Authored by Shaurya Malwa via CoinDesk.com,

Raids on crypto payment firms in Bengaluru disrupted the pipeline that feeds dollar-pegged USDT to Indian platforms, pushing its local price more than 8.5% above the dollar, roughly double the usual gap.

The price of Tether’s USDT, the largest dollar-pegged stablecoin, has climbed to more than 8.5% above its dollar value on Indian platforms after a government crackdown on crypto payment firms choked off the token’s supply into the country.

USDT traded around 102.88 rupees over the weekend against an official dollar-rupee rate of about 94.65, a gap that normally sits between 3% and 4%.

That spread, known as the USDT premium, is the extra amount buyers in India pay for the stablecoin above what a dollar costs through banks, and it widens when local demand outstrips the supply of tokens.

Local publication ET said the squeeze followed action by the Enforcement Directorate (ED), India’s financial-crime agency, which searched six premises in Bengaluru on June 17 under the Foreign Exchange Management Act, the law governing cross-border money flows.

The agency is targeting five crypto payment firms it alleges moved more than $265 million in unauthorized cross-border transfers using digital assets.

The ED alleges the firms ran what amounted to an informal remittance channel, with non-resident Indians using USDT in place of bank wires.

Rupees were deposited into company accounts, converted into stablecoins, sent across borders and sold on Indian exchanges, the agency said, sidestepping the paperwork and approvals that formal remittance routes require under FEMA and India’s anti-money-laundering law.

The model had operated for about two years, drawing users because stablecoin transfers were faster and cheaper than bank routes and, thanks to the standing premium, converted into more rupees on the way in.

The premium spiked because the crackdown hit supply directly.

After the ED announced its action, market makers and liquidity providers, the firms that source tokens from abroad to sell on local platforms, pulled back on buying USDT overseas, tightening the domestic pool just as the off-ramps feeding it came under pressure. An off-ramp is the route for turning crypto back into local cash.

As such, prominent exchange Coinbase launched direct rupee rails in India last month, easing some reliance on peer-to-peer trades, though the ED’s action targets the off-ramp infrastructure that drives the premium.

[ZH: These actions by Indian officials come as their currency collapses and various capital controls – on bullion most recently – are enacted… see here, here, and here.]

Over the past year, we’ve tracked NANO Nuclear’s reactor, fuel, and supply chain programs closely through nearly every milestone. After branching into the Asian market and then making the formal transition to a revenue generating company, the company is now working on their next frontier in the UAE.

According to Semafor, the company is actively working to restart its UAE partnership after delays caused by the Iran war. The update builds on NANO Nuclear’s February announcement of a Memorandum of Understanding with EHC Investment LLC, the Abu Dhabi-based firm tied to International Holding Company. 

Company leadership is looking to explore joint deployment of the KRONOS MMR Energy System and supporting supply chains in the UAE and select Gulf markets. 

The MOU followed the company’s earlier signals of interest in regional opportunities, including senior executives’ participation at ADIPEC 2025 in Abu Dhabi where leaders highlighted advanced nuclear’s role in the global energy mix.

The original agreement, signed just days before the Iran conflict started, targeted power for data centers and remote oil and gas facilities. CEO James Walker told Semafor “Demand from the Gulf market could become very large, very quickly.”

However, as a result of the war, NANO has held off though on sending teams for site selection and feasibility studies until tensions ease. Deployment of personnel is now planned for later this year. 

Early-stage talks are also underway for potential investment from a Sheikh Tahnoon Bin Zayed-linked entity. Such capital could fund expansion, support a possible UAE power plant order, and open the door to dual listing in Abu Dhabi. 

Reactor designs like those used in the current American commercial fleet are poorly designed for water-restricted environments like the Middle East. 

Advanced designs, like the gas-cooled KRONOS reactor from NANO, are uniquely capable of operating in environments that lack easy access to water-based cooling systems.

NNE stock rose on the news, and was last trading up over 5%.

President Vladimir Putin made a rare admission over this past weekend, belatedly acknowledged Sunday that Russia is facing a “certain shortage” of fuel following weeks of ramped-up drone warfare coming out of Ukraine, which has chiefly targeted oil refineries and domestic supply facilities, including in the Moscow region.

“As for strikes against critical infrastructure in general, and energy infrastructure in particular, of course, these attacks on our infrastructure facilities create problems,” Putin said in the new interview published by the Kremlin. “That’s obvious.“

“Right now we’re observing a certain shortage, but it’s not critical,” he added. He also made wide-ranging public remarks at a major summit of the ruling ‘United Russia’ party.

