Azerbaijan announced a halt to its military operations in Karabakh following a ceasefire that took effect at 1 p.m. local time yesterday. The campaign reportedly resulted in 32 fatalities. According to the agreement, the region’s Armenian militia will disarm and disband, a condition insisted upon by Azerbaijan. This latest ceasefire, following Azerbaijan’s 2020 retaking of territory in and around Karabakh, may have definitively determined the region’s future. USD bonds in both nations rebounded on the news.