Authored by Hasan Illaik via The Cradle,

In his interview with CNN on July 9th, US President Joe Biden announced that “we are still far away” from reaching agreements to normalize Saudi-Israeli relations, establish a Saudi civilian nuclear program, and a Washington guarantee for Saudi security.

What Biden revealed was based primarily on his feedback from a June 7th after-midnight meeting held in Jeddah between Saudi Crown Prince Mohammed bin Salman (MbS) and US Secretary of State Antony Blinken.

During their tete-a-tete, the two men spent an hour and forty minutes discussing various issues of mutual interest. But the first goal of the meeting was to improve US-Saudi relations, which have not yet reverted to pre-2018 levels when the US accused MbS of masterminding the assassination of journalist Jamal Khashoggi.

New US ‘rules’ on engaging with Saudis

US Ambassador to Riyadh Michael Ratney is the policy architect leading the charge to improve bilateral relations. Sources familiar with the contents of Saudi diplomatic reports tell The Cradle that Ratney has previously sent the US State Department a set of “rules” which he believes will help improve relations between his country and Saudi Arabia. 

The first of these rules is to stop targeting MbS personally. There is a longstanding Saudi tradition of zero tolerance for disparagement of the country’s ruler, whoever he may be, by any external state. Ratney noted that while MbS can live with US criticism of Saudi politics, he will not tolerate criticism of him personally because he sees it as an attempt to undermine his rule and destroy his image. The US ambassador made clear that continued attacks on bin Salman will hinder the improvement of relations between Washington and Riyadh. 

Ratney’s second rule is to change the way US officials communicate with the crown prince. American envoys have typically been very reserved when holding talks with the Saudi rulers (king or crown prince), not delving into the details of vital issues, which they reserve for discussions with ministers and advisers. Ratney advised that discussions with MbS should be detailed and that US proposals should be clear.

Blinken came to Saudi Arabia having adopted his ambassador’s recommendations. In his meeting with MbS, he outlined the issues clearly. The Cradle reviewed part of the content of their discussions pertaining to two US policies: the project to normalize Israeli-Saudi relations, and Washington’s desire to thwart improved ties between Riyadh and Damascus.

The American demands were direct: We want a normalization agreement between you and Israel; your rapprochement with the Syrian regime is useless at this stage.

‘No’ to normalization with Tel Aviv

According to The Cradle’s Arab and western diplomatic sources, Blinken asked his host: “Why don’t you do with Israel what you did with Iran?”

MbS’ response was equally direct. On the issue of a ‘peace agreement’ with Israel, he replied with three points, which Blinken later reported were unclear in terms of their order of importance: 

First, the Saudi crown prince clarified that King Salman bin Abdulaziz still opposes an agreement with Tel Aviv. Second, MbS reported that fruitful communication continues between Saudi and Israeli authorities – such as allowing the passage of civilian aircraft into Saudi airspace and lifting the ban on Israeli players in international sporting events – with the following caveat: 

“But these contacts will not soon lead to a peace agreement and normalization. We remain committed to the Arab Peace Initiative (the 2001 Beirut Summit Initiative), which is to grant the Palestinians an independent State in exchange for a comprehensive peace. Israel has treated the Abraham Accords as an incentive to ignore the Palestinians and undermine the foundations of the peace process with the Palestinians, rather than seeing them as an opportunity to enhance the chances of reaching a lasting peace. The Israeli government is approving more settlement projects, compounding the obstacles to any future solution.”

Therefore, from MbS’ perspective, Saudi Arabia has yet to see a reason to abandon its own Arab peace initiative. Third,  the sources say, the Saudi crown prince asked his American guest: 

“Why should we give you an agreement with Israel? For what? You refuse our having a peaceful nuclear project. Since your administration came to power, you have revoked the Houthi designation as a terrorist organization. You are demanding a reduction in the price of oil to the detriment of our interests. So why do you expect us to give you a peace agreement with Israel? We are ready to go even beyond normalization with Israel, and achieve regional integration for Tel Aviv, but only if it serves the interests of our country.”

