Notes in the Margin

Federal interest payments are now huge thanks to rising interest rates. The Fed may soon intervene in a big way in an effort to force down yields on Treasurys. 

Japan says it will increase more bond-buying (and thus drive more inflation) to confront rising yields which threaten Japanese sovereign debt. 

Suggests that the al-Qaeda militants, who oversee massacres of Syrian Christians, is becoming a "benevolent monarchy." 

Gas is the cheapest since 2021. In a tepid economy, demand falls, and demand for oil is now outpaced by production. Gas then gets cheaper. 

Zelensky and welfare-queen European regimes still cling to fantasy that Ukraine will recover all its territory. 

Inflation isn’t an economic metric — it’s a political tactic. When governments lie about inflation, they’re not miscalculating; they’re stealing from you. 

With Charlie Kirk out of the way, TPUSA which he co-founded, is now  lobbying for a US war with Iran. 

Europe’s leaders apparently learned nothing from Napoleon’s disastrous 1812 campaign, and they now seem determined to pursue war with Russia. 

The White House and Pentagon can’t seem to get the story straight on the “double-tap” murder of survivors of a US extrajudicial killing off the coast of Venezuela.

The city's capture would represent Kiev's greatest setback on the front line since the fall of Avdiivka in February 2024.