Ukraine’s Zelensky has made no secret of his plans to make life inside Russia as painful as possible, in order to put pressure on the Kremlin to end the war. By close of last week, the rare national fuel crisis inside Russia was outlined as follows:

A fast-growing number of regional officials and gas station chains across Russia are restricting gasoline and diesel sales as Ukrainian drone attacks on oil refineries and supply networks take a mounting toll on supplies. 

Fuel rationing measures were in place in at least 56 Russian regions as of Thursday, according to open-source data analyzed by The Moscow Times. In dozens more regions, residents are complaining about fast-rising gasoline prices, closed filling stations and miles-long lines, while some local authorities and major retailers remain hesitant to enact rationing. 

“In some districts of our republic, there is no fuel at gas stations right now, so people go to [the capital] Kyzyl to refuel,” said a resident of Tyva, a southern Siberian republic roughly the size of Tunisia. 

Further, a state of emergency for all citizens was also declared in Crimea last week – with fuel only being provided to military and state entities at this point.

Putin further acknowledged in his comments that small, slow-moving drones have proven a problem for Russia’s anti-air defense systems, which were conventionally designed to intercept large fast projectiles like missiles or warplanes.

This has been big on Russians’ minds, as this month they beheld unprecedented scenes of massive smoke plumes overtaking Moscow’s skyline, as a key refinery there burned. Still , the Russian leader sought to project strength, stating:

Our retaliatory strikes deep inside Ukraine are far more powerful, more painful, and, frankly, more destructive, causing serious consequences for the “Kyiv regime.”

Putin:

There are new proposals. For example, to stop strikes deep inside each other’s territory.

It’s obvious why that proposal is being made: our retaliatory strikes deep inside Ukraine are far more powerful, more painful, and, frankly, more destructive, causing serious… pic.twitter.com/mLCGlnWspk

— Clash Report (@clashreport) June 29, 2026

“Yes, we see the problems, we are aware of them and are responding to them, but we will certainly ensure the security of both the country and our citizens, as well as the inviolability of Russia’s borders,” Putin said at an earlier speech at the congress of the ruling United Russia party

“We will undoubtedly overcome all the challenges facing us today, including terrorist attacks on our territory and infrastructure facilities,” he added.

In the context of the separate Kremlin interview, Putin continued to express hope of positive talks with the US, amid efforts to both improve bilateral relations and negotiate a final political solution to end the Ukraine conflict.

Addresses Ukraine’s ‘information campaign’…

Putin:

Overall, I want to say that these attacks on our civilian infrastructure are not carried out solely to inflict damage on us, although I believe that is also important to the enemy.

They are also intended to fuel an information campaign—or, more accurately, an information… pic.twitter.com/Rqti9bZ2JN

— Clash Report (@clashreport) June 29, 2026

“We are ready to continue negotiations… and discuss all the details,” Putin said, saying that he expects White House special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner to visit Moscow after the “active phase” of the war in the Middle East passes.

Absurdly unverifiable statistic, but who’s checking. They’re really flooding the zone with “Russia nearing collapse” pr in this NATO influence operation. It’s interesting to see who in the Acela Corridor is suggestible, and which narratives they fall for.https://t.co/gH7pVI03Pb

— Mark Ames (@MarkAmesExiled) June 28, 2026

Russian officials have repeatedly commented on Washington being busy and absorbed with the Iran conflict and Strait of Hormuz crisis.

That Putin is somewhat downplaying the fuel crisis, emphasizing that it’s “not critical” – signals that Russia is not yet feeling enough pressure to compromise or capitulate on anything, as Zelensky is hoping.

Authored by Ken Silva via Headline USA,

During the Biden years, Kash Patel accused Jan. 6 provocateur Ray Epps of being a federal asset.

Referring to the fact that Epps was taken off the FBI’s Most Wanted list in early 2021, Patel said there was only two ways someone could get off that list—either they died or they’re working for the government.

Now that he’s FBI director, Patel has gone silent on Epps. But a New Jersey investigative journalist is trying to force disclosure with a Freedom of Information Act lawsuit filed Friday in federal court.

In his lawsuit, the journalist, Yehuda Miller, said he filed a request in April 2025 for all communications and directivesrelating to the removal of Epps from the FBI’s wanted list, as well as all communications between the FBI and Epps from Jan. 1, 2020, through Jan. 1, 2025.

For those who still care about the truth relating to January 6th, please checkout this lawsuit!!

