Demand destruction inbound.

The ceremony still treats itself like a cultural summit, when increasingly it looks like a room full of insiders congratulating one another while the broader audience wanders off to do something else.

New York City spent about $368 million last year on services for people living on the streets...

The Iran war is looking no different...

...does Iran have a longer reach than anyone realized?

This distinction between financial perception and physical reality is critical, because it explains why, on the surface, everything can still appear relatively stable...

The CIA, Mossad & other intelligence agencies searching for evidence...

A 2-sigma move in 10Y yields which is traditionally the VaR shock limit, would need a 50bps move in yields; At this rate, we could be there by Wednesday... 

At a Costco near San Antonio, drivers are waiting up to half an hour to fill up, while others are checking apps like GasBuddy or driving farther to save a few cents per gallon.

Deja vu all over again in crude/gold complex!

The path to a quick reopening of the Straits feels very narrow right now; the convex move for the energy complex is still higher from here.

“It seems that Iran is allowing select vessels to transit Hormuz after verification which takes place during the ships’ transit inside Iranian waters...”

" ... funding impasse that is negatively affecting the lives of so many Americans at airports throughout the country." 

...be selective on defensives... the market has de-risked but hasn’t degrossed...

...a platform to connect physical gold to the systems used to issue and manage tokenized gold products.

Trevor Milton, founder and former CEO of the now-bankrupt Nikola, is trying to mount a "comeback story".

'He can no longer hurt innocent people!'

AI’s growth is no longer constrained by compute...

Republicans face steep hurdles to pass the election integrity bill, which has been championed by President Donald Trump.

"This temporary, short-term authorization is strictly limited to oil that is already in transit and does not allow new purchases or production. Further, Iran will have difficulty accessing any revenue generated"