Global Daily: The Great Repression

US equities closed higher on Friday, the Dollar fell and Treasuries bull-steepened as markets extended the risk rally sparked by the Israel-Iran ceasefire. The NASDAQ and S&P500 both reset record highs. The latter is now up almost 5% for the year after being flat YTD as recently as the final week of May. Equity futures point higher again today on anticipation that this week could see Trump’s One Big Beautiful Bill clear Congress, and trade deals concluded with India and Japan.