Jenna Lee just reported that we’ve gotten confirmation from the Pentagon that there has been an agreement reached for a ceasefire between Israel and Hamas.

Jennifer Griffin provided additional insight, reporting that Egyptian President Mohammed Morsi has announced that the ceasefire will begin at 9pm local time, which is 2pm eastern. In a press conference announcing the ceasefire, Secretary of State Clinton said, "This is a critical moment for the region. Egypt's new government is assuming the responsibility and leadership that has long made this country a cornerstone of regional stability and peace."

12:39p ET UPDATE: Griffin just reported additional details about the terms of the ceasefire, saying that according to Egyptian official sources, the Israelis have agreed to end assassinations in the Gaza strip and to ease some of the pressure on the Palestinians in the region. The U.S. will hold Egypt accountable for any rockets coming out of the Gaza strip.