I want to know why Ray Epps was removed from the wanted list by the FBI!!!! pic.twitter.com/EnSpsQLEAE

— Yehuda Miller (@yehuda_miller) June 28, 2026

Miller filed his lawsuit after the FBI denied him those records on privacy grounds. Miller urged a judge to force the FBI to produce the documents on Epps.

“The public interest in understanding whether the FBI maintained a confidential informant or undercover relationship with Ray Epps, the circumstances of his disparate treatment relative to other January 6 participants, and the FBI’s internal communications and directives relating to his removal from the wanted list substantially outweighs any privacy interest Ray Epps may assert,” his lawsuit says.

“The current FBI Director’s own public statements confirm the significance of this public interest.”

According to FBI records, agents had “photographic/and or video evidence that James Ray Epps conspired to and/or recruited others to storm the United States Capitol Building.”

However, a July 29, 2021, FBI report said that its “investigation did not reveal sufficient evidence that Epps … engaged in acts of violence or committed any other criminal violations.” That’s despite the fact that video had already surfaced showing him pushing a sign into a group of police officers, and that Epps had admitted to trespassing on Capitol grounds.

The Justice Department apparently reopened the Epps case after Rep. Thomas Massie, Revolver News and other conservatives began to question whether he was being protected by government. The DOJ eventually slapped him with a lone misdemeanor count of disorderly conduct, and he received one year of probation in January 2024.

I sent a letter to the FBI director one month ago requesting unreleased information on Ray Epps. pic.twitter.com/I3amze9lUZ

— Thomas Massie (@RepThomasMassie) November 9, 2025

Last October, Massie wrote to the DOJ, also seeking records on Epps. Massie sought all internal communications between FBI Headquarters and its Phoenix field office, which initially investigated Epps. He also sought all communications between the FBI and DOJ about him.

Additionally, Massie wanted to know whether the DOJ or any of its components, including the FBI, had any communication with Epps prior to the Jan. 6, 2021, Capitol Hill protest. Such communications might indicate whether Epps was working for the government at the time.

However, there’s no public indication that the DOJ ever responded to Massie’s letter.

The Supreme Court on Monday handed President Trump a significant defeat – ruling 5-4 that his attempt to fire Federal Reserve Governor Lisa Cook was procedurally invalid and that the Fed’s century-old independence from presidential removal-at-will remains constitutionally intact. That said, it isn’t over for Cook – as the Court said she can stay in her job for now – while she fights in lower courts against Trump’s bid to oust her over allegations of mortgage fraud. 

In a majority opinion authored by Chief Justice Roberts and joined by an unlikely coalition spanning Sotomayor, Kagan, Kavanaugh, and Jackson, the Court denied the administration’s application for a stay, leaving in place a lower court injunction that keeps Cook on the Board of Governors pending full litigation.

Concurring
Roberts
Kavanaugh
Jackson
Sotomyaor
Kagan

Dissenting
Alito
Gorsuch
Barrett
Thomas

The Court’s decision rests on procedure; Trump didn’t give Cook notice or a deadline to respond – as it was done via tweet. That, the majority held, is insufficient to terminate a presidential appointee serving a 14-year term on the body that controls the cost of money in the United States. The ruling leaves open whether the mortgage fraud allegations – two simultaneous primary-residence mortgage commitments signed just 14 days apart – would constitute adequate cause for removal once proper process is followed.

“At minimum, Cook was entitled to some explanation of the evidence at issue, some avenue for a response, and a deadline by which a response would be due,” the decision reads. 

So, it’s not quite over – she just gets to keep her job, for now. 

As I have repeatedly said, I believe Lisa Cook will be indicted for mortgage fraud.

— Pulte (@pulte) June 29, 2026

Cook, the first Black woman to serve on the Federal Reserve Board of Governors, has remained in her position despite Trump’s attempt to remove her in August 2025 – citing allegations of mortgage fraud that Cook has strongly denied. No president had previously fired a sitting Fed governor in the central bank’s 112-year history.

She was initially nominated by President Joe Biden and confirmed by the Senate in 2022. Biden renominated her in 2023 for a full 14-year term expiring in 2038. Under the Federal Reserve Act, members of the Board of Governors can be removed by the president only “for cause,” a protection intended to safeguard the central bank’s independence from political pressure.

The Dispute

In a letter posted to Truth Social, Trump accused Cook of making false statements on mortgage applications prior to her Fed service, describing the actions as “deceitful and potentially criminal.” Cook and her legal team have rejected the claims, provided rebuttal evidence, and argued that she was never given an opportunity to contest the allegations or receive due process. She has never been charged with any crime related to the matter.

