🚨US Supreme Court signals Trump can't fire Powell
*US Supreme Court on whether Trump can fire members of Federal Reserve's Board of Governors: We disagree. The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banksof the United States. -ruling

EB Research's Jussi Hiljanen: Eroding trust in U.S. policy, unattractive valuations after accounting for FX hedging costs, and a shift towards European bonds are putting structural upward pressure on long U.S. yields. [ignore macro FUD]

US Treasury Sec. Bessent: There is an equilibrium rate for tariffs and I think we will reach that rate.
*Bessent: Tariff barriers or nontariff trade barriers are coming down, so friction is decreasing.
*Bessent: This will lead to several hundred billion dollars a year of revenue, which will correlate to several hundred billion less bonds that
US Treasury has to issue.

SPX on pace for 3rd worst week since September [Macro Panicans are panicking again. BTFD]

Gold down nearly 1% intraday

Peter Schiff: not only will the Big Beautiful Bill not make America great again, but it also continues destructive fiscal policies that, ironically, could be the straw that breaks the camel’s back, triggering a long overdue dollar sovereign debt crisis. [macro FUD, BTFD]

Goldman Sachs sees RMB at 7: for every 1% increase in the Yuan, the Chinese stock market is expected to rise by 3% [there is alt szn even for Chinese stocks, that's how bullish we are]

Trump at the negotiation table

Goldman Sachs: We surveyed nearly 800 institutional investors on the biggest risks they are watching in the next three months, 37% consider trade policy to be the biggest risk throughout summer, followed by US growth (26%) and US deficit (23%). [Institutional investors are in full panic mode, remember to BTFD]

🚨Circle has filed for an IPO on the NYSE under the ticker "CRCL." [bullish bonds]

CB Consumer Confidence Index, after falling in April to the least in almost five years, rebounded in May with the biggest gain in four years from 85.7 to 98, above all Bloomberg estimates. [we are going to see a lot of these rebounds as the market prices in the fact that the trade war was fake. Ignore macro FUD, BTFD]

🚨US court blocks most Trump tariffs deeming them illegal
*US court: President exceeded his authority and misused emergency powers to impose them.
*Trump administration has filed an appeal, the case could ultimately be decided by the Supreme Court [the trade war was always fake, BTFD]

TACO Trade: ignore macro FUD, BTFD.

Markets are buying the news so far. SPX futures up 1,66% [send everything]

According to Goldman, Trump has other tools to enforce tariffs despite US court ruling [TACO, BTFD]

Bessent: US-China trade talks a bit stalled, may require Trump-Xi to weigh in [even the Chinese are ordering TACOs for lunch]

The next leg up of this market will not be BTC led: Ethereum compressing under resistance. The longer it coils, the bigger the breakout. BTFD!

BlackRock's onchain money market fund BUIDL reaches $2.92bn in AUM