The decision was made in coordination with the U.S. Department of Agriculture, according to Mexico’s agriculture ministry.

Hormuz is now a lot less blocked, with transits becoming more steady and greater in volume... About 2 million barrels a day of oil and related products are now flowing out of the Gulf.

Overall, this was a stellar 10Y auction, a big improvement to yesterday's 3Y (which wasn't bad), and a sign from the bond market at least that today's CPI was nothing to be concerned about. 

...the bias has changed.

"We go through the 1,000-page draft document and amendments to date, with the recent bill implying a broad continuation..." 

The AI mania needs funding from somewhere. Increasingly, that somewhere looks like the Mag 7.

The IPO market, which has been stagnant for the last four years, is bubbling with excitement...

Breaching these thresholds would shift our current estimates and begin to trigger systematic supply...

Several Sun Belt metros led the nation in seller imbalance, with Nashville topping the list of buyers’ markets...

"Some have bid for $10 billion or more of stock..." 

 

"...some complacency around Iran and where we were on the path to peace…and I think that gets tested and risk premia is repriced."

Engaged in some proactive flexing of its own...

Both sides can now attack each other on a limited/proportional scale under a ‘ceasefire’ while peace negotiations continue… which Trump says are now in the “final throes”, and cynics point out such finality is always thrown further into the future.

66.2 million barrels drained from the SPR since the Iran 'mini-war' started (16% of the pre-war total)

Free-AI is ending. Tokenomics is beginning...

Gold was supposed to thrive on fear. Instead, some of the biggest VIX spikes in recent months have coincided with aggressive gold selling.

Sharp reversals often reveal underlying stress that has been building beneath the surface long before it becomes obvious in the major indices.