"The US gasoline market has become very tight, with inventories drawing at a rapid average pace of 0.7mb/d since April 1st to 5% below their historical seasonal median this week" - Goldman

While Powell grabs the headlines, it is the exit of Stephen Miran (The Fed's biggest dove) that is perhaps most notable...

Trump: "Cuba needs our help" ... 

The music is still playing but it's getting fainter...

Plan B...

“They need the Strait more than we need it open, we don’t, we don’t need it at all,”

The rise in Treasury yields is primarily being driven by an increase in real yields and mounting inflation risks have the potential to take them higher still...

The stagflation narrative dominating financial social media isn’t completely wrong. That’s what makes it so dangerous...

"Buyers are higher... but the bigger they come, they harder they fall."

“There is no military solution, and the U.S. must understand this reality...”

Cook County murderers and sexual assaulters vanish...

...strongest monthly rise in 14 months

"I am disappointed, and suspect markets are too!"

Are unions short memory stocks? 

...markets will naturally begin thinking about whether a future leadership transition could imply a different mix of fiscal priorities, spending plans and taxation...

"With a background of bond markets looking unsettled, with the problem of inflation, with the Strait of Hormuz not having a solution out of that Summit, I think there definitely is some volatility to come."

The oil market will have to acknowledge that Hormuz is no longer just a price shock. It’s increasingly a physical-balances problem...

"We believe the market has significantly undervalued Gemini..."