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Stellar 7Y Auction Stops Through After Jump In Foreign Demand

Zero Hedge -

Stellar 7Y Auction Stops Through After Jump In Foreign Demand

After two mixed coupon auctions this week (a solid 2Y, a subpar 5Y) moments ago the Treasury concluded the week's final coupon auction when it sold $44 billion in 7Y paper in a well-received sale.

The auction stopped at a high yield of 4.022%, down from 4.194% in May and the lowest since last September.  The auction also stopped 2bps thru the 4.024% When Issued, the second consecutive stop through in a row and 8th in the past 10 auctions.

The bid to cover was ugly: it dropped from 2.695 to 2.531, the lowest since August 2024 and obviously well below the six-auction average of 2.637.

The internals were most solid, with Indirects rising to 76.7%, up from 71.5% in May and the highest since December. And with Directs taking just 11.62%, the lowest since December's record low 2.85%, Dealers were left with 11.6%, up from May's record low of 4.85%.

Overall, this was a solid auction, arguably the best of the week, and one which came with yields across the curve already near session lows so there was little movement: the 10Y was down at 4.257% after the auction broke for trading, barely changed from where it was earlier. 

Tyler Durden Thu, 06/26/2025 - 13:22

Trump Admin Will Encourage All Americans To Use Wearables, Says RFK Jr.

Zero Hedge -

Trump Admin Will Encourage All Americans To Use Wearables, Says RFK Jr.

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The Department of Health and Human Services (HHS) will soon start a massive advertising blitz to encourage uptake of wearables such as fitness trackers among Americans, Health Secretary Robert F. Kennedy Jr. said on June 24.

Health Secretary Robert F. Kennedy Jr. testifies on Capitol Hill in Washington on June 24, 2025. Madalina Kilroy/The Epoch Times

“We’re about to launch one of the biggest advertising campaigns in HHS history to encourage Americans to use wearables,” Kennedy said on Capitol Hill in Washington during a congressional hearing.

Rep. Troy Balderson (R-Ohio) spoke positively about what he described as innovative wellness tools and asked Kennedy to describe how the government is promoting access to such tools. Balderson noted that research suggests that increased patient engagement can result in improved health.

“It’s a way people can take control over their own health, they can take responsibility, they can see what food is doing to their glucose levels, their heart rates, and a number of other metrics as they eat it, and they can begin to make good judgements about their diet, about their physical activity, about the way they live their lives,” Kennedy said.

“We think that wearables are a key to the MAHA agenda, Making America Healthy Again. My vision is that every American is wearing a wearable within four years.”

Balderson also asked about concerns over keeping data from wearables private. Kennedy declined to address that aspect of the matter.

In addition to his role as health secretary, Kennedy is chairman of the MAHA Commission, established by President Donald Trump to study ways to improve the health of Americans.

The commission, in its first report, published in May, only mentions wearables once. It says that electromagnetic radiation is “an exposure due to the proliferation of cell phones, WiFi routers, cell towers, and wearables,” with some studies linking exposure to the radiation to issues such as reduced sperm count.

Other research has found that wearable trackers can lead to skin irritation and other dermatologic problems, although many user issues were resolved, and they continued using the trackers.

Two divisions of HHS said separately in May that they would be utilizing information from wearables for research, trying to discern the causes of autism.

Kennedy said some of his friends have experienced profoundly positive impacts from wearables.

They “utterly changed their lives just from wearing a glucose meter,” he told members of Congress on Tuesday.

He then indicated that the administration is looking into making sure the costs of wearables are covered, bringing up the weight loss drug Ozempic.

“It’s a miraculous impact on health in our country,” he said. “It’s $80 a month, we’re exploring ways of making sure that those costs can be paid for. Ozempic is costing $1,300 a month. If you can achieve the same thing with an $80 wearable, it’s a great thing for the American people.”

Tyler Durden Thu, 06/26/2025 - 13:00

Treasury Sanctions 3 Mexican Financial Institutions For Aiding Cartels In Fentanyl Trade; Sheinbaum Denies

Zero Hedge -

Treasury Sanctions 3 Mexican Financial Institutions For Aiding Cartels In Fentanyl Trade; Sheinbaum Denies

Update (1100ET): Mexican President Sheinbaum has commented on the sanctions, denying any fraud and claiming the Mexican banking system is 'sound':

  • *SHEINBAUM: NO EVIDENCE OF MONEY LAUNDERING IN MEXICAN BANKS

  • *SHEINBAUM SAYS MEXICO ONLY FOUND ADMINISTRATIVE FLAWS IN BANKS

  • *SHEINBAUM: MEXICO ASKED US TREASURY MONEY LAUNDERING EVIDENCE

  • *SHEINBAUM: MEXICAN FINANCIAL SYSTEM SOUND, ACCUSED FIRMS SMALL

  • *MEXICO TRANSFERS TO CHINA COS 'NOT MONEY LAUNDERING': SHEINBAUM

Just a coincidence?

*  *  *

As Naveen Athrappully detailed earlier via The Epoch Times, The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) sanctioned three financial institutions based in Mexico for allegedly laundering money for cartels involved in the illegal trade of fentanyl, the Treasury said in a June 25 statement. The institutions are CIBanco S.A., Intercam Banco S.A., and Vector Casa de Bolsa S.A. de C.V.

CIBanco and Intercam are commercial banks with assets worth more than $7 billion and $4 billion, respectively. Vector is a brokerage company managing almost $11 billion in assets.

FinCEN has determined that the entities launder money in connection with illicit opioid trafficking, and have “collectively played a longstanding and vital role in laundering millions of dollars on behalf of Mexico-based cartels and facilitating payments for the procurement of precursor chemicals needed to produce fentanyl,” the statement said.

CIBanco facilitated illicit opioid trafficking by Mexican cartels such as Jalisco New Generation Cartel (CJNG), Beltran-Leyva Cartel, and Gulf Cartel. Intercam was linked to CJNG, and Vector with the Sinaloa Cartel and Gulf Cartel, said the statement.

FinCEN said that between 2021 and 2024, CIBanco processed more than $2.1 million in payments from Mexico-based companies to entities in China that shipped precursor chemicals to Mexico. Intercam processed over $1.5 million during the same period.

As for Vector, the institution processed more than $1 million between 2018 and 2023.

The sanctions prohibit financial institutions in the United States from engaging in the transmission of funds from or to CIBanco, Intercam, or Vector. The prohibition also applies to any account or convertible virtual currency address administered by the three institutions.

In a June 25 statement, CIBanco said it does not maintain illegal business relationships. The bank “reiterates its compliance with all guidelines established by the competent authorities,” it said.

“CIBanco maintains constant communication with the relevant Mexican and U.S. authorities and reaffirms its full willingness to cooperate,” it said.

