This earnings season isn’t about corporate results. It’s about tariffs. Macro fears mean we can’t be too nuanced about how individual companies are doing when macro is so bad.

Just months ago, options traders were extremely bullish. Now, they’re loading up on puts (shorts). This was last seen during the 2008 and COVID crashes.

PPI inflation -0.4% m/m vs. +0.2% est. & +0.1% prior (rev up from 0%); core -0.1% vs. +0.3% est. & +0.1% prior (rev up from -0.1%)

JPMorgan CEO Dimon: My guess is a lot of companies will remove guidance.

Gold continues to surge, $3232 per ounce

🚨US TOLD CHINA TO REQUEST A XI-TRUMP CALL

Blackrock CEO Fink: The Fed may not cut with persistent inflation.

Net inflows/outflow of millionaires. China set to lose more than any other country.

Share of Consumers Expecting Rising Unemployment Up Five Straight Months; Highest Since 2009 - UMich

Inflation expectations soar in the University of Michigan consumer survey -Nick Timiraos

Buried in the news due to market volatility

10Y shooting for 4.6%

US yields are rising sharply versus the G10

Seen in China

Bond market breaking again. Trump may need Fed's help at this rate.

Jim Bianco: The UST bond selling is coming from Europe, where China is believed to hold several hundred billion of US Treasuries in legal entities in Belgium and Luxembourg. USD going down, Yields goin up and Euro going up proves it comes from Europe. [Xi has officially taken the bait!!!!! BTFD]

250M USDC minted by Circle -source

The S&P 500 volatility continues higher than that of Bitcoin

Since 2000 we have never seen a 40 bps rise in 30y UST yields in a week where EURUSD rose 4% or more as we are on pace for this week.

🚨CRYPTO PUMPS AS BOSTON FED’S COLLINS SIGNALS FED READINESS TO ACT AMID CURRENT MARKET VOLATILITY; BTC TAPS $84k