U.S. and Israeli strikes on Iran began February 28, 2026...

If Bessent has managed to get President Trump on side on the importance of yields over fed funds, then Warsh can conduct monetary policy unfettered, and perhaps keep the current market regime intact for now.

"We'll be looking at any proposal that is a viable solution..." 

A resilient economic backdrop and very cautious investor positioning suggest the equity market can absorb more pressure before the rally comes under threat.

"There are fiscal concerns, as shown in the bond market reaction, so it’s difficult for investors to take news like this positively..."

Nothing like following up on last week's "most successful debt auctions in 20 years" with the closest to a failed auction in 6 years...

Agents started cheating when they encountered harder problems, Google researchers said...

Although the Fed should look through the current episode of inflation, Warsh has painted himself into a corner with his hawkish speech at Jackson Hole...

The California governor told CNN that he would be competing for the same voters who supported Harris...

...capability cannot be allowed to compound without control…but control will not be achieved by pretending the global race can simply be paused...

The gold crowd arrived in August. The entire move is now gone. With major support just below and vol still relaxed into FOMC, this is where the setup gets interesting.

During July, year-over-year growth in the money supply was at 8.62 percent. That's the largest growth rate in nearly five years.

“For over 15 years, the Obama and Biden admins implemented a war on coal to destroy reliable and affordable energy. The Trump admin has come in to protect American energy and to make sure you can afford to keep the lights on”

"Refining is super short.   Between Europe's woes, Russias war on Ukraine and a drop in refined products from the Arabian Gulf its really bad. As many of my amazing followers showed yesterday… Europeans are paying between $9-$11 per gallon for diesel." 

To refashion Trump’s earlier warning that “if you don’t have steel, you don’t have a country”: “if you don’t have domestic AI capabilities, you don’t have a country”.

Of course! 

The 10-year is above 5%, bond shorts are at an extreme, and a Fed hike could trigger the violent rally nobody is positioned for.