"...the danger of AI slop is when attention collapses, so does wisdom, so does memory, and so does meaning, and that’s a scary place for humanity."

When gold volatility spikes, tops tend to form.

Trump to not impose February 1st tariffs on EU after "very productive" meeting with NATO's Rutte, both reached a framework of a future deal; Denmark rejects Trump's proposal to negotiate an acquisition of Greenland; Trump threatens Iran if it attempts a Trump assassination; SCOTUS seemingly likely to rule in favour of Fed's Cook against Trump; Kazakhstan's TengizChevroil declares a force majeure on Tengiz; US pending home sales unexpectedly sink; NFLX guidance disappoints.

Would be an interesting mix if Putin says yes too...

US equities should be supported by a macro outlook that’s inherently favorable, yet risk/reward remains tricky until we see better levels...

Overall, the relative calm today in Japanese yields is likely to be a fleeting phenomenon...

...will Trump refocus on domestic matters?

Bessent: "If this is all President Macron has to do when the French budget is in shambles..."

Warmongering EU chief gave a wink & a nod to Maduro overthrow...

Empires rarely fall in a single dramatic moment.

"Of course, the fake news media led by the Financial Times amplified it..." 

"Freeze offs are going to happen again by the weekend. It's just a matter of how much and how long those impact supply." 

Overall, this was a stellar 20Y auction, and one which pushed yields in the secondary market slightly lower after news of the break, although with many other factors determining yields (Japan, Greenland, earnings), don't expect the auction's impact on the broader market to last.

...in short, the political establishment cannot tolerate a sustained downturn in the stock market. It would unleash intense social and political instability that could bring down the entire system...

Europe's "trade bazooka" has a 10-point list of possible measures on goods and services. They include...

Trump's position would "weaken if not shatter the independence of the Federal Reserve..."

The Mag 7 — Magnificent no more.

...expansion is essential to clear away any restraints on a radical agenda that will include the trial of a host of conservatives