A mediocre, forgettable, and very tailing "belly-busting" 7Y auction which is somewhat surprising ahead of tomorrow's Fed decision which is expected to see not only a rate cut but put an end to QT as first noted here two weeks ago. 

Targeted in Pacific waters...

Since the S&P 500’s April 8th low, retail traders have poured in roughly $292bn, more than any full year from 2019–2024.

From “No Kings” tantrums to ballroom hysteria, Democrats’ endless outrage shows the same pattern... Trump leads, they react, and outrage is all they have left...

China is expected to commit to more controls on the export of precursor chemicals used to make fentanyl. In return, the U.S. could cut its 20% fentanyl-related tariff on Chinese goods by as much as 10%.

Aa ‘Hollywood ending’ plot is shot-gunned into the eyes of those who might otherwise see a vastly more complex, nuanced, and perhaps even diametrically opposed picture...

"It’s time for our leaders to start focusing on how to solve problems for the American people..."

Thought Nokia was dead... 

...risk/reward changes dramatically from Producers to Developers to Explorers...

What risks should the market brace for?

Meanwhile SNAP recipients are stealing for clicks...

The yield curve is signaling a surfeit of easing in the pipeline, which will be amplified as the Fed brings an end to QT and China continues to pump liquidity into the global monetary system...

Gold just crushed $4000 — the line everyone swore would hold.

“There are patterns and nightmare scenarios that we can imagine...”

"Microsoft's IP rights for both models and products are extended through 2032 and now include models post-AGI, with appropriate safety guardrails." 

 

...as labor market conditions remain weak

...after spending the most amount of time in a ‘central bank put’ regime in October.

Angela Merkel’s ghost still haunts Brussels — but the equity market doesn’t care. With fiscal brakes off and macro data flipping green, the most hated asset class on the planet continues to outperform.

An FBI affidavit detailed Avalos’s lengthy criminal record, including a 2022 felony stalking conviction and a 2016 felony third-degree domestic battery...

"Hour by hour, it is becoming apparent that the impact of Hurricane Melissa will be greater than the impact of Hurricane Beryl, certainly in terms..."