2026-06-11
Trump vows Iranian oil seizure. FISA expires Saturday. Inflation hits three-year high.
Good afternoon. Iran and the US traded strikes this week. Trump claims the next move is his. Congress meantime forgot to renew a surveillance law.
Lunch Brief
US will take "total control" of Iranian production "in the not too distant future," Trump said. Tehran called recent strikes a ceasefire that's now "meaningless." Both sides measuring what the other will tolerate next.
The call happened. Trump said so. Details remain sparse, naturally.
Section 702 surveillance authority set to expire Saturday. House rejected a short-term extension Thursday. The standoff involves Trump's decision to name Bill Pulte to a post. Result: no extension, no surveillance authority past Friday night.
At 7:47 a.m. ET, index futures climbed as latest US-Iran strikes concluded quickly. Markets preferred short war to long one.
Temporary extension fell well short of passage. Saturday is the deadline. Congress created the crisis, then Congress walked away from fixing it.
US-Israeli strikes degraded Iran's state apparatus. The clerical regime survived. Anti-regime opposition failed to seize the moment. Result: weakened state, no revolutionary opening.
Producer prices spiked to 6.5%. Fed may still pause rate hikes anyway.
Appeared in Myanmar court on murder charges. American diplomat found dead in Yangon hotel two weeks ago. Case still unfolding.
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"Standard noise. Calibrate accordingly."
"The wire took a breath. Don't get used to it."
Congress let the surveillance law expire while the President talked about seizing oil.
Back at 6:00 PM ET with the night owl brief.