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Morning brief · Saturday, 18 July 2026

What moved overnight

0 rose · 0 fell · drawing from 165 live events
The big picture

On 2026-07-12 this brief named "Trump recognize Somaliland" at 35% YES. It has fallen to 7% since, a move of 28 points in 6 days. 4 of the 4 biggest movers sit in the Americas, clustered together on the map: "Argentina win the World Cup" (Argentina) and "Grüne Seats Mecklenburg-Vorpommern 2026" (United States) and "Count Binface get second place in the Clacton by-election" (United States) and "US Alien Existence Confirmation Before 2027" (United States). Gas at the pump is $3.85/gal, down from $4.15/gal a month ago. "Grüne Seats Mecklenburg-Vorpommern 2026" cites that number in its own backing data, and its odds of happening rose 7 points, moving the other way. It now reads 85% NO. Otherwise the picture held: market volatility (vix) is 16.7; 30-year mortgage rate is 6.55%.

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

Gas at the pump Normal
$3.85/gal
down from $4.15/gal a month ago, in the middle of its range for the past year.
Gas at the pump is $3.85/gal, down from $4.15/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 $3.61/gal (a trend estimate, not a forecast).

Gas prices affect what families pay when they fill up and influence election outcomes through pocketbook voting.

Connects to: Russia NATO Invasion Probability Disagreement; Grüne Seats Mecklenburg-Vorpommern 2026; U.S.-Iran Invasion Odds
Source: FRED
Consumer sentiment Warning
45
down from 50 a month ago, near its lowest in the past year.
Consumer sentiment is 45, down from 50 a month ago, and near its lowest in the past year. If the recent trend holds, next month it would be near 46 (a trend estimate, not a forecast).

When consumer sentiment falls, families pull back on spending and investing, signaling economic weakness ahead.

Connects to: Russia NATO Invasion Probability Disagreement; Grüne Seats Mecklenburg-Vorpommern 2026; U.S.-Iran Invasion Odds
Source: FRED
People filing for unemployment Normal
208k
down from 230k a month ago, in the middle of its range for the past year.
People filing for unemployment is 208k, down from 230k 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 212k (a trend estimate, not a forecast).

Fewer people filing for unemployment means companies are keeping workers on payroll, signaling steady employment and household income.

Source: FRED
30-year Treasury rate Warning
5.09%
up from 4.93% a month ago, near its highest in the past year.
30-year Treasury rate is 5.09%, up from 4.93% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 5.12% (a trend estimate, not a forecast).

This 30-year Treasury yield determines the interest rate families pay on 30-year mortgages, locking in decades of monthly housing costs.

Source: FRED
10-year Treasury rate Warning
4.57%
up from 4.43% a month ago, near its highest in the past year.
10-year Treasury rate is 4.57%, up from 4.43% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 4.60% (a trend estimate, not a forecast).

When this 10-year Treasury rate rises, the Federal Reserve typically follows by raising interest rates, which increases what families and businesses pay to borrow.

Source: FRED
Yield curve (10yr minus 2yr) Caution
+0.37%
up from +0.29% a month ago, in the middle of its range for the past year.
Yield curve (10yr minus 2yr) is +0.37%, up from +0.29% 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).

When long-term interest rates fall close to or below short-term rates, history shows a recession has followed within one to two years in most cases.

Source: FRED
Market volatility (VIX) Normal
16.7
up from 16.4 a month ago, in the middle of its range for the past year.
Market volatility (VIX) is 16.7, 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 16.5 (a trend estimate, not a forecast).

Market volatility measures how fearful traders are about the future; high levels typically accompany sharp market moves and economic uncertainty.

Source: FRED
30-year mortgage rate Caution
6.55%
about the same as a month ago, in the middle of its range for the past year.
30-year mortgage rate is 6.55%, about the same as 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 6.49% (a trend estimate, not a forecast).

This is the interest rate on 30-year mortgages; when it rises, homeownership becomes more expensive and housing demand declines.

Source: FRED

Today’s movers

🇷🇺 Russia · Politics

Russia NATO Invasion Probability Disagreement

86% NO · flat overnight
Russia NATO Invasion Probability Disagreement: drifting up, +1pp over 5d

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

  • polymarket 82% NO · flat overnight
  • manifold 90% NO · flat overnight

Manifold prices a 37% chance of Russian invasion, while Polymarket's related event is priced at 16%, indicating a significant disagreement between the two platforms on this probability estimate.

🇺🇸 United States · Elections

Grüne Seats Mecklenburg-Vorpommern 2026

88% NO · flat overnight
Grüne Seats Mecklenburg-Vorpommern 2026: drifting up, -1pp over 11d

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

  • kalshi 85% NO · flat overnight
  • polymarket 90% NO · flat overnight

Polymarket prices Grüne at 0% while Kalshi shows 70% for an unrelated Kosovan election—this appears to be a data matching error rather than genuine disagreement on the German regional race. Elevated gas prices and depressed consumer sentiment suggest headwinds for incumbent parti

🇮🇷 Iran · Politics

U.S.-Iran Invasion Odds

70% NO · flat overnight
U.S.-Iran Invasion Odds: drifting up, +14pp over 9d

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

  • polymarket 70% NO · flat overnight
  • manifold 70% NO · flat overnight

The two platforms agree on a 2-point spread, with Manifold slightly higher at 15%, indicating a slight divergence in their assessments of the invasion probability, which remains low overall at an average of 14%.

🇺🇸 United States · Elections

Count Binface get second place in the Clacton by-election

66% YES · flat overnight
Count Binface get second place in the Clacton : drifting up, +12pp over 10d

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

  • polymarket 66% YES · flat overnight

Kalshi (64%) and Polymarket (54%) disagree on the likelihood of Count Binface Party finishing second, with a 10-point spread indicating differing opinions on their chances rather than a clear mispricing.

🇺🇸 United States · Elections

Citrini Scenario Election Outcome

77% NO · flat overnight
Citrini Scenario Election Outcome: held NO — little movement

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

  • manifold 77% NO · flat overnight

The 28% average probability reflects a neutral market, with no clear consensus on the Citrini scenario's likelihood. The 0 percentage points spread between platforms indicates a lack of disagreement, suggesting a balanced market view.

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 3 flat
EUROPE0 rose 0 fell 1 flat
ASIA0 rose 0 fell 0 flat
MENA0 rose 0 fell 1 flat
AFRICA0 rose 0 fell 0 flat
CRYPTO0 rose 0 fell 0 flat