markets
We just learned that there were 2 MILLION more workers last year than previously thought! A big enough number, that if we knew in real-time, would likely have dramatically changed all of the unemployment rate data, but also probably affected monetary policy.
"We're Running Hard To Stand Still" - Goldman Hedge Fund Honcho Assembles The Market "Jigsaw Puzzle"
...the arc of policy should be net supportive of US equities, but the tails are getting fatter.
...the cost to own S&P 'weekend gamma' is 85bps today (almost double the average of last year)...
The move aims to ease tensions over the EU’s trade surplus with the US, a frequent target of Trump.
"... still be purchased at a massive discount to its intrinsic value."

Is the Fuerza Publica de la Republica de Panama going to board a US destroyer when it wants to use the Panama Canal without paying its regular fee?
"Tariffs were top of mind..."
Slowly but surely all the rot from Biden's data fabrication is emerging.
...a strong print is unlikely to single-handedly alter the macro backdrop.
"Tariff reprieve, AI enthusiasm sparked by Deepseek and easy liquidity all contributed to the move."
Retail sentiment score reached 4 on Tuesday, the highest level on record and 1 pt higher than the peak of the meme mania in 2021.
After some choppy readings in recent months, the pace of payroll additions is expected to ease towards its recent averages, although the market is unsure how to trade a beat or a miss...
The BTFD army has been unleashed after hours and has reversed what was a 7% drop into an unchanged print.