Intercam said they “categorically deny” any links between the institution and illicit activity, specifically money laundering, according to a June 25 statement. The institution reiterated its “firm commitment to transparency and legality.”

In a June 25 statement, Vector said it “categorically rejects any accusation that compromises its institutional integrity.” The institution has operated under strict rules, auditing, and supervision of national financial authorities, it said.

Illicit Transactions

In a June 25 statement, Mexico’s Ministry of Finance and Public Credit said it had asked the U.S. Treasury for evidence of CIBanco, Intercam, and Vector having links to illicit activities that could be corroborated by Mexico’s Financial Intelligence Unit (UIF) or the National Banking and Securities Commission. “However, no substantiating information was received,” it said.

“The only information provided by the Treasury Department that Mexico can verify contains data on some wire transfers made through the aforementioned financial institutions to legally incorporated Chinese companies. However, thousands of these transactions are made through Mexican financial institutions.”

“The UIF found transactions made to these Chinese companies by more than 300 Mexican companies through 10 Mexican financial institutions. This is because Mexico has thousands of regular transactions with legally incorporated Chinese companies, with annual trade totaling $139 billion,” according to the statement.

The ministry clarified that if it receives “conclusive information” proving that CIBanco, Intercam, and Vector engaged in illicit activities, it will “act to the fullest extent of the law.” However, the ministry has not received any such information to date, it added.

According to the June 25 Treasury statement, the sanction orders against the Mexican financial institutions were made pursuant to the Fentanyl Sanctions Act and the FEND Off Fentanyl Act.

The two Acts provide the Treasury with additional powers to target money laundering linked with the trafficking of fentanyl and other synthetic opioids. These are the first actions taken by FinCEN under the two Acts, according to the Treasury.

Secretary of the Treasury Scott Bessent said that “financial facilitators like CIBanco, Intercam, and Vector are enabling the poisoning of countless Americans by moving money on behalf of cartels, making them vital cogs in the fentanyl supply chain.”

“Today’s actions affirm Treasury’s commitment to using all tools at our disposal to counter the threat posed by criminal and terrorist organizations trafficking fentanyl and other narcotics,” he said.

In a June 26 post on social media platform X, Bessent said both the United States and Mexico are committed to ensuring that financial systems have “strong anti-money laundering/countering the financing of terrorism controls.”

China’s Long Game

In an interview with podcaster Joe Rogan on June 6, FBI Director Kash Patel said that China’s plan was to weaken the United States over the long term using the fentanyl crisis.

The Chinese Communist Party did not make much money off the drug trade by supplying precursor chemicals. The plan is to “take out generations of young men and women” who could have taken on jobs such as a police officer, a soldier, or a teacher, he said.

“That’s what they [China] are doing, when you wipe out tens of thousands of Americans a year. It’s a long-term plan for them,” he said.

According to data from the Centers for Disease Control and Prevention, there were an estimated 48,422 deaths in the country involving synthetic opioid fentanyl in 2024.

The Chinese communist regime’s ongoing supply of illegal drugs to the United States was one of the reasons stated by the Trump administration for imposing 20 percent additional tariffs on Chinese imports earlier this year.

Following a recent trade agreement, China has announced new controls for two fentanyl precursors.

Tyler Durden Thu, 06/26/2025 - 12:20

Toxic Fallout: NC Lawmakers Face Fire Over Monsanto 'Get-Out-Of-Jail-Free' Provision

Zero Hedge -

Toxic Fallout: NC Lawmakers Face Fire Over Monsanto 'Get-Out-Of-Jail-Free' Provision

In a move that has ignited fierce backlash, North Carolina lawmakers attempted a “gut and stuff.” By inserting a last-minute "de facto immunity provision" into an unrelated House bill, agrochemical giants like Monsanto-Bayer will be given a free pass from accountability for its products linked to cancer and infertility, depending on what happens next. 

A highly controversial policy, Monsanto-Bayer has been seeking state level labeling exemptions amid bankruptcy exploration, as the company faces over 67,000 lawsuits nationwide for its product Round Up.

The revelation, brought to light by molecular toxicologist Dr. Alexandra Muñoz, set off alarm bells among health advocates and concerned citizens alike, who quickly lit-up the phone lines. 

In a bipartisan vote [21-13], the House voted “Nay” to the gut and stuff amendment, passing the bill without the immunity language after the committee reconvened yesterday morning. 

According to Muñoz, this tactic aimed to circumvent the democratic process by skipping critical testimony and debate. 

Due to the fact that the North Carolina Senate already passed SB 401 - a version of the House bill with the immunity language - the Senate will now be faced with striking the language from its version, or going into overtime. 

Unlike basketball, the legislative form of OT is called a Conference Committee. Composed of House and Senate leadership, both chambers could face-off over which form of the bill to adopt during the conference. 

Given the 50/50 odds of a conference, opponents of the bill are calling on Senate leadership to drop its unpopular fight for Monsanto-Bayer. 

Muñoz's urgent call to action has mobilized constituents to flood legislative leadership with emails, as sources indicate a conference committee could be convened by the end of the week, unless the Senate agrees with the House. 

The stakes are high. Passing this bill would remove North Carolina residents’ right to sue for “failure to warn,” by asserting that federally regulated warning labels preempt state rights.

This type of legislative sleight of hand is part of a disturbing trend where industries seek to evade responsibility. Critics, like Dr. Meryl Nass, have pointed out the similarities to the 1986 National Vaccine Injury Compensation Program—another liability shield that's created far-reaching consequences.

Meanwhile, Monsanto-Bayer is hard at work attempting to expand federal preemption laws in D.C. A move that critics argue will undermine both legislative and judicial integrity, prioritizing corporate interests over public welfare. 

As the battle lines are drawn, the outcome of this legislative tug-of-war could have profound implications for the health and safety of North Carolinians and beyond. 

The question remains: will the voices of the people prevail, or will the agrochemical lobbyists silence them once again?

Tyler Durden Thu, 06/26/2025 - 12:00

Inflation Adjusted House Prices 1.7% Below 2022 Peak; Price-to-rent index is 8.8% below 2022 peak

Calculated Risk -

Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 1.7% Below 2022 Peak

Excerpt:
It has been 19 years since the housing bubble peak, ancient history for many readers!

In the April Case-Shiller house price index released Tuesday, the seasonally adjusted National Index (SA), was reported as being 78% above the bubble peak in 2006. However, in real terms, the National index (SA) is about 11% above the bubble peak (and historically there has been an upward slope to real house prices). The composite 20, in real terms, is 2% above the bubble peak.

People usually graph nominal house prices, but it is also important to look at prices in real terms. As an example, if a house price was $300,000 in January 2010, the price would be $442,000 today adjusted for inflation (47% increase). That is why the second graph below is important - this shows "real" prices.