In September 2025, the Department of Justice opened a criminal investigation into the mortgage allegations, issuing grand jury subpoenas related to properties in Ann Arbor, Michigan, and Atlanta, Georgia. The probe remains active as of May 2026 with no charges filed against Cook.

Cook filed suit in federal court in Washington, D.C., challenging the removal as unlawful. On September 9, 2025, U.S. District Judge Jia Cobb issued a preliminary injunction blocking the firing, finding that Cook made a strong showing that the removal violated the Federal Reserve Act’s for-cause provision. The D.C. Circuit Court of Appeals upheld the injunction on an emergency basis, allowing Cook to participate in Federal Open Market Committee meetings.

The Trump administration appealed to the Supreme Court, which on October 1, 2025, declined an emergency request to immediately remove Cook but scheduled full oral arguments for January 21, 2026. Cook has continued serving on the Board throughout the litigation.

Meanwhile, last September the DOJ opened a Grand Jury criminal investigation into Cook over the allegations. 

Key Legal Issues

Trump v. Cook, centers on two core questions:

• Whether the president has broad authority to interpret and apply the “for cause” standard unilaterally, or whether courts can review such removals.
• The broader implications for the independence of the Federal Reserve and other independent agencies with similar statutory protections.

During oral arguments on January 21, 2026, justices across the ideological spectrum expressed skepticism about the administration’s position, questioning the lack of due process for Cook and the potential risks to central bank independence. Observers noted the Court appeared likely to side with Cook, at least on keeping her in place pending full resolution.

New Leadership at the Fed

The case unfolds against a major leadership transition at the Federal Reserve. Last month, the Senate confirmed Kevin Warsh as the new Chair of the Federal Reserve, succeeding Jerome Powell. Warsh, a former Fed governor and Trump nominee, has advocated for a “regime change” at the central bank, signaling a potential shift toward policies more aligned with administration priorities, including greater focus on lowering interest rates where appropriate while maintaining independence in decision-making.

Warsh has largely stayed out of the Cook litigation during his confirmation process, declining to comment directly on the removal effort or pledge to defend her position. His ascension marks a new direction for the Fed amid ongoing debates over monetary policy, inflation pressures, and institutional independence.

According to Cook supporters, allowing at-will removals by the president could politicize monetary policy, undermining market confidence and economic stability. The administration has contended that the president retains ultimate executive authority under Article II of the Constitution. Cook, meanwhile, has described the case as determining whether the Fed will continue to set policy based on evidence and independent judgment or face political pressure.

Global attention this holiday-shortened week,will center on the US labor market, with the June employment report due on Thursday ahead of the Independence Day holiday. A reminder that the US will be 250 years old this week. Alongside that, central bank communication will be in focus at the ECB’s Sintra forum (today through Wednesday), while inflation data across Europe and activity indicators in Asia—notably China’s PMIs and Japan’s monthly data—round out a busy global calendar.

In the US, DB economists expect payroll growth on Thursday to slow to +75k (from +172k previously), with private payrolls rising by around +90k. There is some risk of seasonals pulling down the numbers as they have in recent years around this time. The unemployment rate is expected to hold at 4.3%, while average hourly earnings are seen unchanged at +0.3% month-on-month. Hours worked are also expected to remain steady at 34.3, leaving nominal income growth broadly stable.

Ahead of that, today brings the Dallas Fed manufacturing survey, while tomorrow sees the May JOLTS report, where markets will watch for any shifts in hiring, quits and layoffs amid a still subdued hiring environment. Wednesday then features the ADP employment report alongside the ISM manufacturing index (forecast 53.9 vs 54.0 previously). These releases should help set expectations going into Thursday’s payrolls. Beyond the labor market, tomorrow also sees the Conference Board’s consumer confidence index (economists expect 94.4 vs 93.1 previously).

On policy, attention will turn to Wednesday, when Fed Chair Warsh speaks at the ECB’s Sintra forum. DB economists continue to expect a relatively hawkish policy path, with two rate hikes pencilled in later this year. However, near-term guidance is likely to remain limited, leaving markets to take their cues primarily from incoming data.

Looking beyond the US, Europe’s main event is the aforementioned ECB’s annual Sintra conference, which begins today and runs through Wednesday, featuring remarks from major central bank leaders. In parallel, inflation data will be a key focus, with Spain and Belgium reporting today, followed by Germany, France and Italy tomorrow, and the Eurozone aggregate on Wednesday. DB economists expect inflation of 2.46% YoY in Germany, 2.30% in France, 3.23% in Italy, and 2.95% for the Eurozone. Switzerland will also release CPI on Thursday. In the UK, the BoE publishes its credit conditions surveys on Thursday and the DMP survey on Friday.

