On the surface, the US Treasury's rare intervention to buy Japanese Yen looks like a lifeline for an ally—but it's actually a defensive move to protect US mortgage rates from a global bond selloff. Meanwhile, SpaceX faces a massive test of investor confidence as a $100 billion post-IPO lockup expires, and Eli Lilly proves its only real limit to growth is how fast it can manufacture injector pens. • The US Treasury and Japan execute a coordinated Yen intervention to prevent a massive US Treasury bond selloff. • SpaceX's first major post-IPO lockup expires, freeing 911 million shares as the stock hovers around $115. • Eli Lilly posts $23 billion in Q2 revenue, driven by soaring demand for GLP-1 drugs Mounjaro and Zepbound. • Mediators near a 60-day agreement between the US, Iran, and Oman to reopen the Strait of Hormuz to commercial shipping. • A mas ...