⚠️MASSIVE amount of US household wealth has been lost:
US household equity wealth has likely dropped by $ TRILLION year-to-