Markets are soaring, and we're in a better place than we were an hour ago. But we still have: 1. An exceedingly steep 125% tariff on China 2. A baseline tariff of 10% on the rest of the world, and 3. Another 90 days of uncertainty

Art of the Squeeze? via Goldman Sachs prime brokerage 👇

GS: "Earlier today, before President Trump’s announcement, we had shifted to a recession baseline in response to the additional country-specific tariffs that went into effect this morning. We are now reverting to our previous non-recession baseline forecast." (45% probability)

Goldman Sachs and Morgan Stanley each gained more than 11 percent today, alongside boutique investment banks (Evercore: +16%, Lazard: +15%, Moelis: +11%). They outperformed the big money center banks, which were up 7.5 percent, on average.

I don't think people realize that in important respects tariffs are now higher & more inflationary than what was announced on last Wednesday. Since then we've gone from 54% to 125% on China, our 3rd largest trading partner. That outweighs delaying the increases on 70+ others.

RBC: "...the upcoming reporting season seems a little bit like a box of (potentially bittersweet) chocolates to us -- we aren't sure what we're going to get." This quarter has been the longest 10 years...

S&P Bankruptcy Tracker: US corporate bankruptcies hit highest first-quarter level since 2010

General Atlantic CEO Bill Ford sits down with our Leslie Picker from General Atlantic's investor day to discuss opportunities outside of the U.S., AI leadership and the future for the IPO market. You can watch the full interview here: cnbc.com/video/2025/04/…

Our Chairman and CEO Bill Ford sat down with CNBC's Leslie Picker at GA’s annual Investor Summit this week to discuss how we’re finding investment opportunities and creating value in our global portfolio. Watch the interview here:cnbc.com/video/2025/04/…

Such amazing news ❤️

EXCLUSIVE: J.P. Morgan CEO Jamie Dimon visits the Palisades for the first time since fire destroyed the branch. Dimon says CA badly needs to make rebuilding easier. "I'd change the name from red tape to blue tape because it's the Democrats who seem to want more regulations."

My friend and colleague Courtney Reagan spent six months reporting out this fascinating investigation into how professional criminals are stealing products in the middle of the supply chain and selling through black markets. Watch/Read here: cnbc.com/2025/05/09/car…

Humpty Dumpty had a great fall

Point72's Steve Cohen at Sohn Conference Foundation today: "We're not in a recession yet; I think we're going to have significant slowing growth. We think it'll probably be a 45% chance of recession." He said if he was asked the question a week ago, he might have given a different answer.

At JPMorgan Investor Day, the firm’s CFO shared an analysis they did across various sectors on the impact on margins from tariffs based on how much can be passed to the consumer $JPM

JPMorgan's Marianne Lake on health of consumers/small business: - Spend is modestly higher YoY across income bands (some weakness in travel spend) - Consumer + small biz cash buffers have normalized - Sentiment has weakened (small biz expectation about inflation/supply chains)

New JPMorgan 2Q Guidance: - Investment banking fees expected to decline mid-teens (percent, YoY), depending on how remainder of quarter plays out - Markets had a strong start but volatility has moderated; expect growth in mid-to-high single digits YoY

JPMorgan CEO Jamie Dimon, when asked about succession: "Obviously it's up to board if I'm here for four more years and maybe two more three as executive chairman...but that's a long time."