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Morning brief · Saturday, 01 August 2026

What moved overnight

1 rose · 2 fell · drawing from 111 live events
The big picture

"Republicans Win Idaho Senate 2026" crossed the 50% line to NO today. The market now reads 93% NO, having moved 81 points across the window. 30-year Treasury rate is 5.21%, up from 4.91% a month ago. "Trump Cabinet Departure Odds" cites that number in its own backing data, and its odds of happening fell 14 points, moving the other way. It now reads 92% NO. On 2026-07-22 this brief named "CLARITY Act signed into law in 2026" at 47% YES. It has fallen to 24% since, a move of 23 points in 10 days.

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
5.21%
up from 4.91% a month ago, near its highest in the past year.
30-year Treasury rate is 5.21%, up from 4.91% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 5.20% (a trend estimate, not a forecast).

The 30-year Treasury rate tracks government borrowing costs; when it rises to 5.21%, mortgage rates follow, making home loans significantly more expensive.

Connects to: Trump Cabinet Departure Odds
Source: FRED
10-year Treasury rate Warning
4.68%
up from 4.44% a month ago, near its highest in the past year.
10-year Treasury rate is 4.68%, up from 4.44% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 4.70% (a trend estimate, not a forecast).

The 10-year Treasury rate signals investor confidence in the government's finances; when it rises, borrowing costs climb across the economy.

Connects to: Trump Cabinet Departure Odds
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 at 50 is depressed; when households lose confidence, they cut spending on homes and cars, which slows job creation.

Connects to: Republicans Win Idaho Senate 2026; North Carolina Senate Closest Race in 2026; Gianni Infantino FIFA Presidency Odds
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 $4.10 per gallon directly drains household budgets; historically, elevated gas prices have preceded declines in public approval.

Connects to: Republicans Win Idaho Senate 2026; North Carolina Senate Closest Race in 2026; Gianni Infantino FIFA Presidency Odds
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).

Jobless claims at 197,000 show employers are still hiring and retaining workers, supporting household income and job security.

Source: FRED
Yield curve (10yr minus 2yr) Caution
+0.47%
up from +0.31% a month ago, in the middle of its range for the past year.
Yield curve (10yr minus 2yr) is +0.47%, up from +0.31% a month ago, and in the middle of its range for the past year. If the recent trend holds, tomorrow it would be near +0.45% (a trend estimate, not a forecast).

A yield curve spread of 0.47% shows the economy still expanding; when this spread inverts, it has historically preceded recessions.

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).

At 6.66%, mortgage rates directly determine how much house a family can afford and what they'll pay monthly.

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 at 17.1 shows normal investor fear; higher readings would signal stock market turbulence that affects retirement savings and financial-sector jobs.

Connects to: Trump Cabinet Departure Odds
Source: FRED

Today’s movers

πŸ‡ΊπŸ‡Έ Idaho · Elections

Republicans Win Idaho Senate 2026

93% NO · flat overnight
Republicans Win Idaho Senate 2026: was YES, crossed to NO Aug 1

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

Kalshi prices Republican victory at 84% vs Polymarket's 92%β€”an unusual 8-point gap for a heavily Republican state. Depressed consumer sentiment and elevated gas prices create macro headwinds that could suppress GOP turnout, explaining Kalshi's more conservative estimate despite I

πŸ‡ΊπŸ‡Έ North Carolina · Elections

North Carolina Senate Closest Race in 2026

94% NO · rose 19pp overnight
North Carolina Senate Closest Race in 2026: drifting up, -4pp over 13d

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

  • kalshi 90% NO · rose 38pp 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 United States · Politics

Gianni Infantino FIFA Presidency Odds

64% NO · fell 17pp overnight

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

  • manifold 67% NO · fell 18pp overnight
  • polymarket 61% NO · fell 16pp overnight

Manifold (15%) and polymarket (24%) disagree by 9 percentage points on Infantino's ousting as FIFA President, indicating differing opinions on the likelihood of his removal before December 31.

πŸ‡ΊπŸ‡Έ United States · Crypto

Trump Cabinet Departure Odds

92% NO · flat overnight
Trump Cabinet Departure Odds: drifting down, -44pp over 19d

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

  • polymarket 96% NO · flat overnight
  • kalshi 88% NO · rose 0pp overnight

Polymarket and Kalshi agree on Robert F. Kennedy Jr.'s departure odds at 36-38%, a 2-point spread indicating moderate consensus among traders, but no clear favorite to leave the cabinet next.

πŸ‡ΊπŸ‡Έ United States · Elections

Republican VP Nominee 2028 Agreement

68% NO · flat overnight
Republican VP Nominee 2028 Agreement: drifting down, +14pp over 40d

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

  • polymarket 68% NO · flat overnight

The platforms agree on Marco Rubio's probability at 29%, indicating no significant disagreement or bias between them, and suggesting a relatively low level of confidence in his nomination.

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

AMERICAS3 rose 0 fell 2 flat
EUROPE0 rose 0 fell 0 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