The third graph shows the price-to-rent ratio, and the fourth graph is the affordability index. The last graph shows the 5-year real return based on the Case-Shiller National Index.
...
Real House PricesThe second graph shows the same two indexes in real terms (adjusted for inflation using CPI).

In real terms (using CPI), the National index is 1.7% below the recent peak, and the Composite 20 index is 1.8% below the recent peak in 2022.

Both the real National index and the Comp-20 index decreased in April.

It has now been 35 months since the real peak in house prices. Typically, after a sharp increase in prices, it takes a number of years for real prices to reach new highs (see House Prices: 7 Years in Purgatory)
There is much more in the article!

Republicans Scramble After Senate Parliamentarian Nixes Deep Cuts From 'Big Beautiful Bill'

Zero Hedge -

Republicans Scramble After Senate Parliamentarian Nixes Deep Cuts From 'Big Beautiful Bill'

It isn't just rogue judges subverting the will of the people... The Republicans' Big Beautiful Bill was dealt a major blow on Thursday after the Senate Parliamentrian gutted nine major provisions included in GOP efforts to cut $250 billion in Medicaid and other health care spending. 

Democrat parliamentarian Elizabeth MacDonough's latest rulings include major pieces of Medicaid policy - including a plan to reduce federal expenses by cracking down on a state provider tax, which would have had a nine-figure impact on the bill. 

She also struck down;

  • Immigrant Medicaid eligibility 
  • Prohibiting Medicaid and Children's health insurance (CHIP) from funding 'gender affirming care'
  • Restricting certain states from increasing taxes on providers
  • Limiting noncitizen immigrants from qualifying for premium tax credits or cost-sharing reductions
  • Disallowing premium tax credits during periods of Medicaid ineligibility due to immigrant status

The rulings couldn't have come at a worse time for Senate Majority Leader John Thune and other GOP leaders - who are trying to carefully handle an internal revolt from members wary of the practical and political impacts of the Medicaid changes. 

Now Republicans have to try and rework the provider tax language to get it back in the Senate bill, Politico reports, citing two anonymous sources. 

"We’ll continue our work and find a solution to achieve the desired results," said one of the people.

The second person described the parliamentarian's cuts as "technical," with some Republicans optimistic that they can make changes to the language that lets them keep the provisions. 

Some Republicans are PISSED

"The Senate Parliamentarian is not elected. She is not accountable to the American people," Rep. Greg Steube (R-FL) posted on X. "Yet she holds veto power over legislation supported by millions of voters."

.Steube called on Vice President JD Vance to 'overrule the Parliamentarian and let the will of the people, not some staffer hiding behind Senate procedure, determine the future of this country.'

Ignore her?

The Senate parliamentarian is a nonpartisan advisor who interprets the Senate's rules, including the Byrd Rule, which limits what can be included in reconciliation bills. Their guidance is not legally binding - it's advisory, but traditionally followed to maintain Senate norms.

Senate Republicans can 'ignore' her rulings in two ways; 

Option 1: The Presiding Officer Overrules

  • The presiding officer of the Senate, Vice President JD Vance, can choose to ignore the parliamentarian's advice and rule in favor of including the provision.

  • This is extremely unusual. If it happens:

    • Any senator can challenge the ruling, triggering a vote on whether to uphold it.

    • If a simple majority supports the override, the ruling stands — effectively overruling the parliamentarian.

Option 2: Fire or Replace the Parliamentarian

  • The Senate Majority Leader John Thune could request a different parliamentarian or pressure the presiding officer to disregard the current one's rulings.

  • This happened once before:

    In 2001, the Republican-controlled Senate replaced Parliamentarian Robert Dove after disagreements over tax cuts.

Needless to say, America's gatekeepers are hard at work... 

Tyler Durden Thu, 06/26/2025 - 11:20

Shadow Fed Chair Waller?

Zero Hedge -

Shadow Fed Chair Waller?

By Elwin de Groot, head of macro strategy at Rabobank

European bond yields inched up by several basis points whilst equity markets took a breather following the oil-price inspired rebound as the truce between Iran and Israel appeared to hold. Along with a 3bp decline in US Treasury yields, the dollar index slipped to its lowest level in more than three years, as President Trump is considering to announce his pick for the next Fed Chairman earlier than planned.

The Wall Street Journal writes this could be already in September or October, so well ahead of the official end to Powell’s term, which still has some eleven months to run. Even as Powell is likely to resist pressures to cut rates (quickly), an early nomination could undercut his ability to steer rates. Once his successor is known, markets will split their attention between Powell and the views of the next Fed chair. And whomever Trump picks, they are likely to be more dovish than Powell. Hence the distinct bend in the OIS forward curve in recent months with markets pricing in a higher probability of significant rate cuts over the course of 2026.

Source: Polymarket

Other than that, a light data calendar on both sides of the Atlantic left market participants largely bound to the geopolitical news flow, in particular the NATO summit. To some extent, the latter even stole the show from the World Economic Forum, taking place in Tianjin, China this week.

After all the preparations and last-minute haggling between members, there was little doubt that the NATO summit was going to be successful. And, indeed, from a zoomed-out perspective, it was a success. Historic, even, by some standards. In its statement, NATO members reaffirmed their “[…] ironclad commitment to collective defence as enshrined in Article 5 of the Washington Treaty – that an attack on one is an attack on all.” Although Trump had earlier cast fresh doubts whether the US wholeheartedly support the Article, he later said that the US is with NATO “all the way”. And NATO Secretary General Mark Rutte went out of his way to underscore the US’ commitment in the press conference.

But the key achievement of the summit was the commitment by ‘Allies’ (a wording used instead of ‘NATO Members’ or ‘We’ to keep Spain on board),  to ”invest 5% of GDP annually on core defence requirements as well as defence-and security-related spending by 2035 to ensure our individual and collective obligations […]” As expected this 5% of GDP should be broken down to at least 3.5% of GDP committed to ‘core defence requirements’ to meet NATO capability targets and up to 1.5% of GDP annually to, protect critical infrastructure, networks, ensure civil preparedness and resilience, unleash innovation, and strengthen the NATO defence industrial base.

As these broader goals had already been well-telegraphed, this explains the relatively muted reaction of European bond markets. But when you think of it, the relatively limited response in recent months to the swelling chorus of “more defence spending” is somewhat remarkable. Remember we had the significant jump in German Bund yields earlier in March when Germany announced its U-turn on defence and infrastructure spending and the interpretation of its debt-brake. But since that 50bp jump in only a few days, yields have come back down and are just 10bp higher than before that momentous decision.

