Today’s Points:

The Trump assassination attempt makes him ever-more clearly the front-runner.

It’s unwise to call it a done deal — but Trump 2.0 should now be treated as the base case.

Focus will now move to the bond market; will it revolt in the face of tariffs and tax cuts? 

Last week’s rotation in stocks might easily reverse with an expansionary Trump administration.

AND Rest In Peace, Dr. Ruth.

Base Case

Former President Trump and the Republicans have an opportunity, indeed their first opportunity, to fundamentally change the presidential race in ways that would have been hard to do before Saturday’s tragic assassination attempt on a former president.

After back-to-back mass shootings in Texas and Ohio in August 2019, President Trump took to a White House podium to denounce gun violence. His remarks called for an end to the “glorification of violence” and legislation that would apply the death penalty to shooters.

A man fired “multiple shots” toward the stage during former President Donald J. Trump’s rally in Butler, Pa., on Saturday evening, killing one spectator and critically injuring two others, according to the Secret Service.

Mr. Trump was rushed off the stage, blood visible around his right ear, and was pronounced fine. The Secret Service said its agents had killed the shooter, whom federal law enforcement officials identified as Thomas Matthew Crooks, a 20-year-old from Bethel Park, Pa.

The Department of Homeland Security has identified over 400 migrants who were brought to the US from Central Asia and other places by an ISIS-affiliated human smuggling network — and the whereabouts of more than 50 of them are unknown, according to an unsettling report.

More than 150 of the migrants have been arrested, but the locations of another 50 remain unknown, three US officials told NBC News, adding that US Immigration and Customs Enforcement is looking to arrest those involved on immigration charges.

Gunmen opened fire on places of worship in two cities of Russia’s southernmost Dagestan province on Sunday, killing at least 15 police officers and four civilians, including an Orthodox priest, in what appeared to be a coordinated attack.

Sergey Melikov, head of the Dagestan Republic, said at least six “militants” were also killed following the attacks on churches, synagogues and police posts in the cities of Derbent and the regional capital Makhachkala, which are about 120 kilometers (75 miles) apart.

Attacks on police posts, churches and a synagogue in Russia's North Caucasus republic of Dagestan have left 19 police officers and several civilians dead. Six gunmen were also killed.

At least sixteen people were taken to hospitals with injuries.

Three days of mourning have been declared in Dagestan, a predominantly Muslim republic in southern Russia which neighbours Chechnya.

The apparently coordinated attacks targeted the cities of Derbent and Makhachkala on the Orthodox festival of Pentecost, with an Orthodox priest among those killed.

Gunmen opened fire on two synagogues, two Orthodox churches and a police post in Russia's North Caucasus region of Dagestan on Sunday.

The Investigative Committee of the Russian Federation opened a terrorism investigation in response to the "armed attacks in Derbent and Makhachkala, as a result of which police officers and civilians were killed and injured," according to the agency’s Telegram page. 

Internal docs from Biden’s DHS show their plans to target Trump supports as domestic extremists. The Brennan-Clapper intel group discussed how “most of the domestic terrorism threat now comes from supporters of the former president.”

Canada has listed Iran’s Islamic Revolutionary Guard Corps (IRGC) as a “terrorist” entity and urged its citizens in Iran to leave.

The Canadian government made the announcement on Wednesday, saying that the move will help Ottawa with “countering terrorist financing”.