In Asia, China releases various PMIs in the first half of the week. In Japan, today’s retail sales (out earlier) is followed by industrial production tomorrow, where economists expect a +1.4% month-on-month increase. The highlight, however, will be the Bank of Japan’s Tankan survey on Wednesday, which is expected to show broadly steady sentiment and may reinforce the case for further gradual policy tightening.

Courtesy of DB, here is a day by day calendar of events

Monday June 29

• Data: US June Dallas Fed manufacturing activity, UK May net consumer credit, M4, Japan May retail sales, Eurozone May M3, June economic confidence
• Central banks: ECB forum on central banking in Sintra (through July 1), ECB’s Lagarde speaks, BoE’s Pill speaks
• Earnings: Prosus, AeroVironment

Tuesday June 30

• Data: US June Conference Board consumer confidence index, MNI Chicago PMI, Dallas Fed services activity, May JOLTS report, April FHFA house price index, China June official PMIs, UK June Lloyds Business Barometer, Q1 current account balance, Japan May jobless rate, job-to-applicant ratio, industrial production, housing starts, Germany June CPI, unemployment claims rate, May retail sales, import price index, France June CPI, May PPI, consumer spending, Italy June CPI, May PPI, Canada April GDP
• Central banks: ECB’s Vujcic, Elderson, Schnabel, Cipollone and Lane speak, BoE’s Breeden speaks
• Earnings: Nike

Wednesday July 1

• Data: US June ISM index, ADP report, May construction spending, China June RatingDog manufacturing PMI, Japan Q2 BoJ’s quarterly Tankan survey, June consumer confidence index, Italy June new car registrations, budget balance, Q1 deficit to GDP, Eurozone June CPI
• Central banks: Fed’s Warsh speaks, ECB’s Lagarde, Vujcic, Cipollone and Lane speak, BoE’s Bailey speaks, BoC’s Macklem speaks
• Earnings: General Mills
• Other: Ireland takes on the rotating presidency of the Council of the EU

Thursday July 2

• Data: US June jobs report, May factory orders, initial jobless claims, Japan June monetary base, France May budget balance, Italy May unemployment rate, Eurozone May unemployment rate, Canada June manufacturing PMI, Switzerland June CPI
• Central banks: ECB’s Cipollone speaks, BoE’s Mann speaks, BoE’s Q2 bank liabilities, credit conditions surveys
• Other: US bond markets close early

Friday July 3

• Data: China June RatingDog services PMI, UK June official reserves changes, France May industrial production, Italy May retail sales
• Central banks: ECB’s Lagarde, Nagel and Makhlouf speak, BoE’s Bailey speaks, BoE’s June DMP survey
• Other: US Independence Day holiday (all markets closed)

Finally, looking at just the US, Goldman writes that the key economic data release this week is the employment report on Thursday. Fed Chairman Kevin Warsh is expected to speak at the ECB Forum in Sintra, Portugal on Wednesday. 

Monday, June 29 

• There are no major economic data releases scheduled. 

Tuesday, June 30 

• 09:00 AM FHFA house price index, April (consensus +0.2%, last +0.1%)
• 09:00 AM Case-Shiller home price index, April (GS -0.1%, consensus -0.1%, last -0.2%)
• 10:00 AM Conference Board consumer confidence, June (GS 95.5, consensus 94.6, last 93.1)
• 10:00 AM JOLTS job openings, May (GS 7,100k, consensus 7,288k, last 7,618k): We estimate that JOLTS job openings declined to 7.1mn in May based on the signal from online measures of job postings from Indeed and LinkUp.

