“We are concerned over the fiscal deficits and the willingness of the rest of the world to continue financing US fiscal deficits.”

"I love the smell of stagflation in the morning..."

“As far as institutional investors are concerned, this is the most hated rally in a while"

...A.I. led the way today with NVDA market cap topping MSFT once again.

“Markets are trading higher than on April 2, but earnings have been revised down, global growth too,”

'Uncertainty' is back on the rise...

"The sensitivity of investors and of traders toward this tariff news is probably going down a bit"

So much for "sell in May"...

“The setup is quite pessimistic, whether you look at trade, fiscal outlooks, inflation, valuations, you name it,”

...roller-coaster day in everything but vol markets are braced for tomorrow's PCE!

...as the dollar charges higher.

"Nvidia earnings are going to be really significant"

"...markets stop panicking when policymakers start panicking."

"Stocks stop panicking after policymakers start panicking"

“The stock market seems to dance to Trump’s tune: first a threat, then a pullback, quickly followed by a rebound"

...'bap cop' Trump vs 'good cop' Bessent

Today had all the hallmarks of a day when US interest rates would finally spiral out of control. And then a buyer showed up.

“Bond vigilantes are back” 

Bitcoin new record high...as bond market plumbing is starting to break again...

"There’s a lot of optimism that has been discounted in markets"