A US official confirmed that a surface-to-air missile shot down an American drone over the Strait of Hormuz, the gateway to the Persian Gulf, a critical shipping lane for oil exports from the Middle East. Iran also said that it shot down a drone as a warning to the US. The news threatens to further escalate rising tension between the US and Iran. Here’s a summary of key issues on this still-evolving story:

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Iran shoots down US drone over the Strait of Hormuz: CNN
China’s Xi meets N. Korea’s Kim in Pyongyang: NY Times
US considering new restrictions on issuing H-1B visas to foreigners: Reuters
Fed leaves rates unchanged, hints at possible cuts later in year: Reuters
Former Fed governor warns: removing Powell could bring market ‘turmoil’: CNBC
US housing investments rise to record high: WSJ
Fed leaves 2019 GDP growth forecast unchanged at 2.1%: Federal Reserve
10-year Treasury yield falls below 2.0%, lowest since November 2016: Bloomberg