Top Overnight News Israel is running low on defensive Arrow interceptors, according to a U.S. official, raising concern about the country’s ability to counter long-range ballistic missiles from Iran if the conflict isn’t resolved soon. Tehran allegedly has plans to strike US bases in the region if the Pentagon joins Israel in striking Iran. WSJ, NYT Fed Preview: Since the last FOMC meeting, trade tensions have diminished somewhat, inflation has been low, and the hard data have shown only limited signs of softening. At its June meeting, the FOMC will likely reiterate that it plans to remain on hold until it has further clarity and downplay its longer-term projections as highly contingent on a still very uncertain economic and policy outlook. US bank regulators plan to reduce a key capital buffer for big lenders to ease constraints over trading in the Treasuries market, people familiar said. The proposal aims to cut the holding company’s capital requirement by up to 1.5 percentage points. BBG Trump posted "U.S. Wage Growth BEST IN 60 YEARS!", via Truth Social China’s central bank governor has said he expects a new global currency order to emerge after decades of dominance by the US dollar, with the renminbi competing in a “multi-polar international monetary system.” FT Chinese auto sales at risk of slowing as some cities pause sector stimulus after running out of funds. RTRS Japan will prioritize protecting its national interests in trade talks without rushing into a deal with the US, Japanese PM Ishiba said as he wrapped up two days of meeting at the G7 gathering. BBG The G7 meeting wraps up with no trade deals announced while the reciprocal tariff deadline fast approaches (July 9), leaving some to speculate if what the US asked from other countries is too high of a price for them to pay. WSJ British inflation cooled in May as expected by the Bank of England, which is set to keep interest rates on hold this week while it assesses international energy markets rocked by escalating conflict in the Middle East. Core was inline (+3.5%, down from +3.8% in Apr). RTRS Sweden’s Riksbank cut its main policy rate by 25bp to 2%, as expected, as the economic recovery loses momentum and inflation cools (the Riksbank said there was “some probability of another cut this year”). Riksbank