Notes in the Margin

WSJ: "To broaden access to private markets, we should first restore public markets for small and medium-size companies so that all investors have an array of public and private choices."

Brandan Buck: From Venezuela to Iran, the president thinks he can avoid 'the forever war trap' but that is exactly what we're going to get. 

The 10-year Treasury yield — the benchmark for U.S. government borrowing — added nearly 10 basis points to 4.382%....

"[The Pentagon] announced the deployment of 5,000 marines and sailors, as well as USS Tripoli, an amphibious assault ship, to the Middle East, signalling the possibility of a ground operation."

Politico: Support for the war among all Republicans remains solid, even among non-MAGA GOP. Republicans only oppose wars when a Democrat is president. 

"I don’t think $150 is out of the question in another month…You start talking about June, I’ll give you $180.”

At this point, the term "MAGA" is synonymous with "Trump supporter." All critics of Trump have already left the MAGA camp. 

On average, respondents forecast 1.8 rate cuts this year, a more dovish outlook than the Fed futures market, which has priced in only one cut.

"Iran posed no imminent threat to our nation, and it is clear that we started this war due to pressure from Israel and its powerful American lobby."

The February 2026 strike on Iran has raised serious questions about both the credibility and sustainability of US leadership in the region.