...here's how this all works.

Trump nominates Kevin Warsh as Fed Chair; US PPI comes in hot; Trump says Iran wants to make a deal; Fed's Waller and Miran explain dissent, Waller cites job market downside risks, Miran cites low inflation; Fed's Musalem advises against further interest rate cuts; Trump threatens Canada with a 50% tariff on aircrafts sold to the US; Stellar AAPL report, albeit with memory concerns.

“If you’re in the country illegally, you’re never off the table..."

Unprecedented given traditionally the FAA oversees this...

...emanating some undeniable inflation pressures under the surface that may weigh on Treasuries.

fingers on the trigger...

"$3.5bn to sell in SLV and ~$650mm to sell in GLD today on QDS estimates"

“Beyond chilling...”

"A larger unwind of momentum could cause more pain than a rotation given where nets are in the Prime Book... we like put spreads in momentum as a portfolio hedge"

The rally lifted the company’s valuation back toward $1.65 trillion, signaling renewed confidence in Musk’s long-term strategy despite recent financial pressures.

...the prevailing macro trends of 2025 had very forcefully extended in 2026

Short interest in SPY and QQQ has collapsed lately.

No men in the photos were redacted...

The silver/gold ratio has climbed almost as much as it did in the late 1970s, and today’s dramatic moves show that might have marked a rejection point...

"...in the 70s, Volcker wasn't Carter's preference, he was the market's."

Trump has "put questions around Fed independence largely to bed"...

AI's inference phase may be more power intensive than originally thought...

New rules tied to the phase-out of paper checks could delay refunds unless taxpayers provide or correct direct deposit details...