Notes in the Margin

Steeper cuts [to prices] will come later ...  “It’s going to be worse.” Wright said she fears the government might be forced to step in as “the buyer of last resort.”

The worst bubble in human history is the government spending bubble, up from about 8 percent of GDP in 1900 to about 40 percent of GDP today. Column by Christopher Chantrill.

Realtors seem to think that rage-quitting the market will somehow make prices go up. Things won't go the way they hope. 

The research aligns with two other studies on the Gaza death toll, which have found the real number of violent deaths is likely around 40% higher than what the Gaza Health Ministry has reported. 

"The Ukrainians have agreed to the peace deal," the U.S. official told CBS News. "There are some minor details to be sorted out but they have agreed to a peace deal."

AI data centers are key: Data centers are expected to consume anywhere from 6.7% to 12% of total U.S. electricity by 2028, up from 4.4% in 2023.

Apparently unaware of where price inflation comes from, Bessent says you can beat inflation by moving from a "blue state" to a "red state."

The data the Fed does have is presenting a picture of an uneven and wobbly economy. Job growth beat expectations last month but has cratered overall in 2025.

Huckabee lobbied for Pollard's release from prison, arguing that it's no big deal to spy for Israel which is supposedly "an ally." 

The investor who shot to fame for calling the housing crash before 2008, has launched a Substack aiming to lay out in detail his bearish thesis on artificial intelligence.