Wednesday, July 1 

• 08:15 AM ADP employment change, June (GS +120k, consensus +119k, last +122k)
• 09:00 AM Fed Chairman Warsh speaks: Fed Chairman Kevin Warsh will participate in a panel discussion with the President of European Central Bank Christine Lagarde, Bank of England Governor Andrew Bailey, and Bank of Canada Governor Tiff Macklem at the ECB Forum on Central Banking in Sintra, Portugal. A moderated Q&A is expected. The event will be livestreamed. In his press conference following the June FOMC meeting, Chairman Warsh said, “The Committee thought that the labor markets were stable. There were some people around the Committee who thought that it was trending better than that, [and] trends matter more than data points.” He also reiterated language from the post-meeting statement, saying, “Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy… but to be clear, the Fed will deliver price stability.”
• 09:45 AM S&P Global US manufacturing PMI, June final (consensus 55.7, last 55.7)
• 10:00 AM ISM manufacturing index, June (GS 54.0, consensus 53.9, last 54.0): We estimate that the ISM manufacturing index was unchanged at 54.0 in June, reflecting a slight decline in regional manufacturing surveys—our manufacturing survey tracker declined by 0.6pt to 54.4 in June—that is offset by a tailwind from residual seasonality.
• 10:00 AM Construction spending, May (GS +0.2%, consensus +0.2%, last +0.4%)
• 05:00 PM Lightweight motor vehicle sales, June (GS 16.1mn, consensus 16.1mn, last 16.1mn)

Thursday, July 2 

• 08:30 AM Nonfarm payroll employment, June (GS +130k, consensus +115k, last +172k); Private payroll employment, June (GS +95k, consensus +118k, last +120k); Average hourly earnings (MoM), June (GS +0.2%, consensus +0.3%, last +0.3%); Unemployment rate, June (GS 4.3%, consensus 4.3%, last 4.3%): We estimate nonfarm payrolls increased 130k in June. On the positive side, we estimate that the World Cup could boost payroll growth by 40k in June. Additionally, June payrolls have exhibited a consistent positive bias in initial prints over the last decade. The bias has become particularly pronounced in state and local government educational services payrolls: over the last three years, the category has been revised down by an average of 45k between the first and third releases. On the negative side, we expect a 10k decline in government payrolls outside of state and local government educational  services. We estimate average hourly earnings rose 0.2% month-over-month in June, reflecting negative calendar effects. We estimate that the unemployment rate was unchanged on a rounded basis at 4.3% in June, reflecting the stabilization in continuing claims.
• 08:30 AM Initial jobless claims, week ended June 27 (GS 215k, consensus 220k, last 215k): Continuing jobless claims, week ended June 20 (consensus 1,813k, last 1,821k)
• 10:00 AM Factory orders, May (GS -1.7%, consensus -2.0%, last +4.8%)

Friday, July 3 

• US Independence Day holiday observed. There are no major economic data releases scheduled. NYSE will be closed, SIFMA recommends bond markets remain closed.

Source: DB, Goldman

By Bas van Geffen, senior macro strategist at Rabobank

This weekend’s events cast fresh doubts over the value of the US-Iran memorandum of understanding.

On Friday, President Trump condemned the drone attack on a container ship that was transiting the Strait of Hormuz. Trump posted on Truth Social that the US had shot down three other drones, adding that “obviously, this is a foolish violation of our Ceasefire Agreement.”

What followed was a series of eye-for-an-eye strikes. The US targeted Iranian military sites in retaliation for the attack on the container ship. And on Saturday, the US hit Iran again after the country attacked a tanker transporting Qatari oil.

Both sides have since agreed to halt their attacks and have said that further peace talks in Doha must go on. Or, that is what US officials believe, at least: “Our understanding is that both sides will stand down for now and vessels can move freely.”

That news seems to be sufficient to reassure financial markets today, with US equity futures indicating a moderately positive opening of the week. But will this new pinky swear to cease all aggression be enough to convince shipping companies, insurers, and ships that passage through the strait is once again safe?

Firstly, we would ask whether the US’ understanding is the same as Iran’s? Recall that both sides were already at odds over what “safe passage” meant in the first place, after Iran warned that only ships following the routes sanctioned by the IRGC are guaranteed safe transit. And “for now” does a lot of heavy lifting in that US statement too. Is that for the duration of the memorandum of understanding? Is it until the talks in Doha this week have concluded? Or just until either side decides otherwise?

Israel’s war against Hezbollah remains another potential trigger for renewed escalation in the strait. Hezbollah has rejected the framework agreement signed by Israel and Lebanon as a “surrender of sovereignty.”

Even if a number of ships is willing to sail through the Strait of Hormuz, the likely presence of sea mines limits the capacity of the strait. The CEO of NYK Lines told the FT that “the routes available for navigation are extremely limited,” adding that traffic will not return to normal “for months.”

The war between Russia and Ukraine may exacerbate global fuel shortages. Putin admitted that Ukrainian attacks on energy infrastructure are having effect. The Russian president acknowledged that businesses and motorists are facing fuel shortages, and he indicated that problems are likely to persist due to refinery outages: “the right type of gasoline isn’t always available right now.” The government is discussing measures, including a possible ban on diesel exports.

