April – 2026. The IRGC is master of the Strait of Hormuz. Only the American fleet stands before them. Oceans are now battlefields...

...second biggest drop in existing home sales since Nov 2022

...the risk-off move last night are a good reminder that this is still a fragile re-risking phase, not a straight line move higher...

Congress’s No. 1 priority will be to find a way forward on DHS funding... though at present, a compromise still seems distant...

Oil is still screaming risk… but markets aren’t listening anymore. Something changed.

An otherwise stellar quarter for Goldman was marred by unexpectedly poor performance from the bank's FICC group.

"The SFPD takes crimes involving guns extremely seriously..."

...the blockade meaningfully raises the stakes

The rerun of the 2008 script has never been clearer.

“I was expecting much worse both for the equity market and oil prices this morning. The market sees the blockade as a negotiation tool, but nonetheless, I feel the impact on stocks is quite modest.”

Ethereum’s post-quantum initiative sends a clear message: there is no immediate threat, yet delaying action is not an option...

The Case For Owning Bond Vol Again Is Building.

Goldman commodity specialist James McGeoch told clients, "Hard to think of a bigger metal supply shock..."

As the saying goes, In a war one’s ability  to withstand pain is even more important than one’s ability to inflict pain. 

The nature of the bottlenecks signals gains will be concentrated in providers of the AI hardware stack, rather than broadening to tech hardware...

Oh?

"That is among the options that Trump was considering Sunday, hours after negotiations collapsed in Pakistan." 

HFs pile into large caps while rotating out of regionals and payments.

Foreign operators now patrolling American apartment lots via remote-controlled robot dogs

The US delegation left US-Iran talks in Pakistan without an agreement after 21 hours of talks. As a response, US President Trump said the US Navy will begin the process of blockading any and all ships trying to enter or leave the Strait of Hormuz, effective 10:00EDT/15:00BST.