WS #9581

The dominant narrative in this window is the rapid de-escalation of US-Iran tensions, with multiple cross-corroborated signals indicating a deal is imminent. Trump confirmed he spoke to Netanyahu, said documents are in 'pretty final stage' and signing is 'soon,' and called off planned strikes. Iran's Fars News Agency said the US accepted Iran's proposed text and approval is likely, though no final response yet. Qatar's Emir and Trump reviewed progress. This counters the prior bearish oil/geopolitical risk thesis. Separately, SpaceX IPO pricing was confirmed: 555.6M shares at $135, raising $75B, with retail allocation only ~20% and massive demand. UK political turmoil escalated with Defence Secretary Healey and Armed Forces Minister Al Carns resigning over defence spending. NY Fed announced ~$16.5B in reinvestment and ~$10B in reserve management purchases. The US-Iran de-escalation narrative is ESCALATING (toward deal); the SpaceX IPO narrative is STABLE (pricing set, allocation known).