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My favorite kind of Pi is pizza! 🍕 Happy #PiDay2025

bloomberg.com/graphics/trump…

"The bond vigilantes have struck again,'' said Ed Yardeni, founder of Yardeni Research. "As far as we can tell, at least with respect to US financial markets, they are the only 1.000 hitters in history.'' —Ruth Carson, Alice Gledhill and Justin Sink

Trump administration says it wants to build expensive things. But at the same time it appears to have destabilized pretty much every form of capital out there and sparked a massive run from the American economy. It’s very hard to see who’s supposed to step in to plug the hole. TA

After yesterday's action, ISI-Evercore said the move "reflects evaporating US growth exceptionalism and the reduced attraction at the margin of dollar assets for reserve purposes amid erratic US decision-making." bloomberg.com/news/newslette…

In a note out today, George Saravelos of Deutsche Bank wrote that “the market is re-assessing the structural attractiveness of the dollar as the world's global reserve currency and is undergoing a process of rapid de-dollarization.” bloomberg.com/news/newslette…

Evaporation. Rapid de-dollarization. This is how the analysts on Wall Street are characterizing what we’re seeing play out. Having now seen the last four days, yeah I don’t think a “run” was a bad way to put it at all. So, sorry Tracy! bloomberg.com/news/newslette…

For anyone wondering, I agree with Tracy Alloway on this one! bloomberg.com/news/newslette…

...investors sent the White House a clear message: confidence in US Treasuries can no longer be taken for granted. Yields have surged in recent days as investors dumped 10- & 30-year Treasuries at the very same time as they frantically sold stocks, crypto and other risky assets.

Analysts have suggested-w/out hard evidence-Treasury sales by Beijing may have helped fuel-volatility. China has an incentive to show "it won't hesitate to cause turmoil in the global financial market in order to improve its negotiating power against US" Okumura,SMBC Nikko Sec

"If prices get sub-$60 and stay there, we'll see a definite drop in the rig count," said Roe Patterson, managing partner of Marauder Capital, a private equity firm investing in U.S. oilfield services sector. reuters.com/business/energ…

"They've definitely opened the door for the OPEC countries to gain market share here, and it's an inadvertent, self-inflicted wound," Patterson said. reuters.com/business/energ…

"It was counterintuitive for the administration to think that oil companies would 'drill, baby, drill' when prices were lower," he added. reuters.com/business/energ…

There is NO PLAN!

With Tax Deadline Looming, IRS Website Riddled With Errors Days After DOGE Makes Changes via Forbes forbes.com/sites/kellyphi…

days of pointless economic f*ckery contessacapitaladvisors.com/blog/f/days-of…

#NC Tax people! irs.gov/newsroom/irs-f…

For those keeping score at home - It's not over... cnbc.com/2025/04/20/sto…

Apparently, Trump signed another Executive Order: It renames the San Andreas Fault to Joe Biden's Fault.

Today was a good day - IRS Manager Conference after filing a series of CAP Appeals regarding Levies - Manager agreed - Capricious, Undue Hardship, Egregious - RO can't levy again until the Equivalent CDP hearing takes place - FOIA request filed for admin/mgr file.