Daily Briefing — June 24, 2026
Today’s Briefing
The Morning Bell
Stocks Drop, Volatility Jumps, and the Bond Market Barely Flinches
The Fed Is on Pause. Here’s What That Silence Is Saying.
The effective federal funds rate has sat at 3.63% for six straight days, and that stillness is the story. The Fed isn’t just holding rates, it’s holding its breath.
The US Debt Clock Just Passed $39.3 Trillion. The Real Story Is What’s Driving It.
The US national debt hit $39.32 trillion as of June 22, up 5.56% from a year ago. That works out to roughly $2.07 trillion added in 12 months. To put that in perspective, the US added more debt in the
Warsh Is Quietly Reshaping the Fed, One Regional President at a Time
10Y-2Y Spread: 0.27% (normal, but barely)
The Yield Curve Just Stopped Flashing Red. Here’s What That Actually Means.
The gap between 10-year and 2-year Treasury yields moved to 0.34% on June 23, up from 0.27% the day before. That’s a small number, but the direction matters: the curve has been un-inverting for months
Bond Markets Are Quietly Betting the Inflation Scare Fades
Here’s something worth pausing on: in the middle of an active energy crisis, with oil elevated and monthly CPI readings threatening to print with a 1-handle, the bond market’s long-run inflation forec
Cerebras Just Posted Its First Earnings as a Public Company. The 92% Growth Number Is Almost a Distraction.
According to CNBC, Cerebras Systems reported 92% revenue growth in its first earnings release since going public on the Nasdaq in May, giving Wall Street its first look inside one of the few…
Tuesday, June 23, 2026
Tech Took the Hit. The Rest of the Market Didn’t Follow. That Split Tells a Story.
ON1010 provides economic education for investors. Nothing in this email constitutes investment advice. Always consult a qualified financial advisor before making investment decisions.
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