So, uncertainty about fuel supply remains high. Together with concerns about new US import tariffs, that’s driving shipping costs to new highs.

Last month, the US administration unveiled plans for new tariffs on a range of trading partners, after the Supreme Court annulled part of Trump’s original tariff scheme. So, US companies are trying to build inventory ahead of these tariffs. Just like the frontloading seen ahead of the “Liberation Day” tariffs, this stockpiling is putting pressure on shipping costs. According to data from Drewry, the freight rate for a 40-foot container has surged to the highest in about two years.

And so, new import tariffs –or the anticipation thereof– will probably continue to put upside pressure on US inflation, thereby delaying Fed Chair Warsh’ rate cutting campaign. In fact, some policymakers are considering a rate hike as their next move. Kashkari indicated which dot in the Fed’s dot plot is his: he said that he has pencilled in one rate hike in for this year, and that he expects rates to stay on hold in 2027. The central banker then added “we’re going to have to see how no forward guidance works.” Well, not like this?

Authored by Micah Zimmerman via BitcoinMagazine.com,

Strategy Inc. (Nasdaq: MSTR), the world’s largest bitcoin treasury company, announced a sweeping capital management overhaul earlier today, introducing what it calls a Digital Credit Capital Framework. The announcement sent MSTR shares up 6% in pre-market trading and pushed bitcoin above $60,000.

The framework has five parts:

1. a board-approved USD reserve policy,
2. a dividend rate increase on one class of preferred stock,
3. a $1 billion buyback program for digital credit securities,
4. a $1 billion buyback program for common stock,
5. and a bitcoin monetization program that authorizes the sale of BTC to fund company obligations.

Strategy’s bulked up USD Reserve

At the center of the framework is a $2.55 billion USD reserve, cash and cash equivalents held to cover dividend payments and interest expense on the company’s debt. Strategy carries roughly $1.76 billion in annual preferred dividend and interest obligations, which means the current reserve represents 17.4 months of coverage.

The board has set a floor: the reserve must stay at a minimum of 12 months of coverage at all times. Any reduction below that threshold requires explicit board authorization. The reserve can only be used for two purposes — paying preferred stock dividends and servicing interest on debt. Any other use of those funds also requires board approval.

Beyond the cash reserve, Strategy is counting its bitcoin monetization capacity as part of its liquidity cushion. Combined, the $2.55 billion reserve and $1.25 billion in authorized BTC monetization capacity give the company $3.80 billion in total coverage — the equivalent of 25.9 months of preferred dividend and interest obligations.

STRC dividend increase

Strategy raised the dividend rate on its Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, by 50 basis points to 12% per year. The increase takes effect for dividend periods with record dates on or after July 1, 2026. A basis point is one one-hundredth of a percentage point, so the increase moves the rate from 11.5% to 12%.

The company said its target is for STRC to trade between $99 and $100 over time, close to its $100 stated value. STRC has risen 9% on the news. Strategy said it will evaluate the STRC dividend rate on a monthly basis, taking into account trading levels, credit spreads, bitcoin price and volatility, and the overall state of its balance sheet.

Two buyback programs

The board authorized up to $1 billion in repurchases of its Digital Credit Securities — a category that includes STRC, STRF, STRK, and STRD, four series of preferred stock the company has issued.

It also authorized up to $1 billion in buybacks of its Class A common stock.

Neither program obligates the company to purchase any specific amount of securities, and both can be modified, suspended, or canceled at any time. Repurchases under both programs can be made through open-market purchases, block trades, private negotiations, or tender offers.

CEO Phong Le framed the buyback programs as a shift in how Strategy operates. “Strategy is evolving from one-way capital issuance to active capital management,” he said. “We intend to move between issuing securities when capital is attractive and repurchasing securities when our instruments trade at levels that make buybacks accretive.”

Neither buyback program will draw from the USD reserve. If Strategy funds buybacks through bitcoin sales, those sales fall under the BTC Monetization Program.

The Bitcoin Monetization Program

The Bitcoin Monetization Program authorizes Strategy to sell BTC for three specific purposes:

1. to build or replenish the USD reserve (up to $1.25 billion),

2. to fund preferred dividends and interest payments when management judges BTC sales more favorable than issuing new stock,

3. and to fund buybacks of preferred or common stock.

Any sale outside those three purposes requires a new board vote.

We’re gonna need more charts. pic.twitter.com/xVASOEnSw8

— Michael Saylor (@saylor) June 28, 2026

The program does not obligate the company to sell any bitcoin.