MbS: ‘We will invest in Syria’

On Syria, MbS stressed two things in his discussion with Blinken. The first was Saudi Arabia’s direct security interest. He said that the illicit flow of drugs to the kingdom is a threat to the security of its people: 

“This is one of our priorities. We know as well as you that the number one source of Captagon is Syrian territory. You have issued a special law to combat the export of Captagon from Syria, and you have considered that the smuggling of this drug harms the interests of the United States. We believe that a solution to this crisis is not possible without communication and coordination with the Syrian government. In this sense, we see it as in our interest to improve our relationship with the Syrian government.”

MbS’ second point addressed future Saudi investments in Syria, which Washington seeks to prevent in order to uphold and deepen its economic siege on the country. The Cradle’s diplomatic sources say Blinken was told point blank: 

“The war that was aimed at toppling Syrian President Bashar al-Assad is over. You know our orientation to ensure stability throughout the region. We are ready to invest in Syria to prove to the Syrian people who secure their interests and the prosperity of their country. This is beneficial to regional stability, as it will weaken non-Arab forces in Syria,”  – a possible reference to Iran, Turkiye, and Russia.

Sources familiar with the content of US-Saudi meetings say that Saudi officials no longer use anti-Iranian rhetoric in their meetings since the signing of the Beijing-brokered Iran-Saudi rapprochement agreement on 10 March, 2023. 

Brilliant & devastating critique of US sanctions on #Syria

By @frrodriguezc
Professor at @josefkorbel School at @UofDenver https://t.co/JKroMcvsPq pic.twitter.com/NJDYHsxA4c

— Joshua Landis (@joshua_landis) July 10, 2023

US-Saudi differences magnified

On both issues – normalization with Israel and reconciliation with Syria – Blinken had clear points of disagreement with MbS. The US secretary of state reiterated that his country still believes in a two-state solution for Israel and Palestine, rejects plans to expand settlements in the West Bank, and continues to seek a solution to the conflict while upholding Israel’s security needs. 

Blinken pointed out that the Biden administration is pressuring the government of Israeli Prime Minister Benjamin Netanyahu, citing the US president’s refusal to receive him in the White House since his return to power. And he has praised the Saudi advances with Israel, pointing out that these must be strengthened in order to reach a peace agreement ultimately. 

Regarding Syria, Blinken stressed that any openness to Assad means granting him a pass on all the crimes that he has committed, and strengthens Iran’s position in Syria. Opening up to Damascus without a political solution, he argued, makes the Syrian government, and behind it, Iran and Russia, more intransigent in the face of its opponents. 

US pressure will continue

But Blinken did not hesitate to put his own spin on his private discussion with MbS two days after the meeting, again pushing the issue of Saudi-Israeli normalization, this time in public: “We will continue to work  for it to push it in the coming days, weeks and months.” In saying so, he eliminates any deadlines for when this could happen, just as Biden did in his CNN interview.

Regardless of what MbS relayed to Blinken, it appears that Washington will continue to pressure its allies to reach normalization agreements with Israel, a policy crafted to isolate Palestinians and their demands for a just, negotiated solution.

The US will also continue to seek to tighten its devastating economic blockade of Syria in order to prevent the government in Damascus from extending its authority over all of its territory, to obstruct the post-war reconstruction of the country, or to force Syria to change its strategic direction. Despite the war’s end, Washington still hopes to extract concessions from Syria that it could not force through military means. 

It appears, however, that these US policies do not line up with MbS’s current ambitions and vision of Saudi interests, particularly given the monumental geopolitical shifts taking place both in West Asia and the rest of the world. 

But do not mistake this for a Saudi rebellion against US decisions. While Washington wants a comprehensive agreement for normalization and peace quickly, MbS is merely slowing the process down, demanding high prices for any concessions. At the same time, he has granted Israel liberties in various fields, free of charge, in a way that guarantees him protection from US pressure on the one hand, and on the other hand, continued Israeli support for him in US decision-making circles.

Disney’s $4.05 billion acquisition of the once venerated Lucasfilm in 2012 was initially seen as a potential goldmine for the company that would bring them billions in revenues for decades to come.  However, much like their ill fated acquisition of 21st Century Fox, Disney made a host of errors in the handling of their newfound creative properties.  The primary error being that they did not care about the franchises they were purchasing.  

