The Iran deal signed Wednesday collapsed before its own ceremony, with Geneva postponed and the ceasefire it was meant to stabilize fraying on the Lebanese border. Strategy's perpetual-preferred stack crosses $10 billion into a hawkish rate regime that raises its funding cost at the worst moment, an

Nothing Settled. The Iran nuclear MOU signed Wednesday collapsed before its own Geneva ceremony. The signing was downgraded to a conditional meeting, CENTCOM lifted its naval blockade of Iranian oil even as the framework dissolved, and the Israel-Hezbollah ceasefire it was meant to stabilize began fraying on the Leb

Bounced, Not Cleared. The S&P recovered 1.08% to 7,500 and the Nasdaq jumped nearly 2%, a clean post-FOMC dip-buy. But the bounce came on no new information, and the bond market did not follow. The curve flattened from the long end, the shape that preceded the policy reversals of 1995, 2006, and 2019, not the soft landin

Equities bought the dip from the post-FOMC selloff while the bond market quietly flattened, two time horizons reading the same data and reaching opposite conclusions. Ukraine launched its largest drone attack on Moscow since the full-scale invasion, Noam Shazeer left Google for OpenAI, and the hotte

The Fed held rates exactly as expected and the market sold off anyway, because the real move was not the decision but the information architecture around it. The dot plot tilted sharply hawkish, Iran signed its nuclear MOU but Trump revealed a ballistic missile concession at the G7, and the largest

The Dow closed at a record while the Nasdaq fell in the year's broadest tech rotation. The Fed delivers its first rate decision under Kevin Warsh this afternoon, the Iran deal signing is confirmed for Friday in Geneva, and Trump publicly rebuked Netanyahu at the G7 over Lebanon.

Warsh Walks In. The Fed delivers its first decision under Chair Kevin Warsh this afternoon. A hold at 3.50 to 3.75% is near certain, so the real information sits in two places: a dot plot that may show the cycle's first hawkish tilt, and Warsh's signaled retreat from forward guidance. If both land, markets will pri

Fox Bought the Remote. Fox is buying Roku for about $22 billion, $160 a share, ending up with 73% of the combined company. The headline reads like a media giant buying a streaming app. The real move is that Fox paid for the remote control, not the catalog. Roku owns the viewing surface: 100 million active accounts and an

Fox's $22 billion acquisition of Roku reprices the streaming stack as the Bank of Japan lifts rates to 1.0% this morning, its highest since 1995, with Governor Ueda absent for the first time in BOJ history. Warsh's first FOMC convenes today with a hold locked in, while the Iran nuclear deal awaits i

The Bank of Japan opens its two-day meeting today with a rate hike to 1.0% all but certain, setting up the densest central-bank week of 2026. The Iran deal that Trump and Pakistan's prime minister declared "complete" on Sunday remains unsigned, with Israeli strikes in Lebanon threatening the agreeme