The losses on both sides are escalating and Hamas is beginning to signal that they’re ready for a ceasefire, said Carnegie’s Michele Dunne, speaking on Bloomberg’s Street Smart. She explained that one of the challenges faced by U.S. Secretary of State John Kerry is that he has to work through other parties who are in direct touch with Hamas, such as the Palestinian Authority and maybe the Qatari government.

Ultimately, she said, it will come down to whether the Israeli army and intelligence decides they’ve accomplished enough of their objective in terms of destroying the tunnels from Gaza and Hamas’s rockets. “There’s no way they’re going to accomplish it all but they’re going to have to feel that they’ve accomplished enough to have made it worthwhile,” Dunne concluded.

This interview was originally aired on Bloomberg’s Street Smart.