August 13
AlJz
US and Iran exchange opposing claims over Strait of Hormuz control
Iran
Strait of Hormuz remains blocked until conditions are met, Iran says
News
The yield on the 10-year US Treasury note eased to around 4.68% on Thursday as investors looked ahead to July’s producer inflation report for further clues on recent price trends. Data released Wednesday showed US consumer inflation slowed for a second consecutive month to 3.4% in July, while rising just 0.1% from the previous month. Markets now see around a 40% chance of a 25 basis point rate hike from the Federal Reserve in September, down from nearly 50% a day earlier.
The Japanese yen traded around 159.3 per dollar on Thursday, hovering near the key psychological level of 160 per dollar and keeping traders on alert for further intervention from authorities amid persistent weakness. The currency remained pressured by longer-term fundamentals, including wide interest rate differentials, mounting fiscal concerns and elevated energy and import costs. The yen also struggled to gain momentum even after subdued US inflation data reduced pressure on the Federal Reserve to raise interest rates in the near term.
Mkts 2Y 10Y 30Y
AAA
Gasoline is $4.036 vs $4.099 two days ago
Cleveland Fed sees August CPI at .35 m/m and 3.36 y/y. Core .20 and 2.38
John Rubino
Copper Just Keeps Rising. Here's Why
Governments are moving to ringfence copper inside their borders
Zero
Lacy Hunt Turns Bearish Bonds: Studying His Reversal
That reversal of such long-held opinions deserves serious attention. We provide a summary of their new views and some counterpoints to help you assess their new stance.
Zero
Trump: US Controls Hormuz Strait, 'I Think We Will Keep It'
Confirms Economic Siege Strategy
News
CPI for all items increases 0.1% in July; shelter rises
CPI rose 3.4 percent over the last 12 mo
Core rose 0.2 percent in July (SA); up 2.5 percent over the year
Cleveland Fed median CPI +0.3% vs +0.2% prior | Forex
Debt Rattle
* Trump reacts to newly released Fauci texts: "It's unimaginable what they did."
* The best queation is short:“Why would Anthony Fauci need criminal immunity?”
* Tehran’s shift away from negotiations toward a more permanent state of military resistance
* Massachusetts Legalizes Abortion Up To Birth As Liberals Cheer. Previous law allowed abortions after 24 weeks in limited circumstances.
* AOC’s career is carefully scripted. It has to be, because she’s not terribly bright. But this is the party that can’t find a face/leader.
RT
How bad is the Patriot shortage? In short: very.
The US fired more than half of its 2,200 Patriot interceptors during 38 days of war with Iran earlier this year, according to an analysis by the Center for Strategic and International Studies (CSIS) in Washington. Between 759 and 827 remain available to the US military, a figure that includes interceptors stored on allied soil, in countries like South Korea and Germany.
David Stockman
The Silver Lining: The Donald’s Impending Defeat in Iran May Finally Bring the Empire Home
Indeed, based on the currently leaked essentials of the impending bilateral agreement between Iran and Oman, there is no other way to describe the current state of play than as a humiliating defeat for Donnie & Bibi:
Turley
Gavin Newsom made his latest pitch to the mob by proclaiming himself “an established insurgent.” Newsom believes that there is a pocket of delusional free-market Marxists who are longing for his leadership. If so, they do not live in New Hampshire, where Newsom is being trounced by Rep. Alexandria Ocasio-Cortez. Voters can spot the real thing; AOC is authentically bananas. That is better than a Newsom banana split that is part establishment and part insurgency.
Zero
Ukraine Suspends Attacks On Tankers Using Russian Black Sea Port, At Vance's Urging
Vance's plea (made in July) sprang from the Trump administration's worries that Ukraine's attacks were creating dangerous instability in global fuel markets. There were also concerns that strikes on vessels transporting Kazakhstan crude oil to the Caspian Pipeline Consortium (CPC) terminal at Novorossiysk were detrimental to American companies.
Peak
Persian Gulf energy producers have reportedly concluded that Iranian control over the Strait of Hormuz will remain in place indefinitely, according to statements from regional officials who described a return to full-scale conflict with the U.S. and Iran as the worse option. Negotiations to reopen the waterway have stalled. Tehran has demanded financial relief and a ban on American and Israeli warships in the strait, while Washington has refused to accept Iranian restrictions on shipping. Crude flows through Hormuz have fallen to about 2.2 million barrels a day from 8.5 million a month ago
A.Muse
The Delivery Act: How DSA and the Teamsters Plan to Kill New York City Small Businesses
Why does ownership matter more than wages?
Naked
Mamdani Backs Proposal to End Amazon’s ‘Exploitative’ Delivery Model in New York City
This Mamdani move, to stop Amazon from hiding behind subcontractors, is an important, concrete measure to reduce abuse of delivery drivers.
The University of Michigan’s College of Literature, Science and the Arts will replace letter grades with pass/no-credit for first-semester students, citing mental health concerns. Similar programs exist at Caltech, Swarthmore, Wellesley, and MIT.
NYC: The Nanny State
‘BYO Hot Sauce’: Senior Centers Struggle With Mandatory Plant-Based Meals
Surber
Trump finds a use for the press. Reporters make good sitting ducks when it comes to protecting a president
Tesla
Elon Musk told SpaceX staff AI revenue will soon dwarf rockets and Starlink combined entirely.
Gnomic is a formal word that describes something cryptically said or written in few words.
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