...FWIW, Trump's mission failed to rid Iran's future ability to progress its nuclear programme, which it now says it will continue. In fact it now emboldens Iran to pursue a nuclear weapon as it ditches negotiation and obligations under agreement.
...Trump made it a less safer world, though he claims otherwise. US strike had limited impact on Iran’s nuclear program: NYT
Timothy Moore
The impact of the US bombing of Iran’s nuclear facilities over the weekend had a far more limited impact according to a preliminary US intelligence assessment than President Donald Trump’s claims. The New York Times reported on its website on Wednesday AEST that the bombings “sealed off the entrances to two of the facilities but did not collapse their underground buildings”.
The result is that Iran’s nuclear program was “set back” by only a few months, the newspaper reported.
“Before the attack, US intelligence agencies had said that if Iran tried to rush to making a bomb, it would take about three months,” the Times said. “After the US bombing run and days of attacks by the Israeli Air Force, the report by the Defence Intelligence Agency estimated that the program was delayed less than six months.”
CNN first reported on the early assessment of the bombing. ABC also confirmed CNN’s report. The White House disputed the reports.
...the war has waned but not stopped although limited to between Israel and Iran. Markets have moved on and went into Melt Up mode following the ceasefire with Dow up +507pts, S&P500 +1.11% to 6092 and Nasdaq clipped a new all time high +1.43% to 19,912.
...Gold down -$45 or -1.36% to $3323 but recovered from a$3295 low, gold stocks pulled back GDX -2.35% GDXJ -1.94%
...Oil stocks sharply lower, XLE -1.3%, Exxon -3%, Chevron -2.2%, Occidental -3.34%, ConocoPhillips -2.53%
...with the Middle Eastern war now closer to the backburner, the tariff wars re-surfaces.
..and on the economic front Powell reiterates Fed’s wait-and-see approach
The New York Times
Jerome Powell, chairman of the Federal Reserve, reaffirmed his view that the central bank can afford to be patient before cutting interest rates amid uncertainty about how President Donald Trump’s policies will impact the economy, despite a growing divide among officials about when and by how much to lower borrowing costs.
Powell, who testified before the House Financial Services Committee on Tuesday (Wednesday AEST), said that the Fed was in no rush to take any policy action given that the labour market remains solid, inflation is still elevated and price pressures appear poised to intensify as a result of Trump’s tariffs.
“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said, echoing a similar message sent last week after the Fed voted to hold rates steady for a fourth straight meeting.
“It’s just a question about being prudent and careful,” he added during one exchange with a lawmaker. “We don’t see weakness in the labour market. If we did, that would change things.”
His remarks come as notable fissures between officials at the central bank have begun to emerge as Trump has stepped up a pressure campaign on Powell to slash borrowing costs immediately and by a significant amount.
4 hrs ago – 4.34AM US consumer confidence hit on economic clouds
Bloomberg
US consumer confidence unexpectedly declined in June, underscoring lingering anxiety about the potential impacts on the economy and job market from higher US import duties.
The Conference Board’s gauge of confidence decreased 5.4 points to 93, data showed. The figure was below all estimates in a Bloomberg survey of economists.
