The Daily Shot Brief – June 12, 2026
This is the Daily Shot Brief, an abridged version of The Daily Shot. If you would like to subscribe to the full-length Daily Shot (see example), please register here.
United States
Bank of America card data showed household spending rose 5.1% year over year in May—the strongest increase in nearly four years—with spending excluding gasoline remaining resilient at 3.9%. The month-over-month growth rate, however, has eased considerably.
Euro Area
The European Central Bank raised rates by 25 bps, in line with expectations. The Governing Council described the unanimous decision as “robust” rather than an “insurance” hike, signaling strong conviction. However, President Lagarde provided little forward guidance.
China
Iran’s oil exports to China have plunged as weaker Chinese demand, tighter US enforcement, and a naval blockade sharply curtail shipments.
Emerging Markets
Pakistan is the world’s second-largest solar panel importer.
Equities
SpaceX is selling 555.6 million shares at $135 apiece, raising $75 billion in the largest IPO on record.
Rates
The 10-year Treasury yield tracks a weighted 10-year moving average of inflation well. The chart below provides some forward paths based on different inflation scenarios.
Energy
The spot Brent-to-WTI premium has nearly completely evaporated.
