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Morning brief · Friday, 24 July 2026

What moved overnight

0 rose · 0 fell · drawing from 120 live events
The big picture

On 2026-07-20 this brief named "Cook Islands Party win the most seats in the 2026 Cook Islands parliamentary elections" at 86% YES. It has fallen to 49% since, a move of 36 points in 4 days. 4 of the 5 biggest movers sit in the Americas, clustered together on the map: "Fed Rate Hike by July 2026 Meeting?" (United States) and "Clarity Act Signed Into Law by End of 2026" (United States) and "Count Binface get second place in the Clacton by-election" (United States) and "Cook Islands Party win the most seats in the 2026 Cook Islands parliamentary elections" (United States). Consumer sentiment is 45, down from 50 a month ago. "Count Binface get second place in the Clacton by-election" cites that number in its own backing data, and its odds of happening rose 8 points, moving the other way. It now reads 70% YES. Otherwise the picture held: gas at the pump is $4.00/gal; yield curve (10yr minus 2yr) is +0.34%.

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

People filing for unemployment Normal
187k
down from 227k a month ago, near its lowest in the past year.
People filing for unemployment is 187k, down from 227k a month ago, and near its lowest in the past year. If the recent trend holds, next week it would be near 195k (a trend estimate, not a forecast).

Jobless claims of 187,000 near yearly lows mean employers are hiring constantly, so finding and keeping a job is easier.

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).

Consumer sentiment at 45 near yearly lows shows households reluctant to spend, which weakens business sales and the economy.

Connects to: Clacton By-election 2nd Place Disagreement; Cook Islands Parliamentary Election Winner
Source: FRED
30-year Treasury rate Warning
5.15%
up from 4.95% a month ago, near its highest in the past year.
30-year Treasury rate is 5.15%, up from 4.95% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 5.14% (a trend estimate, not a forecast).

The 30-year Treasury yield at 5.15% directly affects the mortgage rates banks offer you on a home loan.

Connects to: Fed Rate Hike by July 2026 Meeting?
Source: FRED
10-year Treasury rate Warning
4.67%
up from 4.51% a month ago, near its highest in the past year.
10-year Treasury rate is 4.67%, up from 4.51% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 4.64% (a trend estimate, not a forecast).

10-year Treasury rate is 4.67%, up from 4.51% a month ago, and near its highest in the past year.

Connects to: Fed Rate Hike by July 2026 Meeting?
Source: FRED
30-year mortgage rate Caution
6.58%
up from 6.47% a month ago, in the middle of its range for the past year.
30-year mortgage rate is 6.58%, up from 6.47% 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 6.55% (a trend estimate, not a forecast).

The 30-year mortgage rate at 6.58% directly determines what your monthly payment will be if you borrow to buy a home.

Source: FRED
Market volatility (VIX) Normal
16.6
down from 17.3 a month ago, in the middle of its range for the past year.
Market volatility (VIX) is 16.6, down from 17.3 a month ago, and in the middle of its range for the past year. If the recent trend holds, tomorrow it would be near 18.0 (a trend estimate, not a forecast).

Market volatility at 16.6 measures how afraid investors are; higher readings mean stock prices fluctuate sharply within days.

Source: FRED
Gas at the pump Watch
$4.00/gal
down from $4.05/gal a month ago, in the middle of its range for the past year.
Gas at the pump is $4.00/gal, down from $4.05/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 $3.74/gal (a trend estimate, not a forecast).

Gas at $4.00 a gallon is money spent weekly on transportation, leaving less for other purchases.

Connects to: Clacton By-election 2nd Place Disagreement; Cook Islands Parliamentary Election Winner
Source: FRED
Yield curve (10yr minus 2yr) Caution
+0.34%
about the same as a month ago, near its lowest in the past year.
Yield curve (10yr minus 2yr) is +0.34%, about the same as a month ago, and near its lowest in the past year. If the recent trend holds, tomorrow it would be near +0.36% (a trend estimate, not a forecast).

The yield curve spread at 0.34% measures the difference between long-term and short-term borrowing costs; watch for when it shrinks.

Connects to: Fed Rate Hike by July 2026 Meeting?
Source: FRED

Today’s movers

πŸ‡ΊπŸ‡Έ United States · Economics

Fed Rate Hike by July 2026 Meeting?

81% NO · flat overnight
Fed Rate Hike by July 2026 Meeting?: drifting down, -0pp over 9d

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

  • manifold 89% NO · flat overnight
  • polymarket 73% NO · flat overnight

Manifold and polymarket agree on a 21-22% probability of a rate hike at the July 2026 FOMC meeting, indicating moderate market consensus with no clear bias towards higher or lower odds.

πŸ‡ΊπŸ‡Έ United States · Other

Clarity Act Signed Into Law by End of 2026

63% NO · flat overnight
Clarity Act Signed Into Law by End of 2026: was YES, crossed to NO Jun 23

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 64% NO · flat overnight

This event tracks whether the Clarity Act receives presidential signature by December 31, 2026. The tight 1-point spread across major platforms (60-62%) suggests genuine uncertainty about legislative passage and timing, with modest consensus leaning toward passage.

πŸ‡ΊπŸ‡Έ United States · Elections

Count Binface get second place in the Clacton by-election

70% YES · flat overnight
Count Binface get second place in the Clacton : drifting down, +10pp over 15d

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

  • kalshi 68% YES · flat overnight
  • polymarket 72% 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.

πŸ›’οΈ Strait of Hormuz · Other

Strait of Hormuz traffic returns to normal by December 31

52% NO · flat overnight
Strait of Hormuz traffic returns to normal by : drifting down, -34pp over 13d

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

  • manifold 53% NO · flat overnight
  • polymarket 50% NO · flat overnight

Polymarket and Manifold agree on an average probability of 83%, with a 2-point spread between their prices, indicating moderate consensus among traders that traffic will return to normal by the end of the year.

πŸ‡ΊπŸ‡Έ United States · Elections

Cook Islands Party win the most seats in the 2026 Cook Islands parliamentary elections

51% NO · flat overnight
Cook Islands Party win the most seats in the 2: drifting down, -26pp over 6d

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

  • kalshi 92% NO · flat overnight
  • polymarket 90% YES · flat overnight

The platforms agree on an 86% probability of one party winning the most seats, indicating a high level of confidence in the outcome but no clear consensus on which party will emerge victorious.

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 Β· 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 β€” 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 4 flat
EUROPE0 rose 0 fell 0 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