Disney thought that in buying Lucasfilm they were actually buying the fandom that comes with it, but you can’t buy the fans and force them to consume your poorly written fodder, as much as corporations surely wish they could.  This same stunted manner of thinking was also revealed to be a driving force behind Amazon’s conquest of the Lord Of The Rings properties – The idea that if you build it, no matter how terrible it is, the fans will come watch it because they are simpering cattle.  

Well, this didn’t turn out to be true for Amazon or Disney because they weren’t actually buying a fandom, they were taking on the stewardship of beloved classic characters.  And once a company mistreats those characters, either out of stupidity, lack of talent or because they have a political agenda, the fans are out the door along with their precious box office cash.  

Disney’s next mistake was putting a rabid feminist like Kathleen Kennedy at the helm of some of the biggest franchises in Hollywood history.  Kennedy is perhaps best known as Steven Spielberg’s coffee girl, a secretary that he himself noted was not very good at her job.  Somehow, she managed to weasel her way into assistant producing in her 20s (who knows what she did to climb the ladder so quickly).  

Looking at her production credits people might think Kennedy is incredibly accomplished, but few if any of her successes occurred without a major director like Spielberg closely monitoring and controlling each project.  And once she was truly on her own, the bombs started rolling in.  

The latest and perhaps greatest failure by Kennedy is ironically the last franchise IP that Lucasfilm had yet to ruin:  Indiana Jones.

Disney’s Indiana Jones And The Dial Of Destiny was clearly a forced scheme to bring back a favored male hero and replace him with a narcissistic female protagonist that spouts woke rhetoric.  It’s the same formula Disney and Lucasfilm have been using with every major reboot for the past several years.  But now, it’s beginning to cost them…

Dial Of Destiny has generated a dismal box office of around $250 million, and Disney needs a projected $900 million just to break even (this includes marketing costs).  The movie is now on track to becoming one of Disney’s worst flops of all time.  

The massive initial cost of making the film ($300 million) crippled Lucasfilm’s chances from the very beginning.  The inclusion of notorious woke activist Phoebe Waller-Bridge as the actress slated to take the reins of the franchise didn’t help matters.

Based on serial TV shows and pulp comics from the 1940s and 1950s, the appeal of George Lucas’ Indiana Jones movies was that they brought men’s adventure stories to life on the big screen.  Indiana Jones is an archetype of the courageous explorer willing to take risks in the pursuit of discovery, all while defeating the bad guys and getting the girl along the way.  It wins with audiences because the premise is simple and the characters are well written.  

The best way to destroy such a successful formula is by complicating it with personal politics, as well as putting a feminist in charge of a man’s fantasy tale.       

The rise of woke marketing and agenda based storytelling in Hollywood hit its peak early, with 2016 being the “coming out party” year for far-left ideology in films.  Hollywood has always been annoyingly progressive in their messaging, but they were usually kept in check by the business side of movie making.  Bringing in the box office meant keeping your politics to yourself, to a point. But, by 2016 production companies apparently determined that they now cared more about asserting their cultism than making profits.

Both American and foreign audiences have caught up to the game, and this has resulted in 2023 becoming one of the worst seasons for big studio films in recent memory. In the meantime, the establishment media continues to pretend as if they don’t know why this is happening.  They no longer have covid lockdowns to blame for poor theatrical showings and are scrambling to come up with a rationale.  

The reason is, of course, easy to see for everyone outside of Southern California and the corporate media – Get woke, go broke.  They’ll never admit it, but they also can’t hide it.  The epic fail of Dial Of Destiny might just signal the final death knell for woke Hollywood.     

A Kentucky man has unearthed an astounding cache of Civil War-era gold coins from a cornfield on his farm. Among the hundreds are a type of coin that has sold at auction for more than $100,000 — and there are about eighteen of them.  

