UST 10yr Auction Results: 4.435 3 bps THROUGH BtC 2.67 Indirects 87.9 That's red hot Ultra10s up 20/32nds from 1pm close

Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off

Legend.

S&P 500 futures up nearly 10% from the overnight lows. INSANE (Interestingly enough, 10% was basically the size of the move when the fake headline about a 90-day pause was tweeted earlier this week)

😂😂

*TRUMP: BOND MARKET NOW IS BEAUTIFUL

Researchers scoured tens of thousands of online posts to identify how consumers are using AI. The #1 use case in 2025? Therapy & companionship. Other personal support use cases - organizing your life & finding purpose - round out the top 3.

Boston Fed President Susan Collins: “It's appropriate for us to have a pretty high bar to be pre-emptive” given concerns that long-term inflation expectations “could become unmoored." wsj.com/livecoverage/s…

Watch CNBC's full interview with Minneapolis Fed President Neel Kashkari youtu.be/WUDNUqykZBM?si… via YouTube

Trump exempting a significant part of Chinese exports to the US from tariffs (before negotiations have even started, and any concessions have been achieved) is a rather unusual negotiating strategy. Nevertheless, it tells you something important: that we are reaching the limits

Foreign Demand for U.S. Treasury Securities during the Pandemic federalreserve.gov/econres/notes/… via @FederalReserve

The Treasury Market in Spring 2020 and the Response of the Federal Reserve nber.org/system/files/w…

"US: One man’s outlier is another man’s leading indicator" hahahahh BNP

FED GOV WALLER/CFA SOC: IF NEGOTIATIONS PROCEED, EXPECT MINIMUM, 10% TARIFF ON ALL GOODS 'REMAIN IN PLACE' AND ALL OTHERS TO BE ELIMINATED IN TIME #Waller #FederalReserve #economy

DolphinGemma: How Google AI is helping decode dolphin communication @google blog.google/technology/ai/…

The Second Half – Shunyu Yao – 姚顺雨 ysymyth.github.io/The-Second-Hal…

🚨 SCOOP: Bessent has been privately underscoring that axing Powell would feed instability in markets, sources say — and Trump is also aware of the stakes. That means that though Trump is mad (again) at Powell — his job looks safe for now. w/ Victoria Guida politico.com/news/2025/04/1…

When Trump threatened to fire Jay Powell in his first term, the Fed chief was told it would be illegal but he would have to personally contest it in court. Privately, Powell vowed that he would "spend my last nickel fighting" it, as Susan Glasser and I reported in "The Divider."

NEW: President Trump has for months privately discussed firing Federal Reserve Chair Jerome Powell but he hasn’t made a final decision about whether to try to oust him before his term ends next year. Details on the talks 👇 Story w/ Nick Timiraos. wsj.com/economy/centra…

NYT: The acting commissioner of the IRS is being replaced after Bessent complained to Trump that the latest leader of the agency had been installed without his knowledge and at the behest of Elon Musk