Trump claims Iran deal is ‘unconditional surrender,’ says his power has ‘no limits’: Axios
... Asked what he had learned from the war about the limits to his power, Trump said that “I haven’t learned that lesson yet. I know there are, but there are no limits.” ...
Nemesis is coming.
Trump and Iran’s President Pezeshkian sign memorandum aimed to end war
... Sen. Bill Cassidy, a Louisiana Republican, in a post on X, called the deal “the worst foreign policy blunder in decades.”
Former President Ronald “Reagan is rolling over in his grave,” Cassidy wrote.
"Iran’s nuclear ambitions were not curbed, and they have learned that threatening the Strait of Hormuz works and will undoubtedly leverage it in the future,” Cassidy said.
“Now, Iran gets to build brand-new infrastructure under this deal. Before the war, the strait was open, Iran was being crushed by sanctions, and 13 service members were still alive. Now, 13 Americans are dead, families have paid billions at the pump, sanctions will be lifted, and the bombing has stopped. ..."
Ten articles on the front page right now at CNBC:
Warsh experiences worst ‘Fed day’ S&P 500 performance for a new chair since 1994
Chairman Warsh abstains from giving rate forecast as several members signal a hike in 2026
2-year Treasury yield rockets higher as many Fed officials signal possible hike this year
Chairman Warsh drastically alters Fed rate statement. Here’s what’s changed
Fed holds interest rates steady: Here’s what that means for your borrowing and savings rates
Fed holds rates steady, pares down statement to remove cutting bias
Fed meeting recap: Warsh announces task forces to overhaul major Federal Reserve operations
Jeffrey Gundlach says Fed’s Warsh is not going to be the ‘easy money’ chairman many hoped for
The market didn’t like what it heard from the Fed and its new leader Kevin Warsh
Five big takeaways from Kevin Warsh’s first meeting as Fed chairman
Three Iranian tankers exit U.S. blockade as shipowners eye Hormuz in ‘wary disbelief’
... The U.S. and Iran signed a Memorandum of Understanding on Monday to end the nearly four-month war, with a formal signing ceremony to take place on Friday in Geneva. The pact, whose details have not been disclosed, is expected to reopen the Strait of Hormuz and waive sanctions on Iran’s oil sales. ...
Update 12:10pm
Read the 14-point draft agreement between the US and Iran
... The 14-point memorandum of understanding has not yet been officially released but a copy of it was obtained by CNN from a US official.
... A White House spokesperson said the text did not reflect the actual memorandum.
... The US official told CNN that the text reflects the agreement signed digitally by President Donald Trump, Vice President JD Vance and Iranian parliamentary speaker Mohammad Bagher Ghalibaf on Sunday.
... Bloomberg earlier published a version of the draft. ...
Update 5:20pm
The CNN story above now contains the official agreement, as of 38 minutes ago.
10:45 AM: FISA to expire Friday after House blocks extension
The U.S. House on Thursday rejected a proposal to extend a key foreign surveillance program through July 2, as Democrats continued to withhold support over President Donald Trump’s choice of Bill Pulte as acting director of national intelligence. The program will expire on Friday. ...
2:05 PM: Trump picks former SEC Chairman Jay Clayton as national intelligence director
Wholesale prices rose 1.1% in May, more than expected, on surge in energy
The producer price index increased a seasonally adjusted 1.1% in May, putting the 12-month wholesale inflation rate at 6.5%, the highest since November 2022.
Excluding food and energy, the so-called core PPI accelerated 0.4%, compared with the consensus view of 0.5%, indicating that rising fuel prices are causing much of the inflationary burden.
Wholesale prices are frequently revised significantly from month to month but that is seldom followed-up.
According to this report, core wholesale prices increased last month at a somewhat less fearsome rate, and this month is about the same as that revision.
Should I get excited when it's not 5.2% when it's still pretty awful?
I still expect increases in energy costs to act as a screen for producers to increase prices more than warranted in order to realize higher profits.
My latest lube, oil, and filter cost me $83, $30 of which was labor. The specific oil used retails for $7.99/quart. My discount was $0.24/quart lol.
But in 2021 the very same oil retailed for $3.99/quart.
 |
| core nsa |
 |
| total index nsa |
As gold’s tumble continues, traders bet the pain may last for two more years
... “Turkey’s central bank is selling gold and buying dollars trying to support the lira, and the gulf nations – Qatar, UAE, Saudi Arabia – they need the money for the war so they’ve been selling gold, too,” Nigam Arora, founder of the Arora Report, said in a call. “At the same time, India’s raised duties on gold, and anyone who’s just watching charts, they had stops under $4,400 and had to start selling when it broke that level.“ ...
