"The supply shock is transmitting faster and at a greater magnitude than we had anticipated." 

Financial markets pricing through the shock while physical markets are increasingly feeling it...

Not obvious whatsoever.

"Figure out the codes on the football yourself..."

Overall this was a blockbuster 3Y auction, and one of the stronger for the tenor on record, although with every push higher in oil moving yields along with it, we doubt that the market cares much about the quality of today's issuance.

"For modelling purposes, we now assume that the flow of oil through Hormuz remain below 10% of pre-conflict levels through end April. That is now our base case." - Morgan Stanley

Trump picked Hilton over the other prominent GOP candidate - Riverside County Sheriff Chad Bianco, who is an outspoken Trump supporter...

The recent pattern of rising oil and equities holding steady suggests investors may be focusing on fundamentals as earnings season approaches...

Moscow warned it would disrupt "very fragile chances for negotiations"...

The jump in year-ahead expectations was driven by a surge in gas inflation which rose 5.3% to 9.4%, the highest reading since March 2022...

...'an endgame comes into view...' and Citadel Securities has a trade for that...

Tokenization could amplify volatility through automated markets and smart contracts, the report said...

... the vice president’s latest visit is “not routine diplomacy.”

Total retail purchases in March finished nearly 50% below the levels seen in the record January.

Conversations have shifted from ceasefire speculation to sector themes resilient to elevated oil and AI risks...

“Today you made history and made all of America really proud...”