While the extraordinarily lucky man’s identity and the location of his property are still under wraps, his find has been certified by the Numismatic Guaranty Company (NGC), which describes itself as “the world’s largest and most trusted third-party grading service for coins, tokens and medals.” The treasure heap has become an instant numismatic legend, christened as “The Great Kentucky Hoard.”

“The importance of this discovery cannot be overstated, as the stunning number of over 700 gold dollars represents a virtual time capsule of Civil War-era coinage, including coins from the elusive Dahlonega Mint,” says rare coin dealer Jeff Garrett, who was tapped to study the coins… 

“Finding one mint condition 1863 Double Eagle would be an important numismatic event. Finding nearly a roll of superb examples is hard to comprehend.”

In a very short video posted to GovMint.com‘s YouTube channel, a breathless man can be heard marveling at the wealth of real money that had been trapped in the soil for a century and a half, saying, “This is the most insane thing ever. These are all $1 gold coins, $20 gold coins, $10 gold coins and, look, I’m still digging them out.”

The hoard “includes a group of finest-known 1863 Double Eagles and hundreds of US Gold Dollars dated 1850 to 1862, as well as a small number of silver coins. Several interesting varieties and errors were also discovered,” says NGC in their detailed description of the hoard.

Coins from the hoard are being prepared for sale, with GovMint.com tapped as the middleman. Here’s how the firm summarizes the hoard at a dedicated web page promoting the offering:

This Hoard consists of U.S. Gold Dollars in Type I, Type II and Type III with the date range of 1854-1862. The Gold Dollars make up 95% of this hoard. Also found are about twenty $10 Liberty’s with a date range of 1840-1862, and eight $20 Libertys dated between 1857 and 1862. But—likely the most amazing discovery in this hoard is about eighteen 1863-P $20 Gold Liberty coins, one of the rarest dates in the $20 Liberty series! This is a coin that often commands a six-figure price. 

This should be good for metal detector sales. 

Via SchiffGold.com,

In the wake of Western sanctions on Russia after the invasion of Ukraine, many central banks are bringing their gold home for safekeeping, according to an Invesco survey of central banks and sovereign wealth funds.

Many central banks and sovereign wealth funds hold their gold reserves in overseas vaults in London and other Western nations, but there is a growing gold repatriation trend due to concerns about sanctions and security.

Eighty-five percent of the 85 sovereign wealth funds and 57 central banks surveyed indicated they think price inflation will be higher in the next decade than the last.

They also expressed concern about growing geopolitical tensions and the trajectory of the US dollar. As a result, central bankers and sovereign wealth fund managers are “fundamentally” rethinking their strategies.

Nearly 80% of the 142 institutions surveyed cited geopolitical tensions as the biggest risk over the next decade. Eighty-three percent cited inflation as a concern over the next 12 months.

“The funds and the central banks are now trying to get to grips with higher inflation,” Invesco head of official institutions Rod Ringrow who oversaw the survey said.

“It’s a big sea of change.”

Gold is perceived as a good bet in that environment.

Central banks and sovereign wealth funds have always included gold in their asset mix, and over the last several years, many central banks have been adding more gold to their reserves. According to the 2023 Central Bank Gold Reserve Survey released by the World Gold Council, 24% of central banks plan to further increase gold reserves in the next 12 months. Seventy-one percent of central banks surveyed believe the overall level of global reserves will increase in the next 12 months. That was a 10-point increase over last year.

But according to the Invesco survey, a “substantial share” of central banks expressed concern about how the US and other Western countries froze almost half of Russia’s $650 billion gold and forex reserves. As a result, 68% of the banks surveyed said they are keeping their gold reserve within their country’s borders. This was up from 50% in 2020.

One central bank official, who was quoted anonymously, said, “We did have it [gold] held in London… but now we’ve transferred it back to our country to hold as a safe haven asset and to keep it safe.”

Invesco head of official institutions Rod Ringrow oversaw the survey and said the anonymous central banker reflected a widely-held view.

‘If it’s my gold then I want it in my country,’ has been the mantra we have seen in the last year or so.”

A number of countries have publicly repatriated their gold reserves over the last decade.

