Crockett's first campaign ad features Donald Trump calling her "low IQ" on repeat...

"This was a fraud on an epic generational scale. In the history of federal prosecutions very few cases have caused more monetary harm than you did."

The new law restricts civil immigration arrests in Illinois courts, hospitals, schools, and child care centers and allows legal action against federal officers.

US initial claims see largest weekly jump since March 2020; US International Trade deficit unexpectedly narrows; Average US 30yr bond auction; SNB holds rates as expected; Australian job growth disappoints; Zelensky says Ukrainians should have say on territorial concessions via a referendum; OPEC MOMR maintains 2025 & 26 world oil demand growth outlook; CBRT cuts more than expected; ORCL hit post earnings

DHS arrested more than 595,000 illegal aliens who had not self-deported.

NOT QE brings us NOT POMO...

"You don’t get moves like this unless the market is starting to lean into a better growth outlook." (GS)

From a risk perspective the price action is problematic...

Louisiana Offshore Oil Port?

Can we have some global warming please, Mr. Al Gore... 

Oil prices are lower this morning despite a less-hawkish-than-feared Fed cut and a double-whammy of relative optimism from OPEC and the IEA...

"Last night was precisely what the market didn’t want… disappointing performance and rapidly rising capex." - Goldman

Ceding Ukrainian territory by vote?

"Far too many innocent Americans have been killed by illegal aliens driving semi-trucks and big rigs ...The Trump Administration is ending the chaos..."

Trading is about managing the path, not the destination, and these charts really don’t capture that difficulty...

Phone call expressed support "in face of growing external pressure."

"RFK Jr. has turned his back on science and the safety of the American people. Michiganders cannot take another day of his chaos"

Overall, this was another solid auction with impressive demand and refuting creeping concerns about rapidly rising long-end yields amid a global bond selloff, one which for now at least has avoided the US.

...in a scenario where there’s additional investor diversification because current gold positioning remains low.