prices.

Now, let's look at `fed-policy-pivot-kevin-warsh-rate-hike-chatter` (Kevin Warsh's Policy Debut: Fed Chair Faces Trump Pressure and Market Skepticism Ahead of June Meeting). The latest developments are: 1. May CPI inflation jumped to 4.2% annually, the highest in three years, driven by a 3.9% spike in energy prices (up 23.5% over the 12 months). However, core CPI (excluding food and energy) rose just 0.2% monthly and 2.9% annually, which was actually below expectations, indicating that underlying inflationary pressures are moderating. 2. The June 16-17 FOMC meeting is Kevin Warsh's inaugural meeting as Fed Chairman. While rates are widely expected to remain unchanged, investors are watching for shifts in policy bias. 3. Warsh's operational philosophy: "Stop talking so much... More thinking, less talking," reflecting a long-held belief that the Fed should scale back its extensive forward guidance and communication. 4. The sudden drop in oil prices (down over 4% following the US-Iran peace deal) significantly eases pressure on the Fed, tempering hawkish rate-hike chatter and reducing the risk of a secondary inflation wave. Let's write a note for `fed-policy-pivot-kevin-warsh-rate-hike-chatter` that incorporates these findings. Let's find representative quotes: From CNBC: > "The consumer price index rose at a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 4.2%, both in line with expectations." > "However, stripping out volatile food and energy prices, the so-called core CPI accelerated 0.2% for the month and 2.9% from a year ago. While the annual rate was in line with the forecast, the monthly gain was below the 0.3% estimate and less than the 0.4% April increase." > "New Fed Chair Kevin Warsh has indicated he thinks rates can go lower as productivity gains from artificial intelligence will have a disinflationary impact on the economy." From WSJ: > "Kevin Warsh boiled down his advice for the Federal Reserve before an audience of investors last year. 'Stop talking so much,' he said. 'More thinking, less talking.'" > "The Federal Open Market Committee will announce its first interest-rate decision under Federal Reserve Chairman Kevin Warsh on Wednesday. I’ll go out on a limb—a sturdy one—to predict that interest rates will be left unchanged." Let's call `write_note` for `fed-policy-pivot-kevin-warsh-rate-hike-chatter`. Let's state our intent first. I will now update the Fed policy pivot note to reflect the May CPI print, the upcoming June 16-17 FOMC meeting, and Kevin Warsh's communication philosophy.

Now, let's look at `fed-independence-pirro-cook-legal-challenges` (Federal Reserve Independence Under Fire: Supreme Court Nears Showdown in Trump v. Cook and Trump v. Slaughter). The latest developments are: 1. The Supreme Court is in the final weeks of its term (expected to conclude by late June or early July 2026) and is preparing to issue a flurry of blockbuster rulings. 2. In *Trump v. Cook*, which centers on whether President Trump has the authority to dismiss Federal Reserve Governor Lisa Cook "for cause" or under emergency powers, oral arguments indicated the justices are highly skeptical of the President's unreviewable removal authority over Fed members. The court appears to view the Federal Reserve as distinct from other independent regulatory bodies due to its immense economic power. 3. In *Trump v. Slaughter*, which centers on whether President Trump can dismiss Federal Trade Commissioner Rebecca Slaughter, the stakes are even broader. This case could overturn nearly a century of legal precedent (*Humphrey's Executor*) and expand presidential power over independent regulatory agencies (the "headless fourth branch"). Let's find representative quotes: From Courthouse News Service: > "The high court looked more likely to find common ground in Trump v. Cook, which asks whether Trump had emergency authority to fire Federal Reserve Board Governor Lisa Cook. The justices seemed to view the Federal Reserve — which wields vast authority over the U.S. and international economy — differently than other regulatory bodies, appearing skeptical that Trump had unreviewable removal authority over its members." > "Topping the list is Trump v. Slaughter, which could overturn nearly a century of precedent governing the independence of federal regulatory bodies... At issue is whether President Donald Trump had authority to fire Federal Trade Commissioner Rebecca Slaughter, but the broader case could open up impartial agencies to presidential influence." Let's call `write_note` for `fed-independence-pirro-cook-legal-challenges`. Let's state our intent first. I will now update the Fed independence note to reflect the latest state of play for *Trump v. Cook* and *Trump v. Slaughter* as the Supreme Court enters its final term stretch.

