Notes in the Margin

Rising oil prices are "forcing reevaluations of previous assumptions about US inflation and the Federal Reserve's path for interest rates."

Hegseth boasted of the “death and destruction” in Iran as reports say US and Israeli airstrikes have killed over 1,000 Iranian civilians in just four days.

Yesterday, the White House said the war would last, at most, four weeks. Now it's eight. 

A detailed map of the road to regime change.

"It seems that victory for this aggressive tag team requires not only regime change in Iran, but replacing the regime with new leaders who are subservient to Israeli and American wishes."

"The meeting underscores the urgency felt in Washington to shore up weapons stocks after the Iran operation drew heavily on munitions..."

"While the Trump administration is calling for tanker protection, the U.S. Navy told shipping industry leaders that the sea service does not have naval availability to provide escorts."

Potential buyers are “still struggling,” and “renters are not participating in housing wealth.” The NAR characterized the current market as a crisis because, “the movement is not happening. Americans are stuck.”

"Mr Rubio said President Donald Trump was forced into a preemptive response after learning of an imminent Israeli attack."

The Iranians are sending their cheapest and oldest missiles first, to deplete the US' stock of interceptor missiles. Then Iran will send its newer, better missiles.