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Good morning from the Financial Times. Today is Thursday, June 26th, and this is your FT NEAS briefing. NATO members

have finally figured out how to split the bill, and accounting firms are ready for their

debut on the public market. Plus, why are U.S. stocks brushing off the conflict between Israel and

Iran? There's so much swimming in markets' minds and investors' minds.

It's hard to say which prevailing narrative is going to affect the market on any given day.

I'm Mark Filipino, and here's the news you need to start your day.

The Federal Reserve thinks U.S. banks should be allowed to take on more debt without having

more capital on hand. The central bank said on Wednesday that it's going to slash the enhanced

supplementary ratio for America's biggest lenders. This is one of the largest reductions

in requirements since the 2008 financial crisis.

And banks are going to be happy about this move. They've been calling on regulators to cool it with

this ratio, saying it punishes lenders for holding onto low-risk assets like U.S. treasuries.

The Fed is planning a conference to discuss broader reform of U.S. bank regulation next month.

U.S. stocks aren't being affected by the most recent conflict in the Middle East. In fact,

the S&P is up since Israel launched strikes on Iran two weeks ago. So what's the deal? Why are investors shrugging

this off? To help me answer that as the FTs Aidan writer, who's a reporter for the FT's unhedge

newsletter. Hey, Aidan. Hey, Mark. So Aidan, just how well have U.S. stocks been doing? They've been doing

...