Muni-Bond Market To Trump: "Your Tax Cuts Are Dead"

Given the lack of progress on the ACA replacement/repeal, the harsh criticism of Trump’s proposed budget, and the ongoing turmoil of the Trump Administration, the likelihood of tax cuts is becoming a much more distant reality. As such, the municipal bond market (and the Treasury market) have begun to aggressively discount the probability of significant tax reform any time soon.

North Korea Launches Another Ballistic Missile

Almost exactly one week after the latest ballistic missile test launch by Pyongyang last Sunday, and two weeks after a similar launch the weekend prior, North Korea has fired its latest unidentified ballistic missile early on Monday.

After 47 Years, Stephen Lewis Calls It Quits In A Scathing Critique Of Modern Markets

"The post-2008 growth in global credit massively raises the risk of a future crisis, despite official measures requiring more stringent bank capital requirements. Even these strengthened defences would prove flimsy in the event of any future collapse in confidence, a collapse that is all too likely to occur in view of the aforementioned misallocation of capital."

Nassim Taleb Crushes The 'Merchants Of Virtue'

Virtue without courage is an aberration: in fact you see cowards endorsing a public face of “virtue” as defined by the mainstream media, because they are afraid of doing otherwise. Their cowardice leads them to avoid association with, say anti-Al Qaeda in Syria because some Saudi shill will accuse them of Putinism, racism, anti-democracy, or some accusation that will cause ostracism.

Is Bannon Back? Senior Trump Advisers Push Kushner To "Take A Step Back"

Despite Kelly and McMaster both brushing off Kushner's 'Russian back-channel' story as standard practice for new administrations, increasing controversy surrounding the president's son-in-law have reportedly prompted senior advisers to suggest it's time for Kushner to "take a step back."

Kim Jong-Un Watches As North Korea Tests New Anti-Aircraft Weapon

"Kim Jong Un ... watched the test of a new type of anti-aircraft guided weapon system... This weapon system... will completely spoil the enemy's wild dream to command the air, boasting of air supremacy and weapon almighty," the North Korean press agency said.

Trump Returns, Unleashes Tweetstorm

"Whenever you see the words 'sources say' in the fake news media, and they don't mention names it is very possible that those sources don't exist but are made up by fake news writers. #FakeNews is the enemy!"

US Deploys Third Aircraft Carrier Toward North Korea

The United States is sending a third aircraft carrier strike force to the western Pacific region in an apparent warning to North Korea to deter its ballistic missile and nuclear programs. It is extremely rare for the U.S. military to deploy three aircraft carriers in close proximity to each other absent current or imminent military action.

Kushner Role In White House Suddenly Unclear; May "Return To Private Life"

According to a pair of weekend reports from the WaPo and NYT, Kushner's fate in the White House is suddenly in question, and he has told friends that "he and his wife have made no long-term commitment to remain by Mr. Trump’s side, saying they would review every six months whether to return to private life in New York."