Morning brief · Friday, 31 July 2026

What moved overnight

0 rose · 0 fell · drawing from 158 live events
The big picture

30-year Treasury rate is 5.20%, up from 4.86% a month ago. "Revolut launch a USD stablecoin in 2026" cites that number in its own backing data, and its odds of happening rose 6 points, moving the same way. It now reads 51% NO. 2 of the 5 biggest movers sit in Europe, clustered together on the map: "English Premier League Champion Odds" (United Kingdom) and "Bev Craig win the greatest number of valid first preference votes in the 2026 Greater Man…" (United Kingdom).

Today’s map of events and conflicts that moved overnight→ Open the live interactive board Get this every morning Delivered to your inbox at 6:30, with the full archive, alerts, and the live board →

What the economy is doing

30-year Treasury rate Warning
5.20%
up from 4.86% a month ago, near its highest in the past year.
30-year Treasury rate is 5.20%, up from 4.86% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 5.17% (a trend estimate, not a forecast).

30-year Treasury rate is 5.20%, up from 4.86% a month ago, and near its highest in the past year.

Connects to: Revolut USD Stablecoin Launch Probability; Anthropic IPO Lead Bank Disagreement
Source: FRED
10-year Treasury rate Warning
4.67%
up from 4.38% a month ago, near its highest in the past year.
10-year Treasury rate is 4.67%, up from 4.38% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 4.69% (a trend estimate, not a forecast).

10-year Treasury rate is 4.67%, up from 4.38% a month ago, and near its highest in the past year.

Connects to: Revolut USD Stablecoin Launch Probability; Anthropic IPO Lead Bank Disagreement
Source: FRED
Consumer sentiment Warning
50
up from 45 a month ago, in the middle of its range for the past year.
Consumer sentiment is 50, up from 45 a month ago, and in the middle of its range for the past year. If the recent trend holds, next month it would be near 44 (a trend estimate, not a forecast).

Consumer sentiment is 50, up from 45 a month ago, and in the middle of its range for the past year.

Connects to: Greater Manchester Mayoral Election Most Votes
Source: FRED
Gas at the pump Watch
$4.10/gal
up from $3.91/gal a month ago, in the middle of its range for the past year.
Gas at the pump is $4.10/gal, up from $3.91/gal a month ago, and in the middle of its range for the past year. If the recent trend holds, next week it would be near $3.91/gal (a trend estimate, not a forecast).

Gas at the pump is $4.10/gal, up from $3.91/gal a month ago, and in the middle of its range for the past year.

Connects to: Greater Manchester Mayoral Election Most Votes
Source: FRED
People filing for unemployment Normal
197k
down from 216k a month ago, near its lowest in the past year.
People filing for unemployment is 197k, down from 216k a month ago, and near its lowest in the past year. If the recent trend holds, next week it would be near 189k (a trend estimate, not a forecast).

People filing for unemployment is 197k, down from 216k a month ago, and near its lowest in the past year.

Source: FRED
Yield curve (10yr minus 2yr) Caution
+0.45%
up from +0.30% a month ago, in the middle of its range for the past year.
Yield curve (10yr minus 2yr) is +0.45%, up from +0.30% a month ago, and in the middle of its range for the past year. If the recent trend holds, tomorrow it would be near +0.41% (a trend estimate, not a forecast).

Yield curve (10yr minus 2yr) is +0.45%, up from +0.30% a month ago, and in the middle of its range for the past year.

Connects to: Anthropic IPO Lead Bank Disagreement
Source: FRED
30-year mortgage rate Caution
6.66%
up from 6.49% a month ago, near its highest in the past year.
30-year mortgage rate is 6.66%, up from 6.49% a month ago, and near its highest in the past year. If the recent trend holds, next week it would be near 6.62% (a trend estimate, not a forecast).

30-year mortgage rate is 6.66%, up from 6.49% a month ago, and near its highest in the past year.

Source: FRED
Market volatility (VIX) Normal
17.1
up from 16.4 a month ago, in the middle of its range for the past year.
Market volatility (VIX) is 17.1, up from 16.4 a month ago, and in the middle of its range for the past year. If the recent trend holds, tomorrow it would be near 18.7 (a trend estimate, not a forecast).

Market volatility (VIX) is 17.1, up from 16.4 a month ago, and in the middle of its range for the past year.

Connects to: Revolut USD Stablecoin Launch Probability; Anthropic IPO Lead Bank Disagreement
Source: FRED

Today’s movers

🇺🇸 United States · Crypto

Revolut launch a USD stablecoin in 2026

51% NO · flat overnight
Revolut launch a USD stablecoin in 2026: drifting up, +8pp over 7d

In plain terms: the public’s money is close to a coin flip on whether this will not happen, and held steady overnight.