In 2019, Poland brought home 100 tons of gold. When he announced the move, National Bank of Poland Governor Adam Glapiński told reporters, “The gold symbolizes the strength of the country.”

Hungary and Romania also repatriated some of their gold reserves around that same time period.

In the summer of 2017, Germany completed a project to bring half of its gold reserves back inside its borders. The country moved some $31 billion worth of the yellow metal back to Germany from vaults in England, France and the US. In 2015, Australia launched efforts to bring half of its reserves home. The Netherlands and Belgium have also initiated repatriation programs.

Gold repatriation underscores the importance of holding physical gold where you can easily access it. Gold-backed exchange-traded funds (ETFs) and “paper gold” have their place. But true security and stability come from the physical possession of precious metals. If you can’t hold it in your hand, you don’t really possess it. That’s exactly why these countries are bringing their gold home — to keep it safe within their own vaults.

The cooler-than-expected CPI print was all the doves and bulls needed today and while the odds of a July hike were unchanged (pretty much a lock), expectations for Fed rate changes for the rest of the year dropped notably, erasing the hawkish shift after the strong GDP revision at the end of June…

Source: Bloomberg

Curvature’s all-knowing STIRs guru, Scott Skyrm noted the following:

Fed officials say there are two 25 basis point tightenings left on the table. The market is only pricing one, with about a 20% change of a second.

The market is pricing an 89% of a tightening on July 26 and expects fed funds to peak at 5.38% in November.

Given that the weak CPI number didn’t even move the needle on the July rate hike, it means the real question is whether the last rate hike occurs in September or November or not.

Equities loved it “because this means The Fed is almost done” – seemingly forgetting that the cost of capital is still 500bps higher than it was (at least) and The Fed is adamant that it won’t be cutting any time soon. Small Caps and Nasdaq were the biggest gainers today as The Dow lagged…

The short-squeeze continues with the ‘most shorted’ basket up a stunning 19% in the last 10 days…

Source: Bloomberg

Which has helped send ‘Meme Stocks’ up 15% in the last 10 days… is that really what The Fed wants?

Source: Bloomberg

Un-profitable tech stocks are up 13% in the last 4 days… The Magnificent-Seven stocks are flat…

Source: Bloomberg

It wasn’t just stocks that were panic-bid, Treasuries surged with yields plunging across the curve (with the short-end outperforming – 3Y -17bps, 30Y -6bps). On the week, the belly has seen the biggest decline in yields (but the long-end is still down 10bps)…

Source: Bloomberg

The 2Y yield is perhaps the most notable since it ran the stops above the pre-SVB yield highs and was unable to hold above 5.00%, it is now down 40bps from its highs

Source: Bloomberg

The yield curve (5s30s) steepened notably today – pushing back up to un-inverting…

Source: Bloomberg

The dollar puked today – its biggest daily drop since Jan 2023 – down for the 4th straight day (the biggest 4-day drop for the dollar since Nov 2022). The Bloomberg Dollar Index is at its lowest since April 2022…

Source: Bloomberg

Dollar’ losses are Euro’s gains – which closed at its highest since March 2022 – completely decoupled from its macro data…

Source: Bloomberg

Bitcoin was pumped (up near $31k) and dumped…

Source: Bloomberg

Oil continued its rebound with WTI trading above $76 – the highest since the first day of May…

Gold also extended its recent gains, topping $1960 (futs) today – the highest in 3 weeks…

Finally, this is probably nothing, right?

Source: Bloomberg

When did credit traders know anything anyway?

Authored by Steve Watson via Summit News,

The Biden administration has issued a statement outlining its opposition to a provision within the latest military spending bill that would require promotions within the military to be based only on merit, rather than on completely unrelated aspects such as gender and race.

The statement from the Office of Management and Budget (OMB) reads “The Administration strongly opposes the House’s sweeping attempts (sections 364, 523, 566, 595, 596, 598, 904, and 1046) to eliminate the Department’s longstanding DEIA efforts and related initiatives to promote a cohesive and inclusive force.”

“As articulated in the 2022 NDS, one of the Department’s top priorities is building a resilient Joint Force and defense enterprise,” it adds, by which it means filling the military with LGBTQ+ people like ‘Admiral’ Rachel Levine and Major Rachel Jones.

