The U.S.-Iran Deal Best Described as a Hobson's Choice

There has been NO spillover of the energy price shock into inflation expectations -- something for the Fed to consider.

Key Takeaways

• BoJ Hikes, RBA Holds, SpaceX Soars, and Soft Chinese Data: It’s been a busy overnight trade. The BoJ hiked rates to 1% as expected, to a muted market reaction. The RBA stayed on hold with neutral guidance. SpaceX has extended its post-IPO rally in style. And China releases some squishy soft May economic data, including a contraction in retail sales.