Top Overnight News Mamdani on verge of winning New York City's Democratic mayoral contest after Cuomo concedes: RTRS US President Donald Trump disputed an intelligence report that found the airstrikes he ordered on Iran had only a limited impact on its nuclear program, even though the assessment came from the Pentagon: BBG Trump tells Congress that Iran had nuclear weapons program, contradicting US spy agencies: RTRS Trump on Tuesday appeared to undermine years of US sanctions on Iran, giving its biggest customer China the green light to carry on buying its oil as he seeks to bolster a ceasefire with Israel: BBG With defence spending set to rise, Trump reassures NATO allies: RTRS Fed Chair Jerome Powell had plenty of opportunities Tuesday to tell lawmakers definitively the central bank will cut interest rates soon. He didn’t take any of them: BBG The European Union plans to impose retaliatory tariffs on US imports, including on Boeing Co. aircraft, if Trump puts a baseline levy on the bloc’s goods as many expect: BBG Trump expressed support for NATO, praising its moves to bolster defense spending as the pact’s leaders look to secure a US commitment to the alliance: BBG Tesla's European sales slump for fifth month: RTRS Edward Coristine, aka Big Balls, Key Player on Elon Musk’s DOGE Team, Resigns: NYT Several Senate committees expect the updated reconciliation text as soon as Wednesday morning to reflect modifications based on initial parliamentarian rulings: Punchbowl Morgan Stanley expects the Federal Reserve to begin cutting rates in March 2026, sees a total of seven cuts in 2026, bringing the terminal rate to 2.5-2.75% New York Independent System Operator said it had issued an energy warning for June 24 due to a decline in operating reserves, according to Reuters. The grid was operating normally at the time, but emergency operations might be initiated to maintain system reliability. A US judge blocked the Trump administration from withholding funds awarded to 14 states for EV charger infrastructure, according to a court filing.