Now, let's review the watches we listed earlier: 1. "US-Iran Peace Deal Signing in Europe" (one-shot). Trigger: "Watch for a signed diplomatic agreement between the US and Iran, which could reopen the Strait of Hormuz and deflate energy prices." Expected fire date: June 15, 2026. - The framework has been agreed upon, and the formal MOU signing is scheduled for Friday, June 19, 2026, in Switzerland. - Since the formal signing hasn't happened yet (scheduled for Friday, June 19), let's record an ongoing event on this watch or keep it open, but we can record an event for the major progress made today. Let's record an event on thread `019eb9fd-ad78-7ea7-82c3-38c3409af7f3`. Let's see: the thread is a "one_shot" watch. If we resolve it now, we say it has been resolved by the framework announcement and subsequent oil plunge, or we can keep it open until the actual signing on Friday. Let's look at the instructions: "If this cycle's evidence shows one of them has fired (the dated catalyst happened, the metric crossed, the ruling landed), call `record_event` on it — `resolves: true` for a `one_shot` watch (it closes), `resolves: false` for an `ongoing` one (it keeps tracking)." - Since the framework has been officially reached and confirmed, and the Strait is reopening, the core catalyst has fired. Let's record an event with `resolves: true` on `019eb9fd-ad78-7ea7-82c3-38c3409af7f3` because the peace deal framework has been reached and oil prices tumbled over 4%. Let's do that! 2. "US CPI Inflation Rate Threshold" (ongoing). Trigger: `BLS CPI inflation_rate >= 3.5`. - The May CPI report showed headline inflation at 4.2%, which is indeed >= 3.5. So this watch has fired! Let's record an event on thread `019e9b16-f653-78ff-9664-dcb11042e1a1` with `resolves: false` since it's an `ongoing` watch. Let's do these two `record_event` calls now. I'll state my intent first. I will record the event for the US-Iran peace deal framework announcement, which resolves the one-shot watch on the peace deal.

Now, I will record the event for the US CPI Inflation Rate Threshold watch, which remains ongoing. May headline CPI came in at 4.2%, well above the 3.5% threshold. This is an ongoing watch, so `resolves: false`. Let's do that.

Let's check if there are any other watches or threads we should resolve or record. Let's look at the remaining watches from `list_threads`: 1. "SCOTUS Ruling on Lisa Cook Fed Firing Case" (one_shot, thread_id: `019eb4d7-184c-77c8-b368-bda79ff76be9`). The ruling is still pending, so we don't resolve it yet. 2. "FOMC Policy Meeting (Kevin Warsh's Debut)" (one_shot, thread_id: `019e9b16-bcbe-7e15-b02b-b56a5abe2732`). The meeting is tomorrow and Wednesday (June 16-17), so the actual decision and press conference haven't happened yet. We should keep this open for the next cycle to resolve once the meeting finishes and the decision is released. Wait! Are there any new watches we should register? - The formal MOU signing of the US-Iran peace deal is scheduled for Friday, June 19, 2026. This is a crucial dated catalyst. We can register a new one-shot watch for the formal MOU signing on Friday, June 19, 2026. Let's register a watch for this. - Let's call `record_watch` for the Friday MOU signing. I will state my intent first. I will register a new watch for the formal signing of the US-Iran peace deal memorandum of understanding in Switzerland on Friday, June 19, 2026.

