Pentagon Prepares for Possibility That Iran War Will Last Through September

Ceasefire Over? US Mum As UAE, Israel Prepare Military Response After Fresh Iranian Cross-Gulf Missile Attack Summary Fujairah says 3 injured in Iranian attack on Oil Industry Zone, UAE confirms "air defenses are now dealing with a missile threat", we have gotten reports of explosions in Dubai, which has sent oil higher and Emini futures into the red. UAE threatens retaliation.  CENTCOM hails two US merchant ships exiting Hormuz Strait safely in "first step". Bessent issues remarks warning the US "will fire if fired upon." Iran insists Hormuz is under its control & says...

JPMorgan Limits Lending To Private Credit Groups After Marking Down Loan Collateral The barrage of negative private credit news, now that the $1.8 trillion bubble has burst, is coming hot and heavy.  Following last night's report that Cliffwater, a private credit interval fund which according to Rubric Capital "is the canary in the coal mine and will be the first domino in the bank run” was the latest fund to be hit with 7% in investor redemptions (and unlike BlackRock, interval funds can not gate investors), this morning the FT reported that JPMorgan...