Iran Offers 60-Day Toll-Free Hormuz Transit As 100s Of Ships Await Reopening

"Repeated And Persistent Supply-Side Shocks" Are Here To Stay By Michael Every of Rabobank Chicago Fed President Goolsbee just warned the FOMC can’t ignore repeated and persistent supply-side shocks and must respond in a way that will cause economic hardship. However, repeated and persistent supply-side shocks are now the norm, not short-lived, aberrant events. Putin won the Russian election with a supermajority: fears are escalation is imminent via sabotage in Europe, mobilization, or provocations to NATO. The FT notes a Kremlin-backed forgery scheme moved $6.9bn through global banks, as diplomats blamed France...

US Housing Starts Collapsed In May To Lowest Since COVID With housing inventories at recent highs, the US housing market just suffered another sentiment setback as Housing Starts crashed by 15.4% MoM in May (far worse than 2% drop expected and worse since March 2024)), following a revised 8.5% MoM drop in April. Building Permits slipped 0.7% MoM (in line with expectations)... Source: Bloomberg That pulls the Housing Starts SAAR to its lowest since COVID (after reaching the highest since 2024 in April)... Source: Bloomberg Under the hood, it was multi-family (rental) starts that...

Wall Street's Nuclear Bull Case Requires Reactors To Actually Get Built Wall Street is largely on board with the nuclear bull case. But investor patience is thinning with an industry that is enjoying both political support and demand from deep-pocketed customers, yet still struggles to this day to get any projects actually started. We noted a similar sentiment with Barclay’s nuclear outlook, as investors increasingly want evidence of real delivery. New research from Jefferies and Bank of America echo similar verbiage (Professional subscribers can read the full notes here at our marketdesk.ai...