And now – in essence – we have something that looks like a coordinated European-wide massive spending impulse (plus Canada etc.) lasting for many years. And bond investors seem to be shrugging. Yes, it will be phased-in, and yes, it remains to be seen whether members will stick to their plan. But not doing so seems the surest way of losing the US’s commitment to Article 5. No doubt there will be some shirking and foot-dragging, but the broader picture is that there is now a broad-based commitment. Of note: even Belgian Prime Minister De Wever, who had positioned himself as a ‘holdout’, had to swallow the bitter pill, as he acknowledged that 3.5% is a realistic figure and that NATO’s European member states must recognise that “our long break from history is over and we must take responsibility.” And Trump’s displeasure with the Spanish position indicates that we can be sure that peer pressure will be used to keep everyone in line. 

So, again, moving from around 2% of GDP to at least 3.5% or even 5% structurally is not a small thing. To put it in perspective, the Eurozone’s structural (cyclically-adjusted) government balance, which is projected at roughly -3% for 2025 by the European Commission, has – since the Eurozone’s existence – never been higher than -0.8% (2018) and never lower than -5.1% (2010, in the midst of the sovereign debt crisis). In other words, this is going to require a lot of budgetary and financial acrobatics to make it work. Trying to find savings in other government spending items? Sure. Trying to raise some revenues here and there? Sure. But ultimately it would seem hard to avoid a significant increase in the deficit and hence issuance of government debt.

So, if you want to approach this from a more traditional viewpoint, then please look at the scenario’s we devised here. We basically assumed that in the coming years debt issuance will play a significant role, which is to be followed at some stage by fiscal consolidation. But the key message is also that to get sufficient ‘bang for the buck’, the design, execution and strategic patience will be the keys to success (or failure!) of these defense spending plans. That means leaving sufficient room for the European industrial complex to benefit from this spending, ensuring a coordinated approach (so that not everyone’s going to produce drones), make innovation with a significant ramp-up in defense R&D a key objective and ensure simplification of administrative processes, etc.

But, will there be sufficient (political) will in the future to consolidate after a debt binge? Or, if member states want to do this in a (budgetary) neutral way, how can they ensure that the economy doesn’t break down before they reach their strategic objective? Or how can Europe ensure that everyone meets their objective, and not just the countries with relatively sound debt-to-GDP ratios and the fiscal space (i.e. Germany)? So if you think that, somehow, this is not going to work then need to start thinking more out-of-the-box to ensure that funding will flow to the right sectors, that the financial burden is fairly distributed, and that these long-term security and defence objectives are ultimately reached without blowing up bond markets. There are no straightforward answers there, but the only suggestion I’d make is that at least we start thinking about this rather than just assuming that the current budgetary/financial framework we operate under can handle all this.

Tyler Durden Thu, 06/26/2025 - 11:00

House GOP Accelerates ActBlue Probe With New Subpoena

Zero Hedge -

House GOP Accelerates ActBlue Probe With New Subpoena

Reps. James Comer (R-Ky.), Bryan Steil (R-Wisc.), and Jim Jordan (R-Ohio)—who chair the House committees probing shady Democratic fundraising giant ActBlue—have issued a subpoena to former executive Alyssa Twomey, ordering her to testify on the platform's handling of fraud prevention. The subpoena follows multiple attempts to obtain her voluntary cooperation since March.

It is important to note from the subpoena letter to Twomey that House Republicans from the Committees on House Administration, Judiciary, and Oversight are leading the investigation into the highly questionable online donation platform, which may have received foreign and fraudulent contributions for political fundraising purposes.

"In light of allegations that online fundraising platforms that serve as conduits for political donations have accepted fraudulent donations from domestic and foreign sources, the Committees are conducting oversight to inform potential legislative reforms," Comer and the other lawmakers wrote in the letter. 

Key points from the letter:

  • Twomey's Role: As ActBlue's former VP of Customer Service, she oversaw the fraud-prevention team during a period when the platform allegedly weakened fraud controls despite knowing about vulnerabilities.

  • Committee Findings: Internal documents show ActBlue prioritized accepting donations over fraud detection, ignored red flags from foreign actors, and had internal assessments acknowledging potential for abuse.

  • Justification for Subpoena: The committees rejected arguments that the DOJ's parallel investigation justified refusal to testify. They emphasized that Congress has independent constitutional oversight authority even amid executive investigations.

  • Rebuttal to Legal Claims: The GOP committees dismissed ActBlue's constitutional defenses (First Amendment, Equal Protection) as unfounded and asserted that legislative oversight is being conducted to inform potential campaign

Read Full Subpoena Letter to Alyssa Twomey (ActBlue)

According to Elon Musk in March—when rogue leftist NGOs were targeting Tesla—he stated: "ActBlue is currently under investigation for allowing foreign and illegal donations in criminal violation of campaign finance regulations. This week, seven ActBlue senior officials resigned, including the associate general counsel."

Related:

Separate but likely connected in some way, the FBI has launched an investigation into the dark-money-funded NGOs that transformed parts of Los Angeles into a warzone earlier this month.

Federal investigators are accelerating efforts to map the command-and-control structures of the rogue Democratic Party. A primary focus includes identifying whether funds—possibly originating from adversarial foreign actors (see here)—were funneled through digital donation platforms to support not only political campaigns but also unrest in city streets. 

Tyler Durden Thu, 06/26/2025 - 10:40

US Pending Home Sales Rose In May, But Remain Near Record Lows

Zero Hedge -

US Pending Home Sales Rose In May, But Remain Near Record Lows

Following last month's collapse (-6.3% MoM), analysts expected May pending home sales to bounce very modestly (+0.1% MoM).

New home sales plunged, existing home sales ticked up very modestly, and so pending home sales breaks the tie with a 1.8% MoM increase...

Source: Bloomberg

That modest rebound (though better than expected) dragged the YoY change in pending home sales up to just a 0.34% decline, but the index remains near record lows...

Source: Bloomberg

Signings picked up in all four US regions, most notably in the West, which rose by the most since December 2023.

NAR Chief Economist Lawrence Yun attributed May’s rise to resilience in the US labor market, with wage gains outpacing home price appreciation.

However, “mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains,” Yun said in a prepared statement.

The supply of existing homes for sale has reached an almost five-year high, as more people list their homes for sale, but the extra inventory isn’t yet pushing prices down.

Source: Bloomberg

Pending-homes sales tend to be a leading indicator for previously owned homes, as houses typically go under contract a month or two before they’re sold.

