Overall comments & body language of Trump indicate his Iran war & ceasefire ‘fun’ may continue till at least the Nov. '26 US midterm election. Ahead of the Oct '26 general election in Israel, PM Netanyahu and other hardliners may not allow Iran to have a favorable deal with the US, which may portray a ‘stronger Iran.' Trump may now be seeking to ‘take over’ the SOH from Iran’s control, something that Iran may not agree to at all. In mid-June 2026, the US and Iran have taken a notable step toward de-escalation with the signing of a 60-day Memorandum of Understanding (Islamabad MOU) that extends an earlier April ceasefire formally by another 60 days. This interim accord aims to reopen ‘fully’ the Strait of Hormuz (SOH) to commercial shipping, provide temporary sanctions relief to Iran, and establish a framework for negotiations on Iran’s nuclear program and broader regional issues. The fragile ceasefire between the US/Israel and Iran seems to be crumbling after Iran...

June NFP headline job additions were primarily dragged down by leisure & hospitality due to front-loading in April & May ahead of the FIFA World Cup. The increase in multiple jobholders (including agro) is almost equivalent to the decrease in the number of employed persons (Jan '25-June '26) due to labor force contraction and skill mismatches. If the labor force participation rate now stays around 62.6% (2024) levels instead of 61.9% (2026), the headline unemployment rate would be ~5.0% instead of 4.3% on average. Fresh US job creations are subdued due to Trump policy uncertainty despite the so-called perceived narrative of ‘Make in USA’ and AI/construction boosts. The Fed will be in wait-and-watch mode till Dec '26 amid transitory hotter inflation and a softer employment situation in the economy, which may affect US consumer spending going forward.  On July 2, 2026, the focus of the market was on the US NFP/BLS job report for June '26 and the overall employment...