"This process has been professionally and personally devastating and surreal,"

“Until there’s regime change at the Fed and new people running the Fed, a new operating framework, they’re stuck with their old mistakes,” Warsh told Fox Business...

"a meaningful divergence has begun to emerge between companies insulated from AI displacement and those facing existential business model risks"

Trump admin is reportedly closer to a major war with Iran than people realise; FOMC Minutes show a divided Fed; US Durable Goods come in better than feared; US Building Permits, Manufacturing Production, and Industrial Production top expectations; New NOTAM issued by Iran shows planned rocket launches within areas across Southern Iran on Thursday; UK Core & Services CPI comes in hot; Ukrainian official says US-Ukraine-Russia negotiations were substantive and there was progress; Zelensky says peace discussions are to continue; Weak 20-year auction.

Speculators are the longest EUR since 2020. USD shorts are back near 2023 extremes. Consensus in FX is getting loud again.

"Power remains the most critical near-term constraint..." 

LIS Technologies finally initiated its first engagement with the Nuclear Regulatory Commission in preparation for starting up their laser uranium enrichment technology facilities...

Trump-assembled armada includes two aircraft carriers, a dozen warships, hundreds of jets & advanced air defenses.

 

This is less an index-driven market and more a reallocation-driven one...

Ranger Road Fire: 145,000 acres, 0% contained

Historically, periods of elevated sector dispersion tend to occur during market transitions rather than steadily trending bull or bear markets...

...clock's ticking down for Powell.

"The Swiss food giant has been studying possibilities..." 

Positioning is cooling, not capitulating, though...

What the actual f**k?

The week's lone coupon auction, was also one of the ugliest 20Y auctions since its inception in May 2020.

Vatican argues the United Nations must oversee the crisis & not a US-staffed board...

All the buys, sell, exits and new positions among the top buyside names...