Tyler Durden Thu, 06/26/2025 - 10:07

Wildfire Management: Technologies for Forecasting, Detection, Mitigation, and Response

GAO -

What GAO Found Some key technologies currently used in wildfire management include: Satellites, which provide data that are integrated into models for wildfire forecasting, including data on terrain, vegetation, and weather. They are also used for detection and monitoring, although some satellites face resolution issues, data lags, and other limitations. Aircraft and drones, which can deploy to the scene to collect information on a fire’s location and its potential to spread. Aircraft and drones with thermal cameras can see through smoke and dense trees, helping to locate fires and determine their intensity. Challenges include safety issues for aircraft pilots and limited drone lifespan (3 to 5 years, or less in harsh conditions). Cameras and air sensors, whichare used in several states for wildfire detection, sometimes in extensive networked systems. For example, in 2024, Hawaiian Electric stated that it began deploying high-resolution cameras with artificial intelligence (AI) for early fire detection. For both cameras and sensors, installation, data transmission, and fire verification may be challenging in remote areas. Sensors may require dense networks to operate accurately. AI tools have the potential to improve modeling for wildfire forecasting and response. AI may help address key limitations of the traditional mathematical models used for wildfire. For example, AI can: Allow models to use more data by speeding up data assimilation, the process of updating forecasts with the most current observations. Rapidly flag potential inaccuracies for human review. Potentially reduce uncertainty in some situations when data do not exist or are insufficient, by using prior information to create plausible synthetic data. However, use of AI in this field faces challenges. For example, AI requires extensive up-front work to ensure the data are readily usable by AI tools, which can be costly. AI also presents a risk of conveying inaccurate information, which can put lives and property at risk. In addition, historical data are limited for rare events, which may limit the utility of AI for forecasting extreme wildfires. Why GAO Did This Study Annually, wildfires in the U.S. cause an average of 12 deaths and cost at least $3.2 billion. Wildfire severity has increased across much of the country, a trend that is expected to continue. Current and emerging technologies have the potential to save lives and property by improving forecasting, detection, mitigation, and response. This testimony provides information on selected technologies and on the benefits and limitations of AI tools to enhance use of these technologies. This statement is based on prior GAO work, including a 2023 report on the use of AI to model wildfires and other natural hazards; a 2025 report on wildfire detection technologies such as satellites, aircraft, drones, cameras, and sensors; and prior GAO reports on forest management, wildfire staffing, and interagency coordination on wildfire response.

Categories -

NAR: Pending Home Sales Increase 1.8% in May; Up 1.1% YoY

Calculated Risk -

From the NAR: NAR Pending Home Sales Report Reveals 1.8% Increase in May
Pending home sales increased by 1.8% in May from the prior month and 1.1% year-over-year, according to the National Association of REALTORS® Pending Home Sales report. All four U.S. regions experienced month-over-month increases – most notably the West. Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.

Northeast
2.1% month-over-month increase.
0.5% year-over-year decrease.

Midwest
0.3% month-over-month increase.
2.6% year-over-year increase.

South
1.0% month-over-month increase.
2.0% year-over-year increase.

West
6.0% month-over-month increase.
1.2% year-over-year decrease.
emphasis added
Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in June and July.

Trump Plans Mass Dismissal Of Asylum Claims, Fast-Track Deportations

Zero Hedge -

Trump Plans Mass Dismissal Of Asylum Claims, Fast-Track Deportations

The Trump administration is preparing to dismiss asylum claims for potentially hundreds of thousands of migrants—primarily those who crossed the southern or northern borders illegally and later applied for protection—according to CNN, citing two sources. Once dismissed, these migrants would become immediately deportable under fast-track removal procedures, bypassing immigration court.

Migrants who entered the U.S. unlawfully and sought asylum through U.S. Citizenship and Immigration Services (USCIS) would be impacted if the new policy goes into effect. This could result in up to 250,000 migrants—out of the 1.45 million pending asylum cases—being slated for removal.

Here's more from the report:

The people being targeted in this case are those who entered the U.S. unlawfully and later applied for asylum, the sources said. Their cases are expected to be closed, therefore leaving them at risk of deportation. It could affect hundreds of thousands of asylum applicants.

According to a memo obtained by CNN, USCIS, which falls under the control of Homeland Security Secretary Kristi Noem, will place those migrants in fast-track deportation proceedings as well as "take additional actions to enforce civil and criminal violations of the immigration laws."

USCIS spokesperson Matthew Tragesser told the outlet that no agency changes have been "announced at this time," adding that its "top priority remains the screening and vetting of all aliens seeking to come, live, or work in the United States. President Trump and Secretary Noem have given USCIS the ability to use all tools in our toolbox to ensure that the integrity of the immigration system is upheld, fraud is uncovered and expeditiously addressed, and illegal aliens are removed from the country."

Earlier this month, President Trump directed Immigration and Customs Enforcement to ramp up operations in chaotic sanctuary cities run by far-left politicians working with dark money-funded NGOs to shield criminal illegal aliens from deportations. In one extreme case, a Los Angeles official reportedly called for Mexican gangs to mobilize against ICE agents.

Meanwhile, the Democratic Party's nominee for New York City mayor, 33-year-old Marxist Zohran Mamdani, is campaigning on a platform of free stuff paid for by the government (taxpayers)—even promoting his campaign in at least one foreign language. Keep in mind NYC is the mecca of sanctuary cities in America. 

Understand where we are: Marxist-aligned Democrats are offering government handouts to migrants to establish a new, dependent voting class. This invasion—driven by a mass migration of third-worlders and supported by dark money-funded NGOs and the federal gov't during the Biden-Harris regime—has been used to reshape the electorate. The Democratic Party's political future entirely hinges on protecting criminal illegal aliens.

Tyler Durden Thu, 06/26/2025 - 10:00

US Worked On Plan To Destroy Iran's Fordow For 15 Years, But European Intel Says Uranium Stockpile Was Moved

Zero Hedge -

US Worked On Plan To Destroy Iran's Fordow For 15 Years, But European Intel Says Uranium Stockpile Was Moved

Summary: As expected Hegseth during the Thursday morning Pentagon press conference excoriated the mainstream media for its coverage of the Trump-ordered attacks on Iran's nuclear sites. This after repeatedly praising Trump's leadership at yesterday's NATO summit.

"I hope, with all the ink spilled, all of your outlets find the time to properly recognize this historic change in continental security that other presidents tried to do, other presidents talked about," Hegseth said. "President Trump accomplished it. It’s a huge deal." He strongly pushed back especially against CNN reporting that the strikes merely set back Iran's nuclear program by months, again, framing the avalanche of MSM skepticism as supposedly due merely to anti-Trump bias and not wanting to give him a 'win'.

"Again, it was preliminary, a day and a half after the actual strike, when it admits itself in writing that it requires weeks to accumulate the necessary data to make such an assessment," the defense secretary said. The president "created the conditions to end the war, decimating – choose your word – obliterating, destroying Iran’s nuclear capabilities," he asserted, before reading aloud the assessments of various US and foreign intelligence heads.

Much of the press conference consisted of a highly detailed narrative of what it was like for troops - from officers to enlisted privates - in the Middle East as Iran's very brief retaliatory missile strike rained down on Qatar, and US-manned anti-air batteries intercepted the inbound projectiles. There was also a lot of focus on the pilots and crew of the B-2s and their marathon 37-hour bombing run all the way from Missouri to Tehran and back. The presser, especially while Hegseth was speaking, was charged with patriotism and emotion - much more than is normal for a Pentagon press briefing.

