...this year may see a continued divergence between crude on the one hand, and precious metals and non-oil commodities on the other.

It's always the eyes...

Congress last made major Social Security changes 43 years ago...

"On LEO satellite, we expect: (1) leading operators to accelerate satellite launches..." 

New rules from the One Big Beautiful Bill Act and SECURE 2.0 create both tax breaks and planning challenges.

"Prepare for the worst." 

Blow to China temporarily blunted as some dozen Venezuela-loaded tankers join hoard at sea...

And is the global monetary system on the brink of a reset?

Gold - China is positioned at March ’25 levels (~30% off the peak), CTA length is ~35% lighter, and CFTC specs are back to May ’25.

the key economic data releases this week are the November JOLTS job openings report on Wednesday and the December employment report on Friday. There are two speaking engagements by Richmond Fed President Barkin this week. 

"As far as I can tell, a crazy person tried to break in by hammering the windows."

A selective look at liquidity (BS is back), deal activity, sentiment, seasonality, and social data - observations, not conclusions.

The dollar is set for a renewed slide against both precious metals and any conventional currencies that manage to shake off their own demons...

Mayor of the northern city says it was an accident...

Despite strong 'hard' data, that is the weakest print for ISM Manufacturing since Oct 2024...

Lindsey Graham salivates...

Trump means what his administration wrote in its National Security Strategy: a greater focus on the Western Hemisphere; a “Donroe Doctrine.” Control over Venezuela reinforces that message, and would make it easier for the US to then lean on resource-rich countries in the region.

See for yourself...

Several former members of the Biden administration, including a cabinet official, are going to work for New York City’s new mayor. Here’s what they have planned...

“The economic impact of what happened in Venezuela is too small to weigh on equity markets”