The statement continues, “DoD’s strategic advantage in a complex global security environment is the diverse and dynamic talent pool from which we draw. We rely on diverse perspectives, experiences, and skillsets to remain a global leader, deter war, and keep our nation secure.”

It then argues that only promoting people based on merit will somehow diminish the DoD’s ability to maintain “a dignified, respectful, and safe workplace.”

“Legislation that reduces DoD’s ability to create a positive work environment and fully leverage the best our nation has to offer puts the Department at a strategic disadvantage,” the statement claims.

Surely promoting the people who are best at their jobs and the most professional within the military makes the nation more secure? No?

.@RepJimBanks: “It’s incredibly dangerous that the Biden administration is opposed to merit based promotions. When our service members are in life or death situations, we need the best leaders, period.” https://t.co/hBQrUZTKDV

— Kristina Wong 🇺🇸 (@kristina_wong) July 11, 2023

“Shorthand for ‘diversity, equity, and inclusion,’ DEI is a poisonous ideology that’s dismissive of merit and discriminates based on characteristics such as skin color and sexual orientation.”

Biden’s woke DEI agenda has no place in our military.https://t.co/uFODrwcfGF

— Brian Babin (@RepBrianBabin) July 11, 2023

There is no place for wokeness in our military! pic.twitter.com/LDnZ7nTjsA

— Jim Banks (@RepJimBanks) July 11, 2023

GOP Rep. Jim Banks is behind the push to eliminate the DEI madness from the military, noting that he also added a provision to defund the Navy’s ‘Drag Queen program’.

We are using the NDAA to get rid of wokeness at the Pentagon!

-slashing DEI pay
-requiring merit-based promotions
-eliminating chief diversity officer
-reinstating servicemembers who didn’t take COVID vax
-defunding Navy Drag Queen program
-banning CRThttps://t.co/xFmparyvsl

— Jim Banks (@RepJimBanks) July 11, 2023

Rep. Banks also added a provision into the spending bill that would see unvaccinated service members reinstated, and guess what… the Biden administration also opposes that.

NEW: The White House is taking issue with Republican-led provisions in the FY24 NDAA. @RepJimBanks says admin’s opposition to reinstating unvaxxed service members “is nothing more than an attempt to punish religious people and conservatives.”https://t.co/eE5icZEvnJ

— Kelly Laco (@kelly_laco) July 11, 2023

Tells you everything you need to know about the Biden admin…https://t.co/uSs6U1T1lh

— Jim Banks (@RepJimBanks) July 11, 2023

As we have previously highlighted, the Biden administration is OBSESSED with pushing the DEI agenda in every department of government to the point where they are hiring mentally ill people just because they are transgender or LGBTQ+:

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

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Authored by Jack Phillips via The Epoch Times (emphasis ours),

A top financial services company downgraded Fox Corporation’s stock on Monday, noting issues with the network’s viewership, earnings, and content.

An analyst with Wells Fargo downgraded shares of Fox Corp. from “equal weight” to “underweight,” lowering the price target from $35 per share to $31 per share, according to multiple reports on Monday.

“Fox News is the FOXA cash cow at [around] 80 percent of our FY24E EBITDA,” Steven Cahall, with Wells Fargo, wrote, referring to the acronym for earnings before interest, taxes, depreciation, and amortization. “Viewership is down -19% Jan-June’23 vs Jan-June’21 due to cord cutting and/or programming.”

Mr. Cahall added that “more worryingly, Fox News was 52 percent of cable news primetime viewership for 2020-22, 51 percent in Jan’23, and that has slid to a low of 38 percent in June’23 post-TC,” reported Investing.com. “[Fox News’] share of conservative news viewers has fallen from 94 percent to 84 percent.”

Fox News is worth about $11 billion, or about five times its earnings before interest, depreciation, and amortization (EBITDA), he wrote. That’s down from a previous estimate of six times, he said, noting that there are worries of a “structural decline” in overall cable news viewership across the board due to cord-cutting and demographics.