Chairman of the Joint Chiefs of Staff Gen. Dan Caine emphasized in a detailed way the specs of the 30,000 pound bombs dropped on the Iranian sites, and they "functioned as designed, meaning they exploded."

"A point that I want to make here: the Joint Force does not do [battle damage assessments]," Caine told the press pool. "By design, we don’t grade our own homework. The intelligence community does. But here’s what we know following the attacks and the strikes on Fordow: First, that the weapons were built, tested and loaded properly. Two, the weapons were released on speed and on parameters. Three, the weapons all guided to their intended targets and to their intended aim points. Four, the weapons functioned as designed, meaning they exploded. We know this through other means intelligence means that we have that were visibly, we were visibly able to see them. And we know that the trailing jets saw the first weapons function." He actually cited one pilot's eyewitness account as saying the blast from the initial bombs was so big as it was like an overwhelming flash of daylight. 

Among the more interesting assertions and revelations was that the Pentagon has been working intensely on the operation, particularly to take out the Fordow site, for-15 years. While the US military often spends a lot of time on various 'contingency' options to present to the Commander-in-Chief, Gen. Caine's description of two Pentagon analysts who devoted a decade-and-a-half of their lives to studying just Fordow strongly suggests the US long ago knew it would pull the trigger at some point.

"In the days preceding the attack against Fordow, the Iranians attempted to cover the shafts with concrete to try to prevent an attack. I won’t share the specific dimensions of the concrete cap, but you should know that we know what the dimensions of those concrete caps were," Caine said. "The planners had to account for this, they accounted for everything. The cap was forcibly removed by the first weapon, and the main shaft was uncovered."

And President Trump soon after the Pentagon briefing ended, wrote the following on Truth Social:

Meanwhile, Fox is reporting that the Senate has finally received a delayed Iran briefing. This seems to continue a long GWOT era tradition of presidents across administrations bombing first, and then notifying Congress later.

Meanwhile, the international debate over just where Iran's enriched uranium stockpile is now located (if it's not destroyed) continues to intensify, despite the Trump denials that it remains:

  • TRUMP: NOTHING WAS TAKEN OUT OF THE FACILITY
  • IRAN LAW SUSPENDING IAEA COOPERATION COMES INTO EFFECT

Simultaneous to Trump issuing another statement rejecting the thesis that the uranium has been moved and hidden, Financial Times reports in a strangely worded headline ("Iran moved uranium from Fordow before US strikes, EU capitals believe") the following:

Iran’s highly enriched uranium stockpile remains largely intact following US strikes on its main nuclear sites, European capitals believe, calling into question President Donald Trump’s assertion that the bombing “obliterated” the Islamic republic’s nuclear programme.

Two people briefed on preliminary intelligence assessments said European capitals believe Iran’s stockpile of 408kg of uranium enriched close to weapons-grade levels was not concentrated in Fordow, one of its two main enrichment sites, at the time of last weekend’s attack. It had been distributed to various other locations, the capitals believe.

This would indeed be an interesting twist - that the bulk of enriched uranium stockpiles were not even located at Fordow, which appeared to be the heaviest hit in the US operation. According to more:

The people said EU capitals were still awaiting a full intelligence report on the extent of the damage to Fordow — which was built deep beneath a mountain near the holy city of Qom — and that one initial report suggested “extensive damages, but not full structural destruction”. Iranian officials have suggested the enriched uranium stockpile was moved before the US bombing of the plant, which came after days of Israeli strikes on the country.

But again, the White House as well as Thursday Pentagon presser is sticking by the Trump claim of total and utter obliteration. Perhaps the world will learn the truth in the coming days and weeks, or possibly not at all, pending 'proof' and data from the ground, which the Iranians will likely not be willing to give. For some of our prior coverage on this pressing coverage, see--

Where Is Iran's Uranium? Top Secret Leaked US Intel Says Core Nuclear Components 'Intact'

* * *

After blasting the 'fake news' and mainstream outlets NY Times and CNN in particular in Wednesday comments at the NATO summit, President Trump will continue 'setting the record straight' on the Iran bombings, as the Pentagon is set to hold an "irrefutable" press conference on Thursday morning, providing more details on last weekend's B-2 bomber raids on the Iranian nuclear sites of (per AI summary)--

  • Fordow Fuel Enrichment Plant: A heavily fortified, deeply buried uranium enrichment site near the northern city of Qom.
  • Natanz Nuclear Facility: Iran's main uranium-enrichment complex, located near Isfahan in central Iran.
  • Isfahan Nuclear Technology Center: A key conversion and research facility south of Isfahan city.

Very unusually, the US President claimed that 'fake news' reports upset the pilots who flew the bombs over Iran, by claiming that Iran's nuclear capability was not in fact completely destroyed.

"Secretary of Defense (War!) Pete Hegseth, together with Military Representatives, will be holding a Major News Conference tomorrow morning at 8 A.M. EST at The Pentagon, in order to fight for the Dignity of our Great American Pilots," Trump posted to Truth Social. 

"These Patriots were very upset! After 36 hours of dangerously flying through Enemy Territory, they landed, they knew the Success was LEGENDARY, and then, two days later, they started reading Fake News by CNN and The Failing New York Times. They felt terribly," he continued.

WATCH LIVE (to start at 0800ET):

Hegseth is also expected to address a controversial leaked Defense Intelligence Agency (DIA) report, first revealed by CNN, which strongly suggested that the US strikes did not destroy Iran's nuclear capability:

Two of the people familiar with the assessment said Iran’s stockpile of enriched uranium was not destroyed. One of the people said the centrifuges are largely “intact.” Another source said that the intelligence assessed enriched uranium was moved out of the sites prior to the US strikes.

“So the (DIA) assessment is that the US set them back maybe a few months, tops,” this person added.

Most recently the CIA has since backed the Trump admin's claims, with CIA Director John Ratcliffe on Wednesday having sought to clarify in a statement that the agency had obtained "a body of credible evidence [that] indicates Iran’s Nuclear Program has been severely damaged" by recent strikes. But then this too includes somewhat ambiguous language.

Tyler Durden Thu, 06/26/2025 - 09:42

BYD Slumps After Scaling Back Production, Rising Inventories, Slower Sales Growth

Zero Hedge -

BYD Slumps After Scaling Back Production, Rising Inventories, Slower Sales Growth

BYD stock and its U.S. listed ADRs slumped about 3% on Wednesday this week, after it was reported the vehicle manufacturer was cutting production.

China’s top automaker is scaling back production at several factories due to rising vehicle inventories and slower-than-expected sales growth, multiple outlets including Reuters and CarNewsChina reported.

