Notes in the Margin

"a return to near-zero rates 'remains significant over the medium to long term…due to recent elevated uncertainty.'" In Fedspeak, "uncertainty" means "bad economy."

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..."

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. 

“The Department of Defense continues to provide the President with robust options to continue military aid to Ukraine."

More lawless new taxation without any debate or vote in Congress. “Today we’re doing copper,” he said at a Cabinet meeting, adding that he believed the rate will be 50%.

Trump praises ‘young, attractive’ Syrian leader Ahmed al-Sharaa who is a known Al-Qaeda terrorist who regime currently persecutes Syrian Christians and massacred 1,500 Alawites.

Let's hope he's right. Trump's BBB is a massive boondoggle that increases federal power and federal spending. Massie is one of the few good guys on this. 

"We have not witnessed regime uncertainty since Franklin Delano Roosevelt and the New Dealers in the 1930s," Hanke said.

Musk signaled he would donate to the Kentucky Republican’s 2026 reelection campaign on X when he responded “I will” to a post asking who would be backing Massie’s congressional bid.