Top Overnight News Qatar’s prime minister said establishing a hotline between the US and Iran is essential to prevent rogue actors impeding the reopening of the Strait of Hormuz, as he predicted that the Gulf state would resume normal liquefied natural gas production “within a few weeks”. FT The US Senate voted 50-48 to pass a resolution to halt the Iran war unless US President Trump gets approval from Congress. However, the White House said Congress resolutions on Iran are non-binding and won't be sent to President Trump, while Trump criticized the Senate passage of the Iran war powers resolution, which he claimed provides aid and comfort for the enemy. Scott Bessent said inflation will return to the target, and he is confident Fed Chair Warsh will optimize the path for the economy. Bessent also stated that the US housing issue is a conundrum affected by rate-lock owners, and will take lower rates and more supply, predicting inflation will ease as talks with Iran continue and gas prices fall. BBG Congress on Tuesday passed its most-ambitious housing legislation since the 1980s, a package of more than 50 provisions aimed at making it easier to build homes and make housing more affordable. The House passed the bill 358-32 with broad bipartisan support a day after the Senate voted 85-5 to approve the measure. President Trump is expected to sign it into law as soon as Wednesday. WSJ Leveraged ETFs tracking Samsung Electronics or SK Hynix probably sold a combined $6 billion of the Korean chipmakers’ shares yesterday to maintain their ratios, underscoring how such products are amplifying market moves. BBG The BoJ sees the risk of inflation exceeding its 2% target and will conduct additional interest-rate hikes appropriately, Governor Kazuo Ueda said in speech Wednesday that reiterated policymakers’ recent messaging. BBG Australia’s consumer price growth eased in May amid cooling fuel prices, but underlying inflation continued to strengthen as businesses passed on higher costs resulting from the Middle East conflict. WSJ Extreme temperatures in Western Europe triggered widespread school and transit disruptions across the UK and France. The failure of two transformers in Brittany, probably due to the heat, left 68,000 people without electricity, while the UK’s grid operator issued a rare summer power-supply warning. BBG Venezuela is set to reveal a $240bn debt pile, much higher than previously thought, as the country embarks on the biggest sovereign restructuring in history following the US removal of Nicolás Maduro. The country is on track to reveal borrowings that are significantly larger than market estimates of $150bn to $200bn when it lifts the veil for creditors on the state of its finances in the coming weeks. FT SK Hynix plans to raise up to $29.4 billion in a landmark US listing to increase its capacity to meet memory chip demand. At that size, the deal would be among the top five share sales of all time. BBG(zerohedge)