CFO Andrew Kang said the program gives Strategy a tool to use part of its bitcoin reserve without abandoning its core thesis.

“Bitcoin is capital,” Kang said.

“This program gives Strategy the flexibility to use a portion of its BTC Reserve to strengthen Digital Credit, fund dividend payments and interest expense, and fund accretive repurchases when BTC monetization is more favorable than issuing common equity.”

Founder and Executive Chairman Michael Saylor said bitcoin remains the company’s primary treasury asset.

“Digital Credit requires liquidity, discipline, and active capital management,” he said. “This framework is designed to strengthen credit quality and enable the Company to reduce expected preferred stock dividend payments when accretive.”

In a move bound to test the limits of the fragile Washington-brokered regional ceasefire, Israel has unleashed massive ordinance on southern Lebanon, saying it has utterly destroyed a huge underground complex built and used by Hezbollah.

Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz have freshly announced that the Israel Defense Forces (IDF) completely demolished a massive Hezbollah underground fortress embedded deep beneath the southern Lebanese village of Majdal Zoun. The village itself was leveled, with the IDF having released footage showing an unusually strong explosion:

Israel says its military destroyed a 200+ meter-long underground Hezbollah tunnel in southern Lebanon. pic.twitter.com/XajqdpePGW

— Clash Report (@clashreport) June 29, 2026

The military revealed the subterranean complex spanned roughly 200 meters and plunged more than 25 meters deep – serving as a critical hub where Hezbollah allegedly assembled, stored, as well as launched Iranian-sourced suicide drones.

Notably, Israel had previously postponed the demolition following intense pressure from the Trump administration to halt all kinetic activity in southern Lebanon. However, either Israel’s patience just ran out, or else Washington is secretly still giving the greenlight to move against such infrastructure.

Ahead of the detonation, Netanyahu and Katz noted that Israel did provide a courtesy heads-up to the Trump administration and to US officials representative in Lebanon.

“Troops of the 551st Brigade Combat Team and Yahalom forces, under the command of the 91st Division, destroyed an underground route located in the village of Majdal Zoun, in the security zone in southern Lebanon,” the IDF spokesperson announced. 

A chief allegation is that “The compound was built using technology and knowledge from the Iranian terror regime,” the IDF statement continued.  Also, as cited in Reuters, “The ⁠Israeli statement said the tunnel contained hundreds of weapons and ​launchers.”

While the IDF has yet to issue its official post-operation briefing, it took the unusual step of warning residents in northern Israel to expect a massive, earth-shaking blast.

The military had actually escorted journalists on a propaganda tour of the complex earlier this month to showcase the scale of the threat, amid the ongoing Israeli occupation of southern Lebanon.

⭕️ Israeli Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz said the Israeli military destroyed what they described as a Hezbollah tunnel and underground infrastructure in the Majdal Zoun area of southern Lebanon.

🔹 They said Israel notified the United States… https://t.co/atvK4kLqmJ

— Drop Site (@DropSiteNews) June 28, 2026

Despite the nominal ceasefire, Israel is clearly signaling that it will not tolerate a Hezbollah reconstruction phase on its border, also wishing to permanently secure a security ‘buffer zone’ to prevent Hezbollah missiles and drones from being fired into northern Israel, something which has been happening for years spanning back to the Gaza war.

Comcast shares jumped the most in nearly two decades on news that it plans to split NBCUniversal and Sky into a separate publicly traded company through a tax-free spin-off.

The transaction, expected to close in about one year, would leave Comcast shareholders owning stakes in both.

Comcast would remain centered around broadband, wireless, business services, and entertainment platforms, backed by a network that reaches more than 65 million homes and businesses.

NBCUniversal, which will also include Sky, will house Universal’s film and TV studios, NBC, Telemundo, Peacock, Bravo, sports, news, and the company’s theme parks business.

Comcast said the standalone media company will have the scale, content library, and intellectual property needed to compete with leading streaming platforms.

Mike Cavanagh will become CEO of NBCUniversal, and former Comcast CFO Michael Angelakis will return as CEO of Comcast.

Comcast expects to retain up to a 19.9% stake in NBCUniversal for up to one year after the spin-off and plans to monetize that position over time in a tax-efficient manner. The company said both businesses are expected to have strong investment-grade balance sheets.

Shares of Comcast in pre-market trading soared 23% on the news, the largest intraday gain since the 24.5% gain on October 28, 2008. On the year, shares are down 17%, as of Friday’s close.

Goldman Sachs and PJT Partners are advising Comcast on the tax-free spin-off, with Davis Polk serving as legal counsel.