Two largest producers - Khuzestan Steel Company & Mobarakeh - have both been knocked offline...

“This is a group of people who really have a lot on their minds,” the politician says.

Adm. Caudle also voices concern over resources pulled from other global risk areas...

If NATO as a whole remains more or less intact... and the US then reaches bilateral security deals with Poland, the Baltic States, and Turkiye, then not much would change from Russia’s perspective.

18 Macro Charts to Chew On.

The issue of Red Sea security is far from resolved and is becoming more dynamic...

...interesting that the betting markets suggest the probability of a US withdrawal is about the same as boots on the ground.

The list of factors limiting AI build-out continues to grow...

We think a market-neutral approach is prudent with longs in Energy and MegaCap Tech and combination of index hedges...

The market has priced a large hawkish policy shock, alongside a more modest growth shock...

California has lost at least $180 billion to fraud, according to officials and experts...

"I certify under penalty of perjury..."

 

"the biggest disconnect in client conversations has been the view around oil prices from macro vs physical or specialist clients, with the latter seeing the current futures as underpriced vs. the size of the disruption."

"That's the physical backbone of modern life, sitting behind chain-link fences, with no ability to stop a drone costing between $30,000 and $80,000." 

“We now question when we will see 20k-plus-unit order intake months again, and how quickly trailer OEMs will build down the still-thin backlog..."

What about domestic ones?

"Wes Moore is, without question, the worst governor in the history of Maryland."