"Another day, another weather update! The last week has been among the busiest I've had in my career so far." 

In a bloc-based world, key commodities are strategic assets and their clearing price increasingly includes a premium on the security of supply..

We have created a free-trade zone of two billion people...

Everything we read articulates the bear case for humanity because of how America is now operating... What’s odd is that implied volatility for stocks and bonds remain low...

Here we go... again...

Gold volatility just became the tell.

...millions of Americans are poised to receive “significantly larger tax refunds” this filing season due to the One Big Beautiful Bill Act.

They were transferred to a regional trauma center...

Overall, this was an ugly auction, yet the market reception was just modestly chilly at best, with 10Y yields barely moving after the break. After all, the market has the Fed to worry about tomorrow, a far biggest catalyst.

...surrounding capital leaving US assets.

Alexander Soofer, 42, was arrested Friday at his $7 million home...

Disneyland for firearm fanatics...

Bond volatility sits at the nexus of all this and remains key to watch. Its relentless fall masks a bulging warehouse of risks...

The only thing that changed was the man in the Oval Office...

... playbooks are being rewritten – with some very old plays.

JPY vol is ticking up — still nowhere near a vol event.

...Minnesota, again!?

...whether bullish or bearish from here, consider selling short-dated to buy longer-dated options.