US Officials: Ceasefire Extension Not Open-Ended

UMich Sentiment Rebounds From 46-Year Record Low In June, Inflation Fears Fade Further Having rebounded from record (46 year) lows in preliminary June data, University of Michigan's final June Sentiment survey was expected to show further improvement as gas prices have fallen since the US-Iran 'peace' MoU signing. And it did with the headline index rising from 48.9 flash and 44.8 prior to 49.5 (but that was below the 50.0 expectation)... Both Current Conditions and the Expectations Index also rebounded with the former outperforming... Consumer sentiment confirmed its early-month reading, rising about 10%...

Senator Finds More Evidence Federal Officials Evaded FOIA Authored by Zachary Stieber via The Epoch Times (emphasis ours), A U.S. senator and his team say they have uncovered additional evidence that federal officials worked to evade requests made under the Freedom of Information Act (FOIA). Sen. Ron Johnson (R-Wis.) speaks during an interview with The Epoch Times at his office in the Hart Senate office building in Washington on March 21, 2024. Madalina Vasiliu/The Epoch Times Several emails obtained by Sen. Ron Johnson (R-Wis.) showed personnel with the Food and Drug Administration and...

Global Demand Destruction: Subsidies, Empty Gas Stations, Rationing, Flight Cancelations, Export Limits, Price Controls In the past two weeks we have discussed demand destruction as a result of soaring oil prices (here and here), and we are increasingly seeing anecdotal evidence of just that (here is a table from Goldman we showed previously, laying out where demand destruction is most acute). We start, as always, with Asia which has emerged as ground zero of the global energy crisis - as a reminder last week we first presented a map by JPMorgan's...