WH Sr. Adviser Hassett: I would not be surprised if there are more trade deals this week.
*Hassett: Moody's decision is backward looking
*Hassett: We'll keep a close eye on what the Chinese have agreed to
*Hassett: The economy will continue to take off

🚨Class action lawsuit has been filed against Michael Saylor's MicroStrategy alleging misappropriation of customers funds.
*Lawsuit claims: The company downplayed the risks of its oversized exposure to Bitcoin
*Lawsuit claims: Executives made exaggerated or incomplete statements that may have misled investors [Jim Chanos 4 days ago: We're shorting MSTR and buying Bitcoin. BTFD]

🚨Fed's Jefferson (Vice Chair): Vital central banks stand ready to provide liquidity.
Jefferson: CBs must try to minimize moral hazard
Jefferson: doesn't comment on outlook for rates, economy
Jefferson: Currency, bank reserves foundation of safe liquidity.

China issues statement on US adjusting chip export controls: US undermines consensus reached in Geneva talks, asks the US to correct wrongdoings. [ignore these clowns, just BTFD]

🚨🚨Trump may be able to fire Fed Chair Powell

Yardeni Research: It's been a remarkable recovery since April 8. Stock market sectors hit the hardest have rebounded the most. [everyone knew it was the bottom]

Swiss National Bank Chairman: There is currently no alternative to US Treasuries.

🚨The SEC has postponed its decision on VanEck's spot Solana ETF.

🚨The Senate is probably not going to finish its crypto bill on stablecoin this week - Semafor.

🚨🚨The GENIUS stablecoin bill passed the Senate procedural vote by 66 to 32. [send everything]

Moody's downgrade of US treasuries may force HK pension funds to sell. [make them sell USTs so stablecoin issuers can enter for cheap. Another downgrade please and thank you, Moody's.]

🚨BlackRock and Circle's cooperation agreement revealed
Blackrock-Circle MOU: Both parties agree that Circle would hand over at least 90% of its US dollar custody reserves (excluding bank deposits) to BlackRock for management
Blackrock-Circle MOU: BlackRock will be the preferred partner for Circle's stablecoin reserves; Blackrock promises to not issue competitive US dollar payment stablecoins in the next 4 years
Blackrock-Circle MOU: Circle Reserve Fund (managed by BlackRock) will invest primarily in U.S. Treasury bills and notes, repurchase agreements secured by Treasuries, and cash
-SEC filing

SPX back above pre-election day price [bear market has been cancelled]

Citi expects the USD to weaken following this week's G7 meetings
*Citi: US may request currency appreciation from some countries as part of tariff negotiations, with Japan, China, and other East Asian nations likely to be targeted
*Citi: Bessent to stress central bank roles in currency moves and highlight how foreign reserve investment strategies impact U.S. interest rates

🚨Oh no! Gold outflows through the roof, highest since 2022. [gold has topped, rotation into crypto has already begun]

JPM Jamie Dimon: "It's getting ugly out there. Between earnings and valuation compression, you could be looking at -10% SPX impact" [ignore macro FUD, BTFD]

Fed's Musalem: Even after May 12 de-escalation, tariffs likely to lead to labor market softening, higher prices
*Musalem: Tariffs as likely to have temporary as persistent effect on inflation
*Musalem: If trade tensions are durably de-escalated, inflation could head back to target, labor market remain resilient, and current monetary policy would remain appropriate

🚨Flash survey conducted on Monday by Deutsche Bank researchers showed that 80% of its 450 respondents held a similar view to Moody's in thinking that the path of U.S. debt looks unsustainable.
*DB'S Jim Reid: I suspect there would be no consensus around when this will become a serious market issue. Maybe that’s a poll for another day. [they don't know about the stablecoin put yet]

Apollo: 10 downside risks to the US economic outlook [learn to ignore these 10 macro FUD talking points]

🚨Japanese 40Y bond yield going parabolic

Hedge Fund short selling surges by $25bn, the largest amount for at least the past 10 years.