Meanwhile in India . . .
Reserve Bank of India’s forex defense tool surpasses $110 billion as rupee slides
The RBI's net-short dollar book has ballooned to record levels as India's central bank fights to stabilize a currency under siege from oil prices, geopolitical tensions, and capital outflows.
India’s central bank is burning through an unprecedented amount of financial ammunition to keep the rupee from cratering. The Reserve Bank of India’s forward dollar-selling contracts have crossed the $110 billion mark, reaching an estimated $110-115 billion in early June 2026, a record for the institution’s net-short dollar book.
Think of it like this: instead of selling dollars from its vault today and watching reserves drain in real time, the RBI is writing IOUs to sell dollars at a future date. It’s a way to defend the currency now while kicking the reserve hit down the road. The problem is that the IOUs are piling up fast, and the road isn’t getting any longer. ...
India imports roughly 85% of its crude oil needs, making it acutely sensitive to energy cost swings. When oil gets more expensive, India needs more dollars to pay for it, which weakens the rupee.
The forward sales strategy itself carries a subtle risk. Those contracts eventually mature, meaning the RBI will need to deliver dollars at the agreed-upon future dates. If the rupee hasn’t stabilized by then, the central bank could face a situation where it’s simultaneously defending the currency in real time and settling old commitments. ...
Trump signs $70 billion immigration funding bill after months of delay
... Democrats had refused to fund the two Department of Homeland Security subagencies since January, when an immigration surge in Minneapolis led to the deaths of two U.S. citizens at the hands of federal agents. ... The Senate advanced the immigration funding package on Friday on a 52-47 vote, with no Democrats voting in favor. The House followed on Tuesday, approving the package 214-212, also with no Democratic support. ...
Except US military operations are costing $435 million per day.
After 30 days we're spending $13 billion trying to free-up $9 billion worth of oil.
Just brilliant.
Trump says U.S. secretly moved more than 100 million barrels of oil through Strait of Hormuz
Honda recalls more than 880,000 cars due to a problem with rear suspension components
... American Honda Motor Co. said the recall covers certain 2016-2022 Honda Pilot, 2017-2023 Ridgeline, 2019-2023 Passport and 2014-2020 Acura MDX vehicles. The recall includes 880,514 vehicles ... The problem centers around the rear subframe, which can corrode at suspension mounting points and cause the rear suspension to fail. Honda estimates that just 1% of the vehicles listed have the defect. ... As a remedy, Honda and Acura dealers will inspect the rear subframe and install a reinforcement kit if necessary, or repair or replace the rear subframe components at no cost to vehicle owners. ...
Stellantis tells owners of 1.3 million Jeeps to park outside over fire concerns
... the recall covers 2021 through 2025 model-year Jeep Wrangler SUVs and Jeep Gladiator trucks due to an electrical connection issue in the electric-hydraulic power steering pump wiring. ...
Silver ended the day down 8.63% on a year-to-date basis.
Gold ended the day down 1.33% on a year-to-date basis.
Italian coffee giant Lavazza launches single-serve tablets to make espresso in the U.S.
... Lavazza will officially launch Tablì in the U.S. in August. A $99.99 bundle that includes the machine, a 60-count variety pack of tabs and a milk frother is available now to pre-order on the company’s website. ...
There was no "pre-order" tab on the U.S. website.
The question is, Will the coffee from a tablet be any good?
And, Do you want to be hostage to the company for future supply?
Personally, I prefer Kimbo to Lavazza, but I will drink Lavazza.
My advice is to buy a moka pot and a grinder instead, and buy the beans or ground coffee of your choosing.
You will have the coffee you want when you want it, and if you never put the moka pot in the dishwasher it will last you a lifetime.
I have used several different sizes in both aluminum and stainless steel since the 1990s and have never gone back to percolators, pour-overs, French presses, drip machines, steam or pump espresso makers, et cetera. And I keep several different brands and styles of coffee going all the time.
Plus, the moka pots will work over a flame in a power outage, take up no counter space, and can travel with you at leisure or in an emergency.
And the look is . . . iconic.
What is the average mortgage payment?
https://www.cnbc.com/select/is-a-reverse-mortgage-right-for-me-/
Bait and switch much?
AI's answer is $2,329 nationally, about $1,595 on average where I live.
... more than 40% of patients reporting vomiting might limit the drug’s commercial potential ... no shit lol
Weight loss drug maker sinks 25% after new safety data spooks investors
