No Decision

President Trump said Wednesday afternoon that he had not made a final decision on whether to attack Iran’s nuclear sites, joining in the Israeli bombing campaign to prevent Iran from building atomic bombs, as the NYT reports.

Fed Holds Steady

Federal Reserve officials left the door open to cutting interest rates in the second half of the year but indicated they were in no hurry to do so when they held rates steady Wednesday, as the WSJ reports.

China’s Central Bank Chief Expects New Currency Order to Challenge Dollar

China’s central bank governor has said he expects a new global currency order to emerge after decades of dominance by the U.S. dollar, with the renminbi competing in a “multi-polar international monetary system,” as the FT reports.

Executive Education

Looking for the tools to navigate times of uncertainty and significant change with minimum disruption? The CSIS Global Strategy Lab combines virtual and in-person experiences to deliver the strategic insight, global perspective, and communication tools required to drive success in times of change. Register by August 29 to join a community of seasoned leaders from across the private sector, government, and nonprofits.

Audio Briefs

CSIS now offers audio version of our latest analysis. Listen to the latest Commentary from CSIS's Heather Williams, "Options for Targeting Iran's Fordow Nuclear Facility."

In That Number

12

Iranian missile capability has been degraded by Israeli strikes. Israel said it struck 12 missile launch sites and storage facilities on Tuesday alone.
Source: NYT

Critical Quote

“Intelligent people who know Iran, the nation and the history of Iran will never speak to this nation in the language of threats, because the Iranian nation cannot be surrendered. The Americans should know that any U.S. military intervention will undoubtedly be accompanied by irreparable damage.”

—Ayatollah Ali Khamenei, Iran’s supreme leader

iDeas Lab

A major Taiwan contingency, such as quarantine, blockade, or invasion, could significantly disrupt the flow of trade through the Taiwan Strait—one of the world’s busiest waterways. Read the full analysis here.

The Andreas C. Dracopoulos iDeas Lab at CSIS enhances our research with the latest in cutting-edge web technologies, design, and multimedia.

Optics

(Photo credit: Office of the Supreme Leader of Iran/Handout/Anadolu/Getty Images.) Iranian Supreme Leader Ali Khamenei addresses the nation on Iranian state television broadcast in Tehran, Iran, on June 18, 2025.

This Town Upcoming

On Friday at 10:00 a.m., CSIS holds a call-in press briefing to preview the upcoming NATO Summit.

Later on Friday, at 11:00 a.m., the CSIS Korea Chair hosts a live taping of the Impossible State podcast for a discussion on President Lee Jae-myung’s new government and his debut at the G7 Summit.

On Monday at 9:00 a.m., the CSIS Energy Security and Climate Change Program discusses potential energy security impacts of the Israel-Iran war.

Video

When authoritarian states face external pressure and internal dissent, the line between stability and collapse can vanish overnight. CSIS's Emily Harding, Ben Jensen, and Erol Yayboke use AI-enhanced analysis to explore what comes next in Iran. Watch the full video here.

Podcasts

The Trade Guys discuss the results of the latest round of U.S.-China negotiations on tariffs and export controls in London, along with recent progress on new and expanding trade deals.

Listen on Spotify & Apple Podcasts.

Smiles

A big 6-CD (or streaming) archival release is coming on July 25 from the Jerry Garcia Band’s February 28th, March 1st, and March 2nd, 1991 shows at the legendary Warfield in San Francisco. I’m anxiously waiting for it. Today, the collection was previewed with a stellar rendition of “Don’t Let Go.” Mind you, this version isn’t the most highly regarded live performance of the song—that would be the May 21, 1976 performance at San Francisco’s Orpheum Theatre available on the 2001 Garcia Band record “Don’t Let Go.”

However, this “Don’t Let Go” released today might be in second place.

I invite you to email me at [email protected] and follow me on Twitter @handrewschwartz

The Evening is my daily guide to key insights CSIS brings to the events of the day. It is composed by Lauren Adler, Ava Rose, and the External Relations team.