Police Flee During Riots In The Hague After Morocco Knocks Netherlands Out Of World Cup

Iran Vows 'Swift, Decisive' Revenge After Overnight US Port Attack, As Sides Seek Deal Allowing Each To 'Sell Their Narrative' Summary CENTCOM denies that US Navy has officially restarted guiding ships through Hormuz Strait amid fresh tanker explosion and fuel leak incident. IRGC says its military shot down an MQ-9 drone and forced an F-35 jet out of Iranian airspace. Tehran formally accuses Washington of "ceasefire violation" while warning a final deal is not yet imminent, while Pentagon cites "self-defense" strikes in Hormuz overnight. Ayatollah Hajj message: US will "no longer have a safe...

Heat Dome Threatens America's 250th Birthday As Power Grid Crisis Continues A massive heat dome continues to threaten the eastern half of the US, with the Mid-Atlantic and Northeast at the epicenter of the sweltering conditions. The summer heat is already disrupting July 4 celebrations and World Cup matches, while pushing the nation's largest power grid toward crisis mode later this afternoon for the third consecutive day. The annual Independence Day Parade in Washington, DC, set for later today was canceled "due to extreme heat," organizers said in an overnight memo.  Cooling demand will...

5Y Auction Tails Despite Jump In Foreign Demand, Yields Hit Session High After a mediocre 2Y auction to start the week's coupon issuance this morning, moments ago the Treasury sold 5Y notes in another average auction. The sale of $70BN in 5 Year paper stopped at a high yield of 3.955%, down fractionally from 3.980% last month, and tailing the When Issued 3.950% by 0.5bps. This was an improvement from last month's 1.4bps tail, but more concerningly this was the 11th tail in a row for 5Y issues. The bid to cover...