Markets are under pressure with equity futures and macro credit declining, bond yields rising, the USD increasing, and oil prices jumping after President Trump declared the ceasefire between the US and Iran to be over. As a result, S&P 500 futures slid 0.7% and Nasdaq futures slumped 1% due to the latest developments. The tech trade in Asia is mixed, with the Hang Seng Tech Index up 5% and the South Korean Kospi down 5.4%. The drawdown in momentum and AI infrastructure trade remains in focus, with the GS High Beta Momentum basket surpassing -20% over the past 5 days. Global price action is pointing towards "more of the same" with momentum tone-setters lower across the board, and Brent crude advanced 5% to around $78 a barrel. The Energy complex is leading commodities higher, while precious metals are being hit, and Treasury yields are up around 2-3bps across the curve. The USD is higher, and higher energy prices are feeding into inflation expectations, making the Fed minutes this afternoon more significant. The situation between the US and Iran has not materially changed, with neither side showing a desire for an extended conflict, but the path to durable peace now looks longer and more fragile. The release of the Fed's June meeting minutes takes on added significance, and the options market is signaling that investors may be overestimating how much the Fed will raise rates this year.