It's a busy week for both economic news and central banks, with all roads pointing to Wednesday’s FOMC, where overwhelming consensus is for the Fed to deliver a final and third 25bps rate cut for 2025.

"WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company."

Farmers have expressed rising frustration over the slow pace of Chinese purchases

In the new model, they assign roughly $55 per share of value to autos, $40 to energy, $145 to Network Services, $125 to robotaxis and $60 to humanoids, adding up to the $425 target.

...the fine was not “just an attack on @X, it’s an attack on... the American people by foreign governments.”

Biggest China outflows just as China is catching bids.

A successful deal would be IBM’s largest in years, furthering its pivot toward AI...

. “We expect Powell to emphasize that the hurdle for further cuts in early 2026 is high, signaling a near-term pause. This guidance will be key to maintaining credibility.”

Flávio Bolsonaro’s announcement that he’ll run for president next year, with the backing of his father Jair Bolsonaro - the jailed former president barred from holding office - spooked markets Friday...

...low implied volatility and firmer prompt spreads signal a better balanced or slightly tighter near-term market, rather than one braced for a sudden collapse...

The Fed will need to buy at least... $25b/mto reverse the reserve over drain, for at least the first 6 months.

...these symptoms - narrative delegitimization, institutional fracturing, and crisis fabrication - raise concerns of a partisan bid to subvert democratic mandates.

"Our region cannot afford to see long-standing disputes slip into cycles of confrontation." 

“We want to ensure that the Western Hemisphere remains reasonably stable and well-governed enough to prevent and discourage mass migration to the United States.” 

European bourses attempt to move higher after initial pressure, US equity futures trade with modest gains.

CTAs are now a tail wind... the speed of vol retrace is increasing... after the least volatile week in years ...dispersion in 2026 is consensus, and fully priced

This is just the first salvo in a war that some of us have warned is coming. We cannot be passive at this moment...

We’re 1% off highs with tiny drawdowns, the charts look fine, and fundamentals are stabilizing… but only a fool forgets how quickly Europe can disappoint.