Assets

• Cross-assetToday's split tape: a US-Iran deal and the reopening of the Strait of Hormuz are pulling the war premium out of oil, while a more hawkish Fed under new Chair Kevin Warsh is repricing US rates higher. The result,…
• GoldGold: published research leans firmly bullish, with one notable dissent.
• SilverSilver is drawing a rare unified bullish call across published research this week, with both short-term traders and long-term strategists pointing higher.
• PlatinumPlatinum's long-term bull case is still intact, according to recently published research — even after the sharp pullback.
• CopperCopper has a rare thing right now: a unanimous bullish read across recently published research, all pointing higher on structural demand rather than any short-term catalyst.
• OilPublished research is leaning heavily bearish on crude, with the reopening of the Strait of Hormuz and the US–Iran ceasefire seen as the dominant catalysts.
• Natural gasNatural gas: published research is leaning bullish, citing both a tactical entry now and a structural demand story stretching to 2050.
• BitcoinBitcoin's outlook splits cleanly along time horizons, according to recently published research.
• US equitiesUS equities are pulling in two directions today, and the published research reflects that split clearly.
• European equitiesEuropean equity research is leaning cautious near-term, with one bright spot in the airline sector.
• US bondsTreasury yields look biased higher in the near term, but a real minority view says the move is almost done.
• EU bondsEuropean bond yields are drifting lower, but researchers warn that could flip fast if the Fed makes one specific move.
• EUR/USDPublished research is split on EUR/USD, and the disagreement is unusually clean.

Macro

• Macro themesTwo stories drove macro research today, and they're tangled together: a hawkish Fed pivot under new Chair Kevin Warsh, and a US-Iran deal that crashed oil prices — reshaping the inflation outlook in the process.