If Canada raises their tariffs, it will be whatever that rate is PLUS 35%. "Thank you for your attention to this matter." Source: Eric Daugherty on X
⚠️ Office of Management and Budget Director Russell Vought also suggested Powell had misled Congress about a pricey renovation of the central bank’s headquarters. ‼️ Vought’s broadside opens up a new front in the Trump administration’s war on the Fed chief. ➡️ Russ Vought: "Chairman Jerome Powell has grossly mismanaged the Fed. "While continuing to run a deficit since FY23 (the first time in the Fed's history), the Fed is way over budget on the renovation of its headquarters. Now up to $2.5 billion, roughly $700 million over its initial cost. These renovations include terrace rooftop gardens, water features, VIP elevators, and premium marble. The cost per square foot is $1,923--double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today's dollars! Unfortunately, Powell's recent testimony to Congress has led to serious questions that now require additional oversight from OMB, in conjunction with the National Capital Planning Commission. Today, I sent the letter below to Chairman Powell to get to the bottom of this largesse".
😨 President Trump informs Canada PM Mark Carney they'll be TARIFFED at 35%.
If Canada raises their tariffs, it will be whatever that rate is PLUS 35%. "Thank you for your attention to this matter." Source: Eric Daugherty on X
JP Morgan Chase chief executive Jamie Dimon warned European leaders they have a competitiveness problem and that they are currently “losing” the battle to rival the US and China.
“Europe has gone from 90 per cent US GDP to 65 per cent over 10 or 15 years. That’s not good,” Dimon said at an event in Dublin organised by the Irish foreign ministry. “You’re losing.” The comments from Dimon, one of the most influential voices in global finance, underscore the challenges facing the EU as it battles to invigorate its economy. Mario Draghi, the continent’s former top central banker, last year demanded a new industrial strategy for Europe with annual investment of €800bn to maintain competitiveness with the US and China. “We’ve got this huge strong market and our companies are big and successful, have huge kinds of scale that are global. You have that, but less and less,” Dimon said. It is an even blunter message from Dimon than he made in his most recent annual shareholder meeting in April, where he said “Europe has some serious issues to fix”, and urged European nations to “significantly reform their economies so they can grow”. Source: FT
A staggering $7.4 Trillion is now sitting in Money Market Funds, a new all-time high 🚨🚨
Source: Barchart
Nvidia's market capitalization exceeds Germany's by nearly $1 trillion.
The size and success of this giant, and the other US tech behemoths, underscores how much the AI trade can overwhelm the market's response to week-to-week fluctuations in economic data and policy headlines - Lisa Abramowicz @lisaabramowicz1 on X, Bloomberg
All-time Highs
S&P 500: All-time high NASDAQ: All-time high BITCOIN: All-time high GOLD: All-time high HOME PRICES: All-time high Time for the Fed to cut rates... Source: Geiger Capital
GS: The Announced Tariff Increases So Far Would Have Boosted the Core PCE Price by About 0.9pp If They Had Been Fully Passed onto Consumers
Source: Goldman, Mike Zaccardi, CFA, CMT, MBA
The importance of having a plan
Source: Mindful Maven on X