  • manifold 62% NO · flat overnight
  • polymarket 60% YES · flat overnight

The two platforms agree on a 28-29% probability of Revolut launching a US Dollar stablecoin in 2026, indicating a moderate level of market uncertainty and no clear consensus on the likelihood of this event occurring.

🇬🇧 United Kingdom · Sports

English Premier League Champion Odds

84% NO · flat overnight
English Premier League Champion Odds: drifting up, +7pp over 12d

In plain terms: the public’s money is leaning that this will not happen, and held steady overnight.

  • kalshi 84% NO · flat overnight

Both platforms agree on an 8% average probability of the champion being one specific team (Tottenham), with no other prices available, indicating a lack of market activity or interest in other teams.

🌐 Global · Other

2026 be the hottest year on record

62% NO · flat overnight
2026 be the hottest year on record: drifting up, +4pp over 19d

In plain terms: the public’s money is close to a coin flip on whether this will not happen, and held steady overnight.

  • manifold 68% NO · flat overnight
  • polymarket 56% NO · flat overnight

Markets pricing 35-36% odds that 2026 becomes the hottest year globally. The tight agreement across platforms suggests confidence in this baseline despite inherent uncertainty in annual temperature rankings and climate volatility.

🤖 Global Tech · Economics

Morgan Stanley or any of its underwriting affiliates serve as the lead underwriter in Ant…

60% NO · flat overnight
Morgan Stanley or any of its underwriting affi: swung to YES and back — now NO (2x)

In plain terms: the public’s money is close to a coin flip on whether this will not happen, and held steady overnight.

  • polymarket 60% NO · flat overnight

Kalshi and Polymarket disagree on Morgan Stanley's lead underwriter role, with a 7-point spread between 66% and 73%, indicating a nuanced market view on the bank's involvement.

🇬🇧 United Kingdom · Elections

Bev Craig win the greatest number of valid first preference votes in the 2026 Greater Man…

99% YES · flat overnight
Bev Craig win the greatest number of valid fir: drifting up, +9pp over 21d

In plain terms: the public’s money is very confident this will happen, and held steady overnight.

  • polymarket 99% YES · flat overnight

Polymarket prices Dan Barker at 0%, indicating no confidence in him winning the most votes, while Kalshi has no price listed, suggesting it's not currently tradable or priced out.

Active conflicts

● CONFLICT · since 2023-10

ISRAEL – GAZA

Hamas attack of 7 Oct 2023 followed by ongoing IDF operations in Gaza; ripples into Hezbollah / Houthi / Iran lanes.

  • Duration~1.5 years
  • Displaced~1.9M in Gaza (~85% of pop)
  • Reported deaths (Gaza MoH)~50K+
  • Reported deaths (Israel)~1,700
● CONFLICT · since 2022-02

RUSSIA – UKRAINE

Russian invasion that began Feb 2022; front lines largely static along the Donbas / Zaporizhzhia axis. Drives Brent, gas, grain, defense-stock pricing.

  • Duration~4 years
  • Displaced8M refugees · 5M internal
  • Estimated military casualties~700K combined
  • Civilian deaths reported~12K confirmed (UN OHCHR)
● CONFLICT · since 2023-04

SUDAN

SAF vs RSF civil war since April 2023. Khartoum + Darfur worst-hit. Off most newsfeeds — drives African food-aid and gold-flow markets.

  • Duration~2 years
  • Displaced~12M (largest displacement crisis globally)
  • Deaths estimated~150K+
● CONFLICT · since 2023-11

YEMEN / RED SEA

Houthi missile/drone attacks on Red Sea shipping diverting traffic around the Cape. Bumps WTI, shipping rates, supply-chain timing markets.

  • Duration of current escalation~1.5 years
  • Red Sea traffic drop~50% (Lloyd's List)
  • Confirmed vessel attacks~140+
● CONFLICT · since 2021-02

MYANMAR

Post-coup civil war between junta and PDF + ethnic armed organizations. Junta losing territory in Shan + Rakhine since late 2023.

  • Duration~5 years (since 2021 coup)
  • Displaced~3M+

Regional snapshot

AMERICAS0 rose 0 fell 1 flat
EUROPE0 rose 0 fell 2 flat
ASIA0 rose 0 fell 0 flat
MENA0 rose 0 fell 0 flat
AFRICA0 rose 0 fell 0 flat
CRYPTO0 rose 0 fell 0 flat