Good morning. Wall Street banks are stockpiling government debt at levels not seen since the financial crisis, with dealers boosting Treasury holdings as Trump's deregulation push makes it easier to facilitate trading in these safe-haven assets. Meanwhile, an assassination attempt on Trump at a Washington dinner has rocked the political landscape, with a California man charged after allegedly targeting multiple high-level officials in what investigators describe as a planned mass attack on government leaders.
The geopolitical tensions are rippling through markets as Iran's conflict with the US sends oil prices soaring, helping BP more than double its profits while worsening America's inflation crisis through higher costs for everything from coffee to fuel. King Charles is set to address Congress today, emphasizing reconciliation between allies even as disagreements over Iran policy create friction between Trump and UK Prime Minister Keir Starmer during this pivotal state visit.