The conflict dates back to the EU’s 2023 anti-subsidy probe, which resulted in 2024 duties of 7.8% to 35.3% for five years.

"Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America. This Order is final and conclusive."

“Developing the Strategic Reserve is another important step in Australia leading on critical minerals globally...”

...early angst was rejected with stocks signaling little concern about Fed independence...

...in the early goings of 2026, franchise flows (& price action) pointed to a clear, CYCS > DEFS rotation...

" ... but failed to be included in the 2025 Genius Act, suggesting that the industry lobby made an impact."

After Oklo's blockbuster news on Friday, SMR developers Nano Nuclear and NuScale Power released their own updates on new engineering partnerships and potential use cases.

Equity vol is priced like Washington is background noise...

This was a strong 10Y auction, and a solid start to the year for coupon issuance. 

Independent central banking is a neoliberal shibboleth, but the neoliberal era is clearly over...

"If anything, this challenge to the Fed’s independence could prompt the FOMC to take a slightly more hawkish stance to defend the institution."

“I felt like I was in ‘The Purge,’...”

Futures positioning of speculators shows a preference for precious metals and real assets and an aversion to the dollar, consistent with a loss of confidence in the Fed’s independence...

...the sheer size of asset manager short VIX futures is extreme...

“Concerns about the Fed’s independence have really been reinforced with the latest criminal investigation. Our expectation, though, is that this is a committee decision. I have no doubt that in his remaining term as chair, Powell is going to make decisions based on the economic data.”

"This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation." - Jerome Powell