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Morning brief · Sunday, 26 July 2026

What moved overnight

0 rose · 0 fell · drawing from 147 live events
The big picture

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. 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 6 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). Otherwise the picture held: gas at the pump is $4.00/gal.

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 show whether people are keeping their jobs or losing employment.

Source: FRED
30-year Treasury rate Warning
5.17%
up from 4.94% a month ago, near its highest in the past year.
30-year Treasury rate is 5.17%, up from 4.94% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 5.16% (a trend estimate, not a forecast).

The 30-year Treasury rate at 5.17% directly affects mortgage rates and determines how expensive it is to borrow money for a house.

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 measures whether households believe they can afford to spend money on major purchases.

Connects to: North Carolina Senate Closest Race in 2026; New Hampshire Senate Margin of Victory; Matt Gaetz Vice Presidential Nominee Odds
Source: FRED
10-year Treasury rate Warning
4.71%
up from 4.50% a month ago, near its highest in the past year.
10-year Treasury rate is 4.71%, up from 4.50% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 4.67% (a trend estimate, not a forecast).

The 10-year Treasury rate at 4.71% reflects debt costs and can signal whether the government's fiscal situation is worsening.

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).

Mortgage rates at 6.58% determine the cost of borrowing to buy a house, directly affecting housing affordability.

Source: FRED
Market volatility (VIX) Normal
18.7
down from 19.5 a month ago, in the middle of its range for the past year.
Market volatility (VIX) is 18.7, down from 19.5 a month ago, and in the middle of its range for the past year. If the recent trend holds, tomorrow it would be near 18.5 (a trend estimate, not a forecast).

Market volatility at 18.7 measures how confident investors are in the stability of the stock market.

Source: FRED
Yield curve (10yr minus 2yr) Caution
+0.36%
up from +0.30% a month ago, in the middle of its range for the past year.
Yield curve (10yr minus 2yr) is +0.36%, 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 +0.35% (a trend estimate, not a forecast).

The yield curve at 0.36% between 10-year and 2-year rates shows whether bond investors expect economic conditions to worsen or improve.

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 prices at $4.00 per gallon affect household budgets and commuting costs.

Connects to: North Carolina Senate Closest Race in 2026; New Hampshire Senate Margin of Victory; Matt Gaetz Vice Presidential Nominee Odds
Source: FRED

Today’s movers

πŸ‡ΊπŸ‡Έ North Carolina · Elections

North Carolina Senate Closest Race in 2026

97% NO · flat overnight
North Carolina Senate Closest Race in 2026: drifting up, -4pp over 7d

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

  • polymarket 97% NO · flat overnight

Both platforms agree on an average probability of 11%, indicating a low confidence level among market participants regarding North Carolina's Senate race being the closest in 2026, with no significant price difference between them.

πŸ‡ΊπŸ‡Έ New Hampshire · Elections

New Hampshire Senate Margin of Victory

92% NO · flat overnight

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

  • polymarket 96% NO · flat overnight
  • kalshi 89% NO · flat overnight

Polymarket prices the event at 5%, indicating a slight chance of New Hampshire having the closest Senate race in 2026, with no price available on Kalshi for the margin of victory, suggesting uncertainty about specific outcomes.

πŸ‡ΊπŸ‡Έ United States · Health

Tulsi Gabbard Next Trump Cabinet Departure

69% NO · flat overnight

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

  • polymarket 69% NO · flat overnight

Polymarket prices Gabbard's exit before 2027 at 100%, suggesting near-certainty she'll leave first among Cabinet members. The perfect agreement across platforms indicates strong consensus, though 100% pricing may reflect low liquidity rather than genuine inevitability.

πŸ‡ΊπŸ‡Έ United States · Elections

Matt Gaetz Vice Presidential Nominee Odds

98% NO · flat overnight
Matt Gaetz Vice Presidential Nominee Odds: drifting up, +1pp over 20d

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

  • polymarket 96% NO · flat overnight
  • kalshi 99% NO · flat overnight

Both platforms agree on a 1% chance of Matt Gaetz being the Republican vice presidential nominee, indicating extremely low market confidence in this outcome.

πŸ‡«πŸ‡· France · Elections

French Presidential Election Runoff Qualifiers

81% NO · flat overnight

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

  • polymarket 81% NO · flat overnight

Both platforms agree on Jordan Bardella's 6% chance of advancing to the second round, indicating a low confidence level among market participants in his qualification prospects.

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 1 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