Other issues cited by Mr. Cahall included talent departure and increasing competition. “We are also not convinced that cable news works well in streaming, so our 8 percent view on annual cord-cutting presents ongoing earnings risks,” he said, Seeking Alpha reported.

There are also broader industry challenges ahead for Fox Corporation, the analyst said.

“Fox gets about 50 percent of fiscal year 2023 and 2024 estimated revenue from U.S. affiliate fees—among the highest in our media coverage universe,” Mr. Cahall pointed out. “We estimate 7-8 percent cord-cutting, with a downside bias.”

And he warned: “Fox Cable could soon go ex-growth on EBITDA like we’ve seen for peer linear nets. TV has better topline growth, but less ability to reduce costs due to sports rights.”

A few days after Mr. Carlson’s exit, Morgan Stanley on May 4 dropped its target price on Fox Corporation from $39.00 to $37.00 at the time.

It comes more than two months after the departure of popular host Tucker Carlson, which was confirmed by Fox News in a news release in late April. No reasons have been publicly given for his exit from the company.

Fox News has filled Mr. Carlson’s former timeslot at 8 p.m. ET with a program dubbed, “Fox News Tonight,” which has used a rotating cast of Fox News hosts. The program has drawn far fewer viewers than what Mr. Carlson had brought in, according to Nielsen ratings.

Late last month, Fox News said it would launch a new primetime lineup on July 17 that will include Jesse Watters during the 8 p.m. ET timeslot. Other changes include moving Laura Ingraham’s show to 7 p.m. and Greg Gutfeld to the 10 p.m. slot, while Sean Hannity will keep his 9 p.m. program.

“FOX News Channel has been America’s destination for news and analysis for more than 21 years and we are thrilled to debut a new lineup. The unique perspectives of Laura Ingraham, Jesse Watters, Sean Hannity, and Greg Gutfeld will ensure our viewers have access to unrivaled coverage from our best-in-class team for years to come,” Fox News Channel CEO Suzanne Scott announced.

Mr. Cahall’s note signaled that “while the new primetime lineup could drive a rebound, we think Fox News is a Show Me viewership story,” according to reports.

After the Wells Fargo downgrade, Fox shares were slightly lower during Monday trading.

Read more here…

The head of Russia’s Foreign Intelligence Service (SVR), Sergei Naryshkin, revealed Wednesday that in the days after Wagner Group’s short-lived uprising he held a phone call with CIA director William Burns. While the CIA has remained quiet on its contents, the Russian top spy had a very interesting outlook.

Naryshkin said that June 23-24 mutiny had been but a “pretext” for Burns’ call. The Russian spy chief’s comments suggest the call was more focused on back-channel dialogue or negotiation among nuclear-armed superpowers, focused on the Ukraine crisis.

“I think it was more of a pretext because the main part of the conversation was focused on discussing issues and events related to Ukraine,” he said. “We were thinking, discussing what to do about Ukraine,” Naryshkin said of the hour-long conversation with Burns.

While Biden has previously held to a “nothing about Ukraine without Ukraine” policy – the call and recent high level behind the scenes contacts suggest secret negotiations could be happening, despite all the latest public escalations such as Washington sending Kiev cluster bombs.

Both sides at the very least seem to be acknowledging the ‘proxy war’ nature of the conflict, which reached 500 days last Saturday.

The New York Times had first revealed Burns’ call to the Kremlin at the end of June, detailing that:

William J. Burns, the C.I.A. director, called the leader of Russia’s foreign intelligence service after last week’s rebellion to assure the Kremlin that the United States had no involvement in it, according to a U.S. official.

Mr. Burns called Sergei Naryshkin, the leader of Russia’s foreign intelligence service, which is known as the S.V.R., said the official, who was briefed on the call and spoke on condition of anonymity to discuss intelligence matters. The two men have met at least once before, in Turkey, to discuss concerns over the threat of nuclear escalation in Russia’s war in Ukraine.

But as for that Turkey meeting, the US has continued to insist it is not “negotiating” with the Russian side.

The CIA has meanwhile remained mum on the call to Naryshkin, as well as in the wake of the Russian spy director’s latest comments characterizing the talks.

