Coffee's on. Parliament is waiting on Thursday's session to settle al-Zaidi's cabinet, with Sunni–Shiite differences still holding up a final deal. Parliamentary Finance says the budget needs two weeks of recalculation because of the rate change, and the Finance Minister is leaning into the partnership with the IMF. In markets, a hot CPI sends rate-hike odds and bond yields flying, the MOVE index creator warns a 6% 20-year could set off a convexity vortex, and Bank of America takes a $1.2 billion fine for money-laundering and sanctions violations. In Hormuz, a burning container ship went down as the IRGC claims 5 or 6 ships hit every night, and Saudi Arabia plans a massive pipeline expansion to route around the strait. Plus Starlink speed caps over Kiev's refinery strikes, Zelensky losing early warnings, and a wake that went very wrong. Here's the drop.
Iraq & the Dinar
- Parliament waits on Thursday's session to settle al-Zaidi's cabinet as Sunni and Shiite differences hold up a final agreement — Kurdistan24 (Arabic)
- Two weeks to recalculate the budget: Parliamentary Finance lays out the fallout from the exchange rate change — Al-Maalomah (Arabic)
- Finance Minister stresses the importance of the partnership with the IMF in supporting reform efforts — Nina News
Money & Markets
- “Flashing red”: rate-hike odds and bond yields explode higher after a hotter-than-expected CPI — ZeroHedge
- “The nightmare scenario”: MOVE creator Bassman warns the 20-year at 6% could unleash a “convexity vortex” — ZeroHedge
- US hits Bank of America with a $1.2 billion fine, saying it violated money-laundering and sanctions laws — ABC News
- France is imploding, energy is surging… and markets aren't panicking. Yet. — ZeroHedge
Oil, Energy & the Wider Board
- Burning container ship sinks in the Strait of Hormuz as the IRGC claims “5 or 6” vessels targeted nightly — ZeroHedge
- Saudi Arabia plans to bypass Hormuz with a massive expansion of its oil pipeline — ZeroHedge
Around the World
- SpaceX reportedly caps Starlink speed as Kiev defies Trump's calls to halt refinery strikes — ZeroHedge
- Zelensky confirms a second night with no early strike warning from partners — ZeroHedge
- Shock video: family finds their daughter alive in her coffin during the wake — ZeroHedge
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