CPI generally as expected. Core CPI, which gov Kugler said was watching closely yesterday, remained tame despite tariffs.

Treasuries erase gains as stocks rise; yields reach day's highs. [risk on]

🚨Trump: Companies weren't happy with me a month ago
*Trump: Amazing what a rising market will do.
*Trump: Market will go a lot higher [he is not wrong]

Risk on pushes US30Y yields close to 5% [Stablecoin put imminent]

SEC lets Dell skip shareholder vote on Bitcoin treasury proposal, citing ordinary business operations.

Goldman Sachs raises FTSE 100 index target for next 12 months to 8800 from 8500.
*GS raises Stoxx 600 index target for next 12 months to 570 from 520.

Barclays raises Stoxx 600 index's 2025 year-end target to 540 from 490 [macro flipping bullish]

Rothschild Asset Management's Nabil Milali: Trump's trade war isn't over yet. Negotiations with China ongoing, final outcome will likely be 15% tariff on imports. This was seen as a worst-case scenario during the election campaign, but now appears to be a lesser evil than the even more unfavorable scenarios feared by investors just a few days ago.

🚨China's latest data shows weak credit expansion and weak loan demand, possibly due to cautious sentiment and tariff pressure. [Xi needs a trade deal and more stimulus]

Circle monthly stablecoin transfer count surpasses Tether for the first time in history.

🚨Fed's Goolsbee: Some part of April inflation represents lagged nature of data; Fed still holding its breath.
*Goolsbee: It will take time for current inflation trends to show up in the data.
*Goolsbee: Right now is a time for the Fed to wait for more information, try to get past the noise in the data.
*Goolsbee: Cannot jump to conclusions about long-term trends given all the short-term volatility.

🚨Trump: I'm a big crypto fan

🚨FT: First US-China meeting was held 3 weeks ago in the basement of the IMF headquarters

Spot gold down 2% on the day [double top confirmed]

🚨US not seeking to weaken dollar as part of trade deals -sources
*Treasury Secretary Scott Bessent remains the sole official handling FX issues and has reiterated the strong dollar stance. -sources

Neil Dutta of Renaissance Macro: Market not pricing in the slowdown. Financial conditions have eased after US-China tariff de-escalation but economic risks persist.
*Dutta: June and July data will be key in determining whether the economy truly stabilizes [BTFD, ignore macro FUD]

24% spike in NASDAQ overbought stocks. Since covid, this has led to 1-2 week corrections. [no, this is not a bear market rally]

US 30Y yields approaching the 5% line in the sand [crypto's next leg up should start very soon]

What is the stablecoin put? It refers to the idea that when yields on US Treasuries, like the 30-year, reach critical levels (eg 5%), stablecoin issuers such as Circle and Tether step in to buy Treasuries. As a result, going forward, each time yields get close to these levels we should see large crypto pumps that pull liquidity away from stocks and gold. This will stabilize bond markets while simultaneously injecting fresh liquidity into the crypto ecosystem to fuel higher highs. The bull case is simple: BTFD because this is going to be one of the biggest altseasons ever. Ignore macro FUD. @bullcase

🚨US regulators to ease the supplementary leverage ratio (SLR) in the coming months, signaling a continued push for deregulation under the Trump administration. -sources [devalue or die]
*Bank lobbyists have long opposed the rule, arguing it penalizes institutions for holding low-risk assets such as US Treasuries and limits their capacity to support the $29 trillion government debt market and extend credit