Trump’s first-year economy is surging, but the race ahead hinges on perception, messaging, and whether voters see the boom before the 2026 midterms...

“The biggest issue we are now having is not a compute glut, but it’s power...”

“You will never be perfect, but you can always be better.”

We see a growing risk that the imbalances that built up in the 1990s will become more visible as the AI investment boom extends...

Positive US-China trade updates also facilitated the risk-on environment.

 Calling it "worse than Watergate" doesn't quite capture the treachery...

Ukrainian leader claims "Putin is in an impasse when it comes to real successes on the battlefield."

The mutual animus of the two parties spirals upward like the vortex of a developing superstorm...

REAR VIEW: Positive US/China trade relations; US government nears closer to ending shutdown; Dove Miran & Hawkish Musalem toe usual tone; Fed's Daly says policymakers need to keep open mind re. further rate cuts; Solid US 3yr auction; AAPL pulls out next-gen iPhone Air.

...liquidity gusher imminent from Washington reopening (TGA unleashed) and Trump's tariff dividend (stimmies)...

"The new leader of Syria is a former Al Qaeda terrorist wanted by our government who is meeting with President Trump today at the White House on the US Marine’s 250th anniversary," MTG wrote.

Positioning has flipped hard. Over the past two weeks, short exposure has surged to some of the highest levels in years — matching the extremes seen in April 2024, Q3 2022, and Q1 2021.

...the U.S. has “awesome coal reserves” that could be put to productive use.

"The failure of the iPhone Air to sell well is the latest demonstration..." 

The puke’s done, the bounce is on. Gold’s biggest up candle since the selloff began just lit up the chart.

...the reportedly transgender Virginia high school history teacher, Sabrina Morris, is on leave

Socialism has never reduced prices or improved affordability. Never... Interventionism is the root of all inflationary and scarcity problems...

...Tucker believed he wouldn’t align well with Mamdani...

In any normal year, one of the policy headlines above would be worthy of pages of market-moving study. In 2025, we get six --if the op-ed is a trial balloon-- at once to only cursory notice: there’s just too much happening...

Overall, a very solid auction and yield across the curve understandably dipped in the secondary market once it priced.