The art of the bail: Iran got what it wanted. Did the U.S.? Everyone is judging Trump’s MIA MOU

Everything you need to know before you reach the office this morning.

Good morning. On Fortune’s radar today:

• Did Iran win the war? Some people think so.
• Markets: It’s a mixed bag, tbh.
• Regime change at the Fed—what to watch for.
• Global military spending is on the rise.
• AI is changing what students choose to major in.
• Gen-Z’s addiction to “slop bowls.” 

This story was originally featured on Fortune.com