Trump is building an unprecedented spy machine to track Americans
Trump is partnering with CIA-funded surveillance operation Palantir to build a database on all Americans.
Notes in the Margin
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Demand is rising for credit default swaps on US govt debt
As debt piles up, the cost of insuring exposure to U.S. government debt has been rising steadily.
US court blocks Trump from imposing the bulk of his tariffs
MAGA wants a single man to be able to raise taxes without any checks on this power. Fortunately, the courts disagreed.
TACO means “Trump Always Chickens Out”
Markets are figuring out that Trump's tariff "negotiations" are just political theater, with no real end game or plan.
FOMC Minutes: risk of price inflation and joblessness is rising
U.S. Federal Reserve officials at their last meeting acknowledged they could face "difficult tradeoffs."
Japan’s bond selloff is a warning to the world
Japan is becoming a case study in what happens when investors lose patience with massive deficits.
Pope Leo appeals for Gaza ceasefire, laments deaths of children
Pope Leo Wednesday: “In Gaza, cries rise to the heavens from parents holding the lifeless bodies of children.”
The 163rd Anniversary of the Battle of Front Royal
James Bovard: Today is the 163th anniversary of the battle of Front Royal, Virginia (the town near where I was raised). On May 23, 1862, almost all the Yankee soldiers in Front Royal were captured, killed or wounded.
Treasury yields spike again on Thursday as GOP’s out-of-control spending looms
30-year Treasury yield spikes to 5.09%, 10-year yield hits 4.61%. 10-yr yield is back at 2005 levels.
April home sales were the lowest since 2009
Sales of previously owned homes in April declined 0.5% from March. That is the slowest April pace since 2009. Jobs and incomes aren't nearly as good as we've been told.
