WS #8678

The data dump is dominated by noise: sports betting, meme posts about fictional bands withdrawing from a 'Freedom 250' concert, and routine political commentary. No new material developments on the Alberta wildfires or Iran negotiations are present. The only actionable signal is a Bloomberg article noting that bond traders are looking to the upcoming jobs report to confirm the US economy is strong enough for the Fed to raise rates next year. This is a carry-forward of the existing macro narrative (hawkish Fed expectations) with no new data point. The $1.26B IBIT block sale is a stale event from May 26, already covered. The narrative arc for the Fed rate hike theme remains STABLE.