“Axey” was not popular with the Shang kings, who complained of his intrusive “It looks like you’re ritually sacrificing a prisoner!” comments

Guys! The US now has an opportunity to shrink its budget deficit by putting a 100% tariff on itself for importing Russian oil.

Literally

While bond market dooming is in vogue, the reality is most of the US yield move has come in response to stronger than expected economic surprises. A dynamic that could easily reverse given how high forward expectations have become. h/t @thedailyshot

This is good and overlays nicely with my qualitative view that 1) long term rates now price truly aggressive risk premiums/growth assumptions and can’t go much further 2) the length and scale of this move makes a top in yields increasingly likely. Nobody left to sell.

BRB, updating my retirement plan.

Pro tip: the baskets eventually rust (especially if you put them in the dishwasher), so order these as a backup:

One of the talking points of the late 1990s tech bubble was that tech investment had such a high rate of return that rate hikes were irrelevant.

The dollar is gaining, but still hasn’t recovered from ‘Liberation Day’:

To wit, Brent vols remain near historic highs:

Why do spreads keep rising? Because whenever investors see long-dated French paper, they just rip-it, rip-it.

Bang on: "Dollar strength is never a time when foreign central banks are buying Treasuries. If anything, they sell Treasuries to defend their own currencies. None of this is about intrinsic demand for US government debt. In fact, it’s anything but."

No longer a full rate hike priced in for the US by year end. Expect similar dynamics in other major economies in the months ahead.

Would love to see all the regional banks parking their data there as well. And then the BEA, BLS, Census, Statcan, Eurostat, etc : )

Seems like it. And it makes sense. FRED is a better interface, so might as well avoid duplication.