...'art of the threat' sparks headline roulette, which combined with low liquidity, sparked a wild day in markets.

Would be an interesting mix if Putin says yes too...

US equities should be supported by a macro outlook that’s inherently favorable, yet risk/reward remains tricky until we see better levels...

Overall, the relative calm today in Japanese yields is likely to be a fleeting phenomenon...

...will Trump refocus on domestic matters?

Bessent: "If this is all President Macron has to do when the French budget is in shambles..."

Warmongering EU chief gave a wink & a nod to Maduro overthrow...

Empires rarely fall in a single dramatic moment.

"Of course, the fake news media led by the Financial Times amplified it..." 

"Freeze offs are going to happen again by the weekend. It's just a matter of how much and how long those impact supply." 

Overall, this was a stellar 20Y auction, and one which pushed yields in the secondary market slightly lower after news of the break, although with many other factors determining yields (Japan, Greenland, earnings), don't expect the auction's impact on the broader market to last.

...in short, the political establishment cannot tolerate a sustained downturn in the stock market. It would unleash intense social and political instability that could bring down the entire system...

Europe's "trade bazooka" has a 10-point list of possible measures on goods and services. They include...

Trump's position would "weaken if not shatter the independence of the Federal Reserve..."

...expansion is essential to clear away any restraints on a radical agenda that will include the trial of a host of conservatives

First climate, now AI... 

The subpoenas are part of a federal investigation into alleged conspiracy to obstruct or impede federal law enforcement in the state...