This is perfect. We have: 1. Updated three relevant prior findings: - `us-consumer-squeeze-energy-shocks-inflation-mirage` (incorporating the US-Iran peace deal framework and the 4%+ oil plunge). - `fed-policy-pivot-kevin-warsh-rate-hike-chatter` (incorporating May CPI at 4.2%, core CPI at 2.9%, the upcoming June FOMC meeting, and Warsh's communication philosophy). - `fed-independence-pirro-cook-legal-challenges` (incorporating the latest on *Trump v. Cook* and *Trump v. Slaughter* as SCOTUS enters its final stretch). 2. Recorded events for two existing watches: - Resolved the one-shot watch on the US-Iran peace deal framework announcement (`019eb9fd-ad78-7ea7-82c3-38c3409af7f3`). - Triggered an ongoing event for the CPI threshold watch (`019e9b16-f653-78ff-9664-dcb11042e1a1`). 3. Registered a new one-shot watch for the formal MOU signing on Friday, June 19, 2026. Let's call `finish_cycle` to complete this research cycle successfully. I will state my intent first. I will now call `finish_cycle` to finalize our findings and close this cycle.

I have successfully completed the research cycle for this topic. Here is a summary of the findings and actions taken: ### 1. Key Finding Updates * **The U.S. Consumer Squeeze: Oil Prices Plunge 4% as U.S. and Iran Reach Historic Peace Deal Framework** (`[[us-consumer-squeeze-energy-shocks-inflation-mirage]]`) * **What's New:** The U.S. and Iran have announced a preliminary peace deal framework to end their war, lift the U.S. blockade, and reopen the Strait of Hormuz within 30 days. * **Market Impact:** Brent crude slid over 4% to **$83.75** (lowest since March), and WTI dropped to **$80.87**, unwinding the geopolitical risk premium that has squeezed U.S. households for months. A formal memorandum of understanding (MOU) is scheduled to be signed in Switzerland on Friday, June 19, 2026. * **Kevin Warsh's Fed Policy Debut: Managing a Three-Year Inflation High as the Iran Peace Deal Eases Rate Pressures** (`[[fed-policy-pivot-kevin-warsh-rate-hike-chatter]]`) * **What's New:** May CPI inflation jumped to **4.2%** annually (a three-year high), heavily driven by a **3.9%** monthly spike in energy costs. However, core CPI rose by just **0.2%** monthly and **2.9%** annually (below expectations), indicating that underlying core inflationary pressures are moderating. * **Policy Outlook:** With Kevin Warsh presiding over his first FOMC meeting on June 16–17, the sudden collapse in crude prices following the Iran peace deal framework has significantly tempered rate-hike chatter. Rates are widely expected to remain on hold. Strategically, Warsh is also expected to begin implementing his "less is more" communication philosophy ("Stop talking so much... More thinking, less talking"). * **Federal Reserve Independence Under Fire: Supreme Court Nears Showdown in Trump v. Cook and Trump v. Slaughter** (`[[fed-independence-pirro-cook-legal-challenges]]`) * **What's New:** As the Supreme Court enters its final end-of-term stretch, rulings on *Trump v. Cook* and *Trump v. Slaughter* are expected by late June or early July 2026. Oral arguments showed the justices are highly skeptical of the President's unreviewable authority to dismiss Fed Governor Lisa Cook, viewing the Fed's immense macroeconomic power as unique. However, the broader *Slaughter* case could still dismantle removal protections for other independent agencies (overturning *Humphrey's Executor*). ### 2. Watch Actions * **Fired & Resolved:** Registered a major progress event on the one-shot watch for the **US-Iran Peace Deal Signing** (`019eb9fd-ad78-7ea7-82c3-38c3409af7f3`), as the preliminary framework was successfully announced and oil prices plunged. * **Fired & Ongoing:** Recorded an event on the **US CPI Inflation Rate Threshold** watch (`019e9b16-f653-78ff-9664-dcb11042e1a1`), as May headline CPI came in at 4.2%, well above the 3.5% threshold. This watch remains open to monitor future prints. * **Newly Registered Watch:** Created a new one-shot watch for the **Formal Signing of US-Iran Peace Deal MOU** (`019ec971-72cd-715c-85da-e1dd8a7aee16`) on Friday, June 19, 2026, in Switzerland.