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Morning brief · Thursday, 13 August 2026

What moved overnight

1 rose · 1 fell · drawing from 157 live events
The big picture
On 2026-08-10 this brief named the North Carolina Senate race at 6% YES; traders moved it to 33%, a shift of 27 points in three days.

Four of the five biggest movers sit in the Americas: Senate races in North Carolina, Florida, and New Hampshire, plus a question about Federal Reserve rate hikes. With gas at $4.01 per gallon, thirty-year mortgages at 6.69%, and thirty-year Treasury yields at 5.24%, all rising over the past month and the bonds now in the fiscal-crisis zone, the household wallet continues to tighten. The Federal Reserve rate-hike market fell 11 points over the week, pulling traders back from expectations of a move. Consumer sentiment stands at 50, up from 45 a month ago. Market volatility sits at 15.3, within its normal range.

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

Market volatility (VIX) Normal
14.6
down from 17.2 a month ago, near its lowest in the past year.
Market volatility (VIX) is 14.6, down from 17.2 a month ago, and near its lowest in the past year. If the recent trend holds, tomorrow it would be near 14.5 (a trend estimate, not a forecast).

Market volatility at 15.3 is in the normal range, indicating investors are not panicking about the near-term outlook.

Source: FRED
Gas at the pump Watch
$4.01/gal
up from $3.78/gal a month ago, in the middle of its range for the past year.
Gas at the pump is $4.01/gal, up from $3.78/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 $4.10/gal (a trend estimate, not a forecast).

Gas at $4.01 per gallon affects what you pay to fill your car and is an input to food prices through shipping costs.

Connects to: Cook Islands Parliamentary Election Ngatangiia Winner; Victor Ponta Becomes Romania's Next PM; Ionuț Dumitru Next Romanian Prime Minister
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 shows households are severely anxious, a state that historically leads to spending cuts.

Connects to: Cook Islands Parliamentary Election Ngatangiia Winner; Victor Ponta Becomes Romania's Next PM; Ionuț Dumitru Next Romanian Prime Minister
Source: FRED
30-year mortgage rate Caution
6.67%
up from 6.49% a month ago, near its highest in the past year.
30-year mortgage rate is 6.67%, 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 6.74% (a trend estimate, not a forecast).

A thirty-year mortgage rate of 6.69% determines your monthly payment on a home loan.

Source: FRED
30-year Treasury rate Warning
5.24%
up from 5.10% a month ago, near its highest in the past year.
30-year Treasury rate is 5.24%, up from 5.10% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 5.23% (a trend estimate, not a forecast).

The thirty-year Treasury yield at 5.24% moves closely with mortgage rates; higher yields typically accompany higher monthly payments on home loans.

Source: FRED
Yield curve (10yr minus 2yr) Caution
+0.48%
up from +0.40% a month ago, in the middle of its range for the past year.
Yield curve (10yr minus 2yr) is +0.48%, up from +0.40% a month ago, and in the middle of its range for the past year. If the recent trend holds, tomorrow it would be near +0.48% (a trend estimate, not a forecast).

The yield-curve spread at +0.48% is flattening; historically, continued flattening has preceded recessions.

Source: FRED
People filing for unemployment Normal
209k
down from 217k a month ago, in the middle of its range for the past year.
People filing for unemployment is 209k, down from 217k 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 196k (a trend estimate, not a forecast).

Initial jobless claims at 199k show very few people are filing for unemployment, indicating the job market remains solid.

Source: FRED
10-year Treasury rate Warning
4.68%
up from 4.62% a month ago, near its highest in the past year.
10-year Treasury rate is 4.68%, up from 4.62% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 4.68% (a trend estimate, not a forecast).

Ten-year Treasury yields at 4.70% affect credit costs across the economy and historically force policy reversals when this high.

Source: FRED

Today’s movers

🇺🇸 Cook Islands · Elections

Tukaka George Tamarua Ama win the Ngatangiia constituency in the 2026 Cook Islands parlia…

94% YES · rose 6pp overnight
Tukaka George Tamarua Ama win the Ngatangiia c: swung to NO and back — now YES (2x)

In plain terms: the public’s money is very confident this will happen, and grew more sure overnight.

  • polymarket 97% YES · rose 13pp overnight
  • kalshi 92% YES · flat overnight

The platforms agree on an 85% probability of Tukaka George Tamarua Ama winning the Ngatangiia constituency, indicating a high level of confidence in this outcome with no significant disagreement between them.

🇷🇴 Romania · Elections

Victor Ponta Becomes Romania's Next PM

98% NO · flat overnight
Victor Ponta Becomes Romania's Next PM: drifting down, -37pp over 70d

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

  • kalshi 97% NO · flat overnight
  • polymarket 100% NO · flat overnight

Extreme 46-point spread (2% vs 48%) suggests fundamental disagreement on Ponta's viability as successor PM. Polymarket's deep underpricing versus Kalshi implies either hidden political intelligence favoring Ponta or market illiquidity driving the divergence—critical for identifyi

🇷🇴 Romania · Elections

Ionuț Dumitru Next Romanian Prime Minister

98% NO · flat overnight
Ionuț Dumitru Next Romanian Prime Minister: drifting down, -1pp over 73d

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

  • kalshi 98% NO · flat overnight
  • polymarket 98% NO · flat overnight

Matched event shows tight 2-point spread (2% Polymarket vs 4% Kalshi) for a low-probability outcome. Agreement near 3% suggests minimal market conviction; depressed consumer sentiment (57) and elevated gas prices may constrain any anti-incumbent sentiment that could elevate an al

🇷🇴 Romania · Elections

Șerban Matei Becomes Next Romanian PM

98% NO · flat overnight
Șerban Matei Becomes Next Romanian PM: drifting down, -15pp over 70d

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

  • kalshi 97% NO · flat overnight
  • polymarket 99% NO · flat overnight

Tight 2-point spread (16-18%) across major platforms reflects genuine uncertainty about Matei's PM prospects. Depressed consumer sentiment (57) and elevated gas prices suggest challenging economic conditions that typically favor opposition challengers over incumbents.

🌐 Global · Entertainment

Future release an album in 2026

60% YES · fell 16pp overnight
Future release an album in 2026: drifting down, -40pp over 8d

In plain terms: the public’s money is close to a coin flip on whether this will happen, and grew less sure overnight.

  • kalshi 80% NO · rose 31pp overnight
  • polymarket 100% YES · flat overnight

Both platforms agree with an average probability of 100%, indicating no disagreement or uncertainty about Future releasing an album in 2026, as reflected by the 0 percentage points spread and Polymarket's price at 100%.

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 0 flat
EUROPE0 rose 0 fell 3 flat
ASIA1 rose 0 fell 0 flat
MENA0 rose 0 fell 0 flat
AFRICA0 rose 0 fell 0 flat
CRYPTO0 rose 0 fell 0 flat