The company has canceled night shifts and delayed adding new production lines, reducing output at at least four factories by about one-third. “There were two reasons for the mentioned actions: saving costs and failing to meet targets,” two sources told Reuters.

In May 2025, BYD launched aggressive discounts across 22 of its models, slashing prices by as much as 53,000 yuan (USD 7,390) in an attempt to ease dealership backlogs. However, inventories continued to rise despite the deep price cuts. A major dealer network in eastern China even suspended operations, partly due to unsold stock.

According to a May 2025 survey by the China Automotive Dealer Association, BYD dealers held an average of 3.21 months of inventory—more than double the national brand average of 1.38 months—making it the highest among all carmakers in the country.

The report continues, saying production is also showing signs of strain. Although BYD’s domestic sales rose 11% year-over-year to over 1.15 million vehicles from January to May, and exports more than doubled to 374,200 units, data from the China Association of Automobile Manufacturers (CAAM) showed production growth had nearly stalled at just 0.2% in May.

Despite these challenges, BYD set a record for car registrations in China during the week of June 16–22, hitting 83,400 units—an 18.6% increase from the prior week and nearly 25% higher than the same week in 2024. In total, the company registered 208,550 vehicles in the first three weeks of June.

We've noted over the last year that BYD has been the tip of the spear in Chinese auto manufacturing becoming more popular globally.

Over the past year, BYD has emerged as the dominant force in the global auto market, overtaking Tesla in Q4 2024 as the world’s top seller of battery-electric vehicles.

Its total sales reached 4.27 million in 2024—a 41% jump—driven by aggressive pricing, a strong domestic lead in China, and surging exports, which more than doubled to over 417,000 units. BYD's vertically integrated supply chain and wide model lineup, including the best-selling Seagull and Atto 3, gave it a cost and production edge.

Tyler Durden Thu, 06/26/2025 - 09:40

RFK Jr.'s New Vaccine Panel Lost Member Ahead Of First Meeting

Zero Hedge -

RFK Jr.'s New Vaccine Panel Lost Member Ahead Of First Meeting

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

A doctor who was named to a federal advisory panel has decided not to serve, the Department of Health and Human Services (HHS) said on June 24.

Health Secretary Robert F. Kennedy Jr. testifies on Capitol Hill in Washington on June 24, 2025. Madalina Kilroy/The Epoch Times

“Dr. Michael Ross decided to withdraw from ACIP [Advisory Committee for Immunization Practices] during the financial holdings review required of members before they can start work on the committee,” an HHS spokesperson told news outlets in a statement.

“The sacrifice to serve on ACIP varies from member to member, and we appreciate Dr. Ross’s willingness to go through this rigorous process.”

Health Secretary Robert F. Kennedy Jr. named eight members, including Ross, to the committee earlier in June, after dismissing all 17 members of the panel.

The committee advises the Centers for Disease Control and Prevention on vaccines and is set to meet in Atlanta on June 25 and June 26.

The CDC website listing members does not show Ross as a member of the panel. Ross could not be reached for comment.

Ross, who holds a medical degree, previously worked as a professor at George Washington University and Virginia Commonwealth University, spokespersons for the schools confirmed to The Epoch Times. His résumé also includes time as a member of a CDC panel that offered advice on preventing cancer and research into breast cancer prevention.

Ross is listed as an operating partner at Havencrest Capital Management, a biotechnology company that has invested in companies involved in vaccine development and autism therapy.

Ross’s biography on Havencrest’s website describes him as “a serial CEO and physician leader with over 35 years of executive experience in leading private healthcare and life science companies.”

Kennedy, when announcing Ross as a new member, said that “his continued service on biotech and healthcare boards reflects his commitment to advancing innovation in immunology, reproductive medicine, and public health.”

Kennedy told members of a congressional panel in Washington on Tuesday that the Advisory Committee for Immunization Practices was “rife with conflicts at the pharmaceutical companies.” An Epoch Times review found that some of the people removed by Kennedy voted on vaccines despite receiving or recently receiving money from firms that stood to benefit from the votes.

Kennedy also defended his new hires, telling lawmakers that “none of them are anti-vax” and highlighting the experience of the chair, longtime epidemiologist Martin Kulldorff, and a member, Dr. Robert Malone, who helped invent messenger ribonucleic acid (mRNA), which is utilized in COVID-19 vaccines made by Pfizer and Moderna.

He added, “We have scientists, immunologists, toxicologists, every kind of medical discipline you would want on that committee.”

Sen. Bill Cassidy (R-La.) said earlier in the week that new members hold scientific credentials but that “many do not have significant experience studying microbiology, epidemiology, or immunology.”

“In particular, some lack experience studying new technologies such as mRNA vaccines, and may even have a preconceived bias against them,” he said.

Cassidy, the chairman of the Senate Health Committee, called for this week’s committee meeting to be delayed until more members are named.

Tyler Durden Thu, 06/26/2025 - 09:25

Q1 GDP Revised Lower As Personal Spending Unexpectedly Prints Weakest Since Covid

Zero Hedge -

Q1 GDP Revised Lower As Personal Spending Unexpectedly Prints Weakest Since Covid

Of all the economic reports, the BEA's periodic update of US GDP is the most useless because not only is it politically motivated, but it gets constantly revised so much that by the time we get a somewhat accurate description of how strong the economy is, it is already one - if not two quarters - later. Today's second estimate of Q1 GDP - a quarter which ended almost two months ago - is just such an example. 

Moments ago the BEA reported that in Q1, US GDP shrank at a 0.5% annualized pace, a deterioration from the -0.2% first revision (which was also the median estimate), which in turn was an improvement from the -0.3% initial print; 

According to the BEA, GDP was revised down 0.3 percentage point from the second estimate, primarily reflecting downward revisions to consumer spending and exports that were partly offset by a downward revision to imports.

While there were few notable changes between the initial report and the first and second revision, the most notable one was in personal consumption which has continued to deteriorate, and was first cut by a third from 1.7% increase in the original print to 1.2% in the first revision, and today, to just 0.5%, making this the weakest quarter for personal spending since the covid crash.

Here are some other notable changes:

  • Personal consumption contributed just 0.31% to the bottom line GDP print, down from 0.80% in the first revision and from 1.21% in the original estimate; also down sharply from 1.21% in Q4.
  • Fixed Investment came at 1.31%, largely unchanged from the 1.34% in the previous revision, and driven by major data center investments
  • The change in private inventories was also flat, printing at 2.59% in the third estimate, down from 2.64% in the second and from 2.25% initially.
  • Trade or net exports (exports less imports), was generally in line, subtracting 4.76% from the GDP number, a modest improvement from the 4.9% previous revision, and from the 4.84% original print.
  • Finally, government subtracted 0.10% from the GDP number, a slight improvement from the -0.12% decline in the previous estimate.

