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Morning brief · Tuesday, 25 August 2026

What moved overnight

0 rose · 0 fell · drawing from 103 live events
The big picture
The market's price on "The Opportunities Party elected in 2026 New Zealand election" has risen 14 points over the past month, down 5 of that in the past week, one of the clearest sustained moves on the board.

It now reads 53% YES. On 2026-08-20 this brief named "The margin of victory for Democrats in the U.S. Senate election in North Carolina be at l…" at 36% YES. It has fallen to 6% since, a move of 30 points in 5 days. 2 of the 5 biggest movers sit in the Americas, clustered together on the map: "North Carolina Senate Margin of Victory Disagreement" (North Carolina) and "2026 Men's US Open Winner Odds" (United States). The month-long backdrop is unchanged: borrowing costs, mortgage rates and gas at the pump are still pressing on the wallet. Otherwise the picture held: people filing for unemployment is 206k.

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
15.8
down from 18.6 a month ago, near its lowest in the past year.
Market volatility (VIX) is 15.8, down from 18.6 a month ago, and near its lowest in the past year. If the recent trend holds, tomorrow it would be near 15.8 (a trend estimate, not a forecast).

VIX at 15.1 is normal, indicating investors see stable market conditions in the near term.

Connects to: Discord IPO Timeline
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 severely depressed, signaling the spending contraction that dampens job growth.

Connects to: Republicans Win Florida Senate 2026; Osnabrück Mayoral Election Winner; Sean Duffy Trump Cabinet Exit Odds
Source: FRED
30-year Treasury rate Warning
5.27%
up from 5.15% a month ago, near its highest in the past year.
30-year Treasury rate is 5.27%, up from 5.15% a month ago, and near its highest in the past year. If the recent trend holds, tomorrow it would be near 5.25% (a trend estimate, not a forecast).

Thirty-year rates at 5.27% are at fiscal crisis levels where mortgage rates spike and housing demand freezes.

Connects to: Discord IPO Timeline
Source: FRED
Yield curve (10yr minus 2yr) Caution
+0.46%
up from +0.36% a month ago, in the middle of its range for the past year.
Yield curve (10yr minus 2yr) is +0.46%, up from +0.36% a month ago, and in the middle of its range for the past year. If the recent trend holds, tomorrow it would be near +0.49% (a trend estimate, not a forecast).

Yield curve at 0.46% is flattening toward inversion, which traders watch as a key signal of economic cycles.

Connects to: Discord IPO Timeline
Source: FRED
30-year mortgage rate Caution
6.65%
up from 6.55% a month ago, near its highest in the past year.
30-year mortgage rate is 6.65%, up from 6.55% a month ago, and near its highest in the past year. If the recent trend holds, next week it would be near 6.75% (a trend estimate, not a forecast).

Mortgage rates at 6.65% are high, resulting in significant suppression of housing demand.

Source: FRED
Gas at the pump Watch
$4.08/gal
up from $4.00/gal a month ago, in the middle of its range for the past year.
Gas at the pump is $4.08/gal, up from $4.00/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 $4.16/gal (a trend estimate, not a forecast).

Gas at $4.05 is elevated and historically correlates with voter approval declines that affect elections.

Connects to: Republicans Win Florida Senate 2026; Osnabrück Mayoral Election Winner; Sean Duffy Trump Cabinet Exit Odds
Source: FRED
10-year Treasury rate Warning
4.74%
up from 4.67% a month ago, near its highest in the past year.
10-year Treasury rate is 4.74%, up from 4.67% 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).

Ten-year rates at 4.74% create the bond vigilante pressure that has historically forced policy reversals.

Connects to: Discord IPO Timeline
Source: FRED
People filing for unemployment Normal
206k
down from 209k a month ago, in the middle of its range for the past year.
People filing for unemployment is 206k, down from 209k 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 200k (a trend estimate, not a forecast).

Jobless claims at 206,000 are healthy, showing employment remains stable.

Source: FRED

Today’s movers

🇺🇸 Florida · Elections

Republicans Win Florida Senate 2026

88% NO · flat overnight
Republicans Win Florida Senate 2026: was YES, crossed to NO Aug 25

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

  • polymarket 91% NO · flat overnight
  • kalshi 84% NO · flat overnight

Polymarket and Kalshi converge on Republican dominance (80-84%) despite macro headwinds. The tight 4-point spread signals high confidence in outcome, though elevated gas prices and depressed consumer sentiment present latent downside risk to incumbent-party performance.

🌐 Global · Economics

Discord file for an IPO before 2027

60% YES · flat overnight
Discord file for an IPO before 2027: drifting down, -19pp over 5d

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

  • polymarket 72% NO · flat overnight
  • manifold 93% YES · flat overnight

Manifold and Polymarket disagree by 33 percentage points, with Manifold pricing a 96% chance of an IPO before 2027, while Polymarket estimates a 63% chance, indicating a significant divergence in market expectations.

🌐 Global · Elections

Katharina Pötter win the next Osnabrück mayoral election

73% YES · flat overnight
Katharina Pötter win the next Osnabrück mayora: drifting up, +17pp over 21d

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

  • polymarket 73% YES · flat overnight

The platforms agree on Katharina Pötter's chances at 55%, indicating a neutral market view with no clear bias towards her or any other candidate, given the 0 percentage points spread.

🤖 Global Tech · Tech

Apple release a foldable iPhone before 2027

90% YES · flat overnight
Apple release a foldable iPhone before 2027: drifting down, +1pp over 18d

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

  • polymarket 92% YES · flat overnight
  • manifold 88% YES · flat overnight

The platforms agree on an average probability of 89%, with a 0 percentage points spread indicating no disagreement between manifold and polymarket prices, suggesting a high level of confidence in the predicted timeline.

🇺🇸 United States · Politics

Sean Duffy Trump Cabinet Exit Odds

97% NO · flat overnight
Sean Duffy Trump Cabinet Exit Odds: held NO — little movement

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

  • polymarket 98% NO · flat overnight
  • kalshi 96% NO · flat overnight

Both platforms agree on a 2% chance of Sean Duffy being the next person to leave the Trump Cabinet, indicating low confidence in this event occurring. The identical prices across platforms suggest a shared assessment of his likelihood of departure.

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 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