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Eat a delicious nutritious breakfast in the morning😋

Shopping with friends is a very fun thing🤗

🎯

I hope my feet won’t hurt too much today.

It’s hard to ignore the mounting global debt levels. The question is: how much longer can we keep borrowing without facing severe consequences? This is a real concern for investors looking at the long-term sustainability of markets.

REPORT: The female pilot flying the Black Hawk helicopter that collided with an American Airlines flight, made multiple mistakes and ignored a warning from her co-pilot, according to the New York Times. Tragic. The New York Times reports that there were multiple mistakes made

Europe’s inflation still bites hard, and growth struggles to keep pace. Betting on a quick recovery here feels risky. Choose resilience over hope.

Feels like the market’s holding its breath ahead of the Fed decision. Whether they hike or hold, it’s the tone that will move markets. Words are as powerful as rates now.

Today's Record

Signs of easing U.S.-China trade tensions emerged as Beijing announced it's evaluating Washington's invitation for trade talks, boosting market sentiment.

3-year yields above 10-year has become the norm. The market’s recession alarm is still ringing—but we’ve grown disturbingly numb to it.

NEW: Amended S-1 just dropped for BlackRock's Ethereum ETF -- $ETHA. Looks like the main change is added language around allowing for in-kind creation/redemption when approved by the SEC. (Eric Balchunas & I expect SEC approval for in-kind at some point this year)

The 90-day rush to import as much as possible began today. (To get as many goods as possible into the country in case Chinese tariffs go back to 145% after this reprieve ends.) x.com/typesfast/stat…

Not every bite is worth the catch. Letting go is a kind of clarity.🐟

To bet on the future, bet on the supply chain—not just the end product.

ETF demand is eating the supply alive. This math only ends one way.

S&P triggered systemic shocks in 2011 because the downgrade had teeth in contracts. Moody’s doesn’t. Context matters.

5.03% and ticking... Just 9bps from rewriting an 18-year story.