And visually:

The sharp revision in personal consumption meant that Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, often viewed as a much more accurate indicator of actual growth, increased by 1.9% in the first quarter, revised down 0.6% from 2.5% in the first estimate, and 1.1% from the original estimate.

While the GDP data was stale, the inflation data was especially so, even if there were even fewer changes here:

  1. GDP price index rose 3.8%, up fractionally from the 3.7% increase in the previous estimate.
  2. Core PCE (ex food and energy) was 3.5%, also a fractional increase from the 3.4% previously reported.

Overall, the report painted an uglier picture of the US economy in Q1, although it is likely a "kitchen sink" because in Q2 we expect that the bullwhip from the reversal in imports (a boost to GDP) coupled with the deferred surge in personal consumption to propel Q2 GDP to 3% if not higher.

Tyler Durden Thu, 06/26/2025 - 09:03

Biggest Export Decline Since COVID Lockdowns Unexpectedly Widens US Trade Deficit In May

Zero Hedge -

Biggest Export Decline Since COVID Lockdowns Unexpectedly Widens US Trade Deficit In May

The US merchandise-trade deficit unexpectedly widened in May (widening 11.1% to $96.6 billion in May, exceeding the $86.1 billion expectation) on the biggest drop in exports since the onset of the pandemic, while imports were little changed.

Source: Bloomberg

US merchandise exports decreased 5.2% to $179.2 billion in May (the biggest drop since May 2020), reflecting a sharp decline in shipments of industrial supplies such as crude oil.

Source: Bloomberg

Imports were little changed at $275.8 billion, a month after the largest decline on record.

Source: Bloomberg

As a reminder, the figures aren’t adjusted for inflation.

In the first quarter, inbound shipments of foreign goods surged as US companies stocked up on goods and materials ahead of tariffs that President Trump imposed.

The tariff front-running is over... obviously.

As Bloomberg reports, the wider May deficit indicates trade may contribute less to second-quarter growth than initially anticipated. Prior to the latest figures, the Federal Reserve Bank of Atlanta’s GDPNow estimate showed net exports contributing more than 2 percentage points to second-quarter GDP.

Tyler Durden Thu, 06/26/2025 - 08:58

Ayatollah Claims 'Victory' Over Israel Which 'Almost Collapsed' In 1st Public Appearance Since Ceasefire

Zero Hedge -

Ayatollah Claims 'Victory' Over Israel Which 'Almost Collapsed' In 1st Public Appearance Since Ceasefire

Supreme Leader Ayatollah Ali Khamenei on Thursday issued his first comments since the Trump-backed ceasefire with Israel took effect, congratulating "the great nation of Iran" for its "victory over the fake Zionist regime."

"Despite all that noise, and with all those claims, the Zionist regime almost collapsed and was crushed under the blows of the Islamic Republic," he said, according to the national IRNA news agency. He also claimed to have "delivered a slap to America’s face."

via Associated Press

At a moment the Trump administration is celebrating to 'obliteration' of the Islamic Republic's core elements and main facilities of its nuclear program, the Ayatollah downplayed the effects of the military campaign.

He described that the United States entered the war along Israel's side "because they felt that if they did not enter, the Zionist regime would be destroyed." He presented this as a sign of Israeli weakness, echoing prior statements issued during the aerial raids.

"However, the Americans did not gain anything in this war," he asserted. He went to say that those that attacked Iran suffered a high cost. According to more from state media translation:

“We thank God for aiding our armed forces, who managed to breach their advanced multilayered defense systems and flatten large parts of their military and urban centers with powerful missile and weapons strikes,” he said.

Ayatollah Khamenei said it proves to the Zionist regime that aggression against the Islamic Republic comes with a high cost that it will have to pay, crediting both the armed forces and the people of the Islamic Republic for the glorious victory.

The last couple days since the ceasefire has held saw throngs of people come out into Tehran streets, to demonstrate in solidarity with the military, and to show defiance and that the 12-days of attacks did not bring the nation to its knees.

There have been other signs of symbolic defiance and resistance as well, including public events and a concert by the Tehran Symphony Orchestra, which goes back nearly 100 years. On Wednesday, in the city's popular Azadi Square, reports described:

As residents gathered for the performance, the orchestra played “Ey Iran,” the country’s unofficial national anthem that has long been considered a song of national pride and resistance and had once been banned by the Islamic Republic due to its association with anti-government sentiment.

Established in 1933, the orchestra has survived multiple regimes, coups, revolution and wars, widely seen as a symbol of resilience.

Its hardest days came during the term of hardline president Mahmoud Ahmadinejad when the orchestra was disbanded due to sanctions, financial difficulties and negligence.

It total over 630 Iranians died and thousands were injured in the strikes, with Israel also claiming to have assassinated at least 14 Iranian nuclear scientists and many more high-ranking military commanders.

But Israel, and Tel Aviv especially, had whole building and neighborhoods leveled, and had some of its military command centers hit by Iranian ballistic and hypersonic missiles. On the other side, much of Tehran was destroyed, and the Iranians admit that key nuclear facilities suffered significant damage; however, they have pledged that nuclear energy development will continue as a matter of national sovereignty. 

Tyler Durden Thu, 06/26/2025 - 08:50

Boeing Binge-Buying Sparks Biggest Jump In US Durable Goods Orders In 11 Years

Zero Hedge -

Boeing Binge-Buying Sparks Biggest Jump In US Durable Goods Orders In 11 Years

Following last month's plunge in headline durable goods orders, preliminary May data was expected to surge on the back of plane orders following Trump's visit to the MidEast (and the Paris Air Show).

And they were right but the magnitude is incredible - orders rose a stunning 16.4% MoM, the biggest jump since July 2014...

Source: Bloomberg

This was all driven by non-defense aircraft orders... which rose 230% MoM..

Source: Bloomberg

...as 'ex-transports', orders rose just 0.5% MoM (still better than expected)...

Source: Bloomberg

Capital goods shipments rose 0.5%, excluding defense and commercial aircraft, better than expected, adding to Q2 GDP growth hopes.

Tyler Durden Thu, 06/26/2025 - 08:48

Labor Market Creaks... Continuing Jobless Claims Highest Since Nov 2021

Zero Hedge -

Labor Market Creaks... Continuing Jobless Claims Highest Since Nov 2021

The trend of (modestly) rising initial jobless claims stalled last week, dropping from 246k to 236k (below 2435k exp)...

Source: Bloomberg

But, Continuing jobless claims kept rising to 1.974 million Americans - the highest since Nov 2021...

Source: Bloomberg

In the 'Deep TriState' region, jobless claims continue to rise also...

Source: Bloomberg

Delayed DOGE effects finally kicking in.

Tyler Durden Thu, 06/26/2025 - 08:39

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