...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.

Services costs are accelerating but Goods prices deflated for the first time in a year...

"Businesses of all sizes can now use LTL to move freight, typically ranging from one to six pallets, or between 150 and 15,000 pounds."

...$500 billion of expiring lockups this year...

Situation growing intolerable...