Mike, I want to bring you in. Just on the latest that we heard from Stuart and from the Federal Reserve with regards to these minutes. The Treasury two year yield pairs declined after the FOMC minutes came out.The majority saw inflation risk outweighing employment risk. Several members flagged the risk of inflation expectations on anchoring. Several said current rate may not be far above neutral and several expected companies would pass tariffs to consumers.What is your instant reaction to these minutes. We ...

>> GOOD MORNING, THIS IS HORIZONS MIDDLE EAST & AFRICA. BUSINESS AS USUAL. THE FED KEEPS RATES UNCHANGED, CITING INFLATION RISK, BUT TWO GOVERNORS VOTE AGAINST THE DECISION IN FAVOR OF MAKING A CUP, THE FIRST GLOBAL DISSENT IN OVER THREE DECADES.PRESIDENT TRUMP HIT SOUTH KOREA WITH 15% TARIFFS. INDIA WILL FACE A 5% RATE PLUS A BIT HIGHER OVER RUSSIAN ENERGY PURPOSES. CANADA HAS BECOME THE LATEST G7 NATION PLANNING ON RECOGNIZING A PALESTINIAN STATE IN SEPTEMBER, A MOVE QUICKLY REJECTED BY ISRAEL.I AM JOUMAN ...

Core Viewpoint - The article discusses the precarious state of the U.S. economy, highlighting the impact of fluctuating trade policies and the potential risks that could lead to a recession, despite recent employment growth and stable unemployment rates [1][2]. Group 1: Economic Indicators - In May, the U.S. added 139,000 jobs, with the unemployment rate remaining stable between 4% and 4.2% over the past year [1]. - Consumer debt delinquency rates have been rising for a year, raising concerns about the financial health of low-income borrowers and potential impacts on consumer spending [5]. Group 2: Major Risks - The article identifies three significant risks that could lead to severe consequences for the economy: 1. The fragile balance in the labor market, where companies are hesitant to lay off employees but are also not hiring, which could lead to a sudden spike in unemployment if demand weakens [4][5]. 2. A potential decline in consumer spending due to rising costs, with predictions of a 1% drop in housing prices this year as sellers outnumber buyers by nearly 500,000 [5]. 3. Financial market shocks or sudden shifts in sentiment, with rising long-term borrowing costs potentially affecting stock market performance and corporate profitability [6][7]. Group 3: Corporate Strategies - Companies are adopting various strategies to navigate the uncertain environment, with some choosing to wait and others adjusting supply chains. For instance, some firms are delaying price increases until trade policies stabilize [8]. - The overall sentiment among economists is that the likelihood of a recession has increased compared to earlier in the year, but remains lower than in April and early May [9].