After a stellar 3Y auction yesterday, today – just hours after the clearly dovish CPI print sent yields tumbling – we got a sale of $32BN in benchmark 10Y paper. Perhaps because of the sharp spike in prices and lack of concessions, the auction was not as strong as it could have been but it was still rather impressive.

Stopping at a high yield of 3.857%, the auction priced 6.6bps above last month’s, and was the highest going back to March when the yield rose to 3.985%; the auction also tailed the When Issued 3.847% by 1 basis point – this was the 5th consecutive tail for a 10Y auction, and the 17th tailing auction of the past 21.

While there may have been some headline weakness, it was nowhere to be seen at the bid to cover level, which rose to 2.53 from 2.36 in June and the highest since February; it was also well above the recent average of 2.45.

The internals were also impressive with Indirects awarded 67.7, the highest since February’s record 79.5%, well above last month’s 62.3% and well above the recent average of 66.9%. And with Directs awarded 19.9%, the exact same as last month, Dealers were left with 12.4%, the lowest since Feb and one of the lowest on record.

Overall, this was an impressive auction, and despite the modest tail the result of a sharp drop in yields, the internals were stellar across the board.

Authored by Felix Ng via CoinTelegraph.com,

The recent tsunami of spot Bitcoin exchange-traded fund (ETF) filings should be seen as a “moment of validation” for Bitcoin, says Grayscale Investments CEO Michael Sonnenshein.

During a July 12 interview on CNBC’s Last Call, Sonnenshein rejected the notion that BlackRock’s entrance to the Bitcoin ETF race made it “uncool.”

“To see, literally, the largest asset manager in the world publicly commit to advancing their crypto efforts only lends to the validity of the asset class and the staying power it has.”

In just the last four weeks, at least seven major institutional firms, including BlackRock, have applied for a spot Bitcoin ETF in the United States.

“It’s a moment of validation,” says @Grayscale CEO @Sonnenshein on $BLK aiming to launch a $BTC spot ETF. “To see the largest asset manager in the world publicly commit to advancing their crypto efforts only lends validity to the asset class and the staying power that it has.” pic.twitter.com/agt7emHWt0

— Last Call (@LastCallCNBC) July 11, 2023

If approved, both institutional and retail investors in the U.S. would have a simple, legally compliant way of getting exposure to the price of Bitcoin without actually owning any.

“The ETF wrapper is tried and true, and it has become the access point for so many different assets, whether they’re commodities or stocks,” said Sonnenshein.

“Bitcoin is an asset that’s not going away. Investors want and deserve access to it.”

Until this point, Sonnenshein’s Grayscale has been offering U.S. investors a roundabout way of gaining exposure to Bitcoin — enabling investors to trade shares in trusts holding large pools of Bitcoin via its Grayscale Bitcoin Trust (GBTC).

Today, our attorneys filed a letter with the DC Circuit highlighting the disparity between the SEC’s approval of a leveraged #bitcoin futures ETF while continuing to deny approval of spot bitcoin ETFs like $GBTC. Let’s dive deeper. 🧵/6 pic.twitter.com/z7WyGBthhT

— Grayscale (@Grayscale) July 10, 2023

However, the firm wants to convert it to a spot Bitcoin ETF too, which would allow inventors a far simpler method to trade the price of Bitcoin without GBTC’s pesky discount to net asset value. 

“To be able to give investors Bitcoin exposure through GBTC, like we do today, has been an unbelievable milestone […] But moving to an ETF structure will give investors the additional protection that they want.”

GBTC’s discount to NAV is now at its smallest in a year…

In June 2022, Grayscale filed a lawsuit against the United States Securities and Exchange Commission over the rejection of its 2021 application to convert its GBTC.

“If we’re successful in that challenge, there’s actually billions of dollars of investor capital that would be unlocked through that,” said Sonnenshein.

The price of Bitcoin shot upward of 20% in the days after BlackRock’s filing for a spot Bitcoin ETF on June 15, reaching a year-high of $31,460 on July 6. At the time of writing, t trades at $30,633.