The Lincoln Tunnel Summer of Hell continues.

Walked by Pomp on Squawk Box on 43rd Street. Don’t even need to check the price of Bitcoin to know it’s popping.

5-Year Treasury 3 handle hanging by a thread. Currently 3.987% Stay strong, my friend.

There’s a nationwide recall on these. Pray for your children as they go through this difficult period.

Sounds like a great plan … if it was implemented at NYCHA

Recession over.

How fortunate we are. We get to sit here and tweet about CPI, economic data, stocks. While on the same Earth, war rages across the globe. The videos are pretty shocking to see, yet we’re so removed from its reality.

For the past two years it's been the same line from many banks: "We need deposits equal to 10% of the loan amount" Same answer. No matter how much we pushed for lower. But it was nice to hear a bank who's held steady on this finally answer: "Well, there may be some movement

Ugly Treasury Day: 5-Year up almost 7 bps to 4.05% 10-Year up to 4.491% Strong recent job data, inflation still hanging around. Rates up.

Happy Wednesday!

This is basically a full sabbatical.

Why do people keep on believing that Powell will be fired - when it’s not in the capacity of the President to do so?

What I miss?

Pretty sad to hear this. Do your research before investing!

✌️

What an era.

Besides the few weeks of tariff madness - First half of the year was pretty stable and boring. Spreads, treasuries both sort of stabilizing around the same mark give or take 10 bps. Entering the second half of the year with a strong 1H foundation.

The weekend is a lot better when treasuries drop on Friday. 5-Year down to 3.95% 10-Year down to 4.42% Second half of the year is upon us. Where's the 10-Year going to be at year end? 4.25% is my call.