Notes in the Margin

Manufacturers have indicated job cuts for three of the past four months as they seek to reduce head count over costs and demand concerns.

Tokyo also wants more spending, and it will be hard to keep control of yields while further increasing Japanese deficits. 

The Declaration of Independence of July 4, 1776, embraces two value sets. The first is natural rights, and the second is limited government.

"The war of aggression against Iran was 'a bridge too far' for the U.S. empire."

Its ability to wage war and occupy more territory in Lebanon — and for how long — certainly comes into question.

Oracle cut thousands of jobs in order to have more readily available cash it can use for its AI data center buildouts.

President Trump's Iran deal has opened an explosive second front in MAGA's civil war, waged by hawkish allies who view U.S. concessions as an existential betrayal of Israel.

Still no sign of market freedom at the Fed. The Fed will use its powers to buy and sell assets to manipulate interest rates. 

BOJ says it may "tighten further as it focuses on taming price pressures from the Iran-war-induced energy shock".

For more than 15 weeks, the world has had to dip into oil tanks and strategic reserves to make up for the millions of barrels of oil trapped behind the strait.