IT’S ABOUT PALESTINE. Of all the known facts about Israel’s war of aggression against Iran, now nominally suspended by Trump, this is the most important.

Many supporters of President Trump during April claimed that the administration was slashing the federal deficit, pointing to rising tax revenues that occurred during that month. Some claimed that revenue was soaring thanks to collections from tariffs. 

In truth, nothing remarkably good happened during April in terms of tax revenues or deficits. Tariff revenue continues to constitute a fairly small portion of overall federal revenue, and tax revenue in April spikes every year thanks to tax return filing deadlines. 

Up over 30 basis points in 3 days, now above 3%. “Market concerns about fiscal policy....may be contributing to the rise in bond yields...”

Once again, rioters have taken to the streets of Los Angeles—this time to oppose President Donald Trump’s deportation efforts. What began as peaceful, constitutionally-protected demonstrations quickly turned “overwhelmingly peaceful”—or, in other words, into fiery, violent chaos: cars ablaze, local businesses ransacked—the whole nine yards.

As prices surge, loan amounts get bigger. “Larger mortgage balances have put pressure on homeowners and likely caused an increase in delinquencies.”

Trump, et al want more inflation and want Powell to be the new Arthur Burns. Burns is arguably the actual worst Fed chair ever. 

A few weeks ago I urged President Trump to make a deal with Iran that would satisfy his stated goal of no nuclear weapons production and would allow Iran to continue its lawful pursuit of civilian nuclear energy. The deal on the table, as described by the Iranian foreign minister himself, was a win-win “update” of Obama’s JCPOA “nuclear deal” that could have avoided a costly and counter-productive war with Iran.