...this quarter is shaping up to be less about past performance and more about whether Tesla can convince Wall Street that its next chapter is still on track.

With geopolitical noise easing for now - having stolen the limelight from what’s been a relatively quiet year for AI so far - attention may soon swing back to where tech and AI fundamentals really stand.

Governors Waller and Miran dissented in favor of a 25bps cut...

The tech show starts tomorrow with over $10 trillion in market cap reporting in the next 48 hours...

The benchmark Jakarta Composite crashed as much as 8.8%, triggering a 30-minute market halt, after MSCI said it would immediately pause some index changes, including additions, until regulators address concerns over tightly-held ownership of listed firms.

...dissents, subpoenas, Lisa Cook, the dollar?

...our bias is that it will be difficult for the front end to materially cheapen in the near term.

...obesity, space exploration, tax-refund beneficiaries, strategic national interests, and cyclical laggards.

...beware of complacency!

Going forward, expect less of a tailwind from CTAs...

An upgrade to growth, less downside risk to employment, and a dovish hold.

Total crude and fuel stockpiles fell last week for the first time since early December led by a surprise crude draw (bigger than the small one reported by API)...

"...working to strengthen our organization by reducing layers, increasing ownership, and removing bureaucracy.."

"...the US always has a strong dollar policy."

If the Dollar can be weakened without losing its status as the reserve currency, the Trump administration may consider that a welcome development.

...but 'Gamma Wall' may stall progress.

The regime still feels like an inflationary boom, with nominal growth doing much of the heavy lifting for corporates...

“The tech sector is likely to lift markets further, so the rally isn’t over yet"

“The bank is cooperating fully with the public prosecutor’s office..."

Plaza Accord II it is then... Trump says "Dollar is doing great" ...isn't concerned about decline...