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Israel and Iran agreed to halt attacks on each other Monday. Netanyahu says Israel will respond if Tehran fires again. A day after the worst exchange since April. The truce is a phone call deep. BBG
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Israel was set to hit Tehran when Trump called Netanyahu and told him to stand down. Jets were reportedly already prepped for takeoff. One call turned the planes around. ToI
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WTI fell to about $89.40 overnight as the supply scare eased. The Strait of Hormuz is still not reopened. The premium leaves fast. The risk does not. Reuters
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The Nasdaq rose 0.86% Monday as chips bounced back. Micron jumped about 10% after dropping 13% Friday. Two sessions, one round trip. CNBC
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May CPI lands Wednesday. The CME FedWatch tool now puts the odds of a Fed rate hike by December near 43%, up from cut bets at the start of the year. The conversation flipped from cuts to hikes. CNBC
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The 10-year Treasury yield held near 4.56% after Friday's 172,000-job payrolls beat. The 2-year sits at 4.16%. Strong jobs, sticky yields, no cuts in sight. WSJ
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The House is set to vote this week on the $70 billion ICE and Border Patrol bill, which could send it to Trump's desk. Jeffries says Democrats are a hard no. The Senate passed it; the House holds the clock. CNBC
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Trump said he warned Netanyahu that Israel would be “on its own” if it kept striking Iran. He said five mediating nations asked him to step in. The leverage was the alliance itself. ToI
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Italy's Intesa Sanpaolo bid 30.6 billion euros for Monte dei Paschi, the world's oldest bank, a day after Banco BPM made its own offer. A bidding war over a bank founded in 1472. Reuters
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Yemen's Houthis fired at Israel during the flare-up and warned they would target Israel-linked ships in the Red Sea. The truce covers Iran. It does not cover everyone. AP
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