Do We Still Have a Constitution?

"Semi-Irrational Chase" Sends Futures To Another Record High, Oil Drops On Iran Optimism The global market meltup is rolling on. US stock futures inch higher, but are off session highs, with oil falling for a third straight day as traders waited for updates on a potential US-Iran peace deal that would reopen oil flows through the Strait of Hormuz. As of 8:00am ET, S&P and Nasdaq futures were 0.1% higher, after the benchmarks notched back-to-back record highs. In premarket trading, most Mag 7 stocks were higher although Arm Holdings dropped 8% after...

Trump Says Iran Violated Ceasefire With Hormuz Drone Attack On Cargo Ship Update (11:55am ET): While today's announcement by Dubai that the UAE was under missile attack proved to be a false alarm, the US ceasefire it nonetheless becoming increasingly unstable. Following yesterday's attack by Iran drones on a cargo ship next to Oman, we were wondering how long until Trump responds (and how), and he did just that moments ago when he posted on Truth Social that Iran shoting "at least four One Way Attack Drones at Ships transversing the...

Key Events This Week: Central Banks Galore, PPI, And The War In Iran After Friday's revelation that it was the first consecutive monthly Friday 13th for 11 years, DB's Jim Reid writes that today's nearly-as-impressive revelation is that this week sees the Fed, ECB, BoJ and BoE all meet in a single calendar week for the first time since December 2021. So a "super week" for central banks. All of them will have a very complex backdrop to deal with, shaped by geopolitical risk, volatile energy prices, and unsettled inflation...