Five Minute Macro

Gritcoin having its moment.

Not a patch on the German Constitutional Court.

Trump’s attacks cast a chill on what Wall Street says Economists and investors say there are scattered signs of self-censorship

www.ft.com/content/2f34...

Ferrari-Loving Trader Burned Wall Street With Bond Bet Leveraged 11,000-to-1 Citigroup and MUFG were among the firms stung by $2.6 billion trade that’s now at the heart of a London lawsuit, raising questions about client checks

Wild story. Imagine layering on swathes of expensive risk management over the last few decades, and then...this.
www.bloomberg.com/news/feature...

Yes, it's from Extraordinary Popular Delusions, re the South Sea Bubble of 1720. Alas, the anecdote is probably apocryphal, albeit probably not too far removed from some of the more fevered schemes of the time.

What people sound like to me when they tweet about how that latest thing Trump is doing is illegal.

"a company for carrying out an undertaking of great advantage, but nobody to know what it is"

Hs everybody gone completely insane?!

The economics of TSLA stock are such that Elon could buy 50,000 Teslas at full price, bury them in the desert and profit 10 times over from the stock bump from the delivery beat.

Apart from the stock he's probably buying to juice the stock, another circular glitch.

Truly through the looking glass.

Former French president Nicolas Sarkozy sentenced to five years in prison Sarkozy, who was French president between 2007 and 2012, was found guilty of criminal conspiracy - but not guilty of receiving illegal campaign financing from the late Libyan dictator Muammar Gaddafi.

'No Way To Prevent This', Says Only Nation Where This Never Happens.
news.sky.com/story/former...

I guess that's on me.

1999: I remember thinking: it's a privilege to live through this Internet bubble - you'd expect to read about this in history books but never experience it from the inside.

2025: 'not as extreme as the Internet bubble' is a standard bullish metric.

NGL never expected it to become aspirational.

Alcohol-related hospitalisations, ranked lowest to highest.

Should be in pairs; ominous.

Started / going

If you were parachuted into the Fed to help get rates down, putting down clownish dot plots is 100% not the way to do it.

'Nailed it!'

Make Anfield Great Again!

'The killer was a radical illegal trans leftist Everton fan.'

I guess I lead a sheltered life, but I hadn't realised quite how far the Overton Window had shifted until this week.

Valid, but I was reaching for the Italian comparison as it feels more structured, less stochastic than what we saw historically in the US.

This could quite conceivably be where the US is headed; certainly doesn't take any great leaps of imagination.

No further questions, thanks.

Ths framing seems unhelpful. Core / periphery is about politics, not bond spreads. France is core to the European project, and that's ultimately all that matters. Investors forget over and over that EMU is primarily a political project, and then it has to be periodically and painfully relearnt.

Employment Report preview

This looks like the kind of witch's brew you'd eat at an aid station and absolutely nowhere else.

bsky.app/profile/five...

Maybe he'll just gently bop for 45 minutes to YMCA.

You know something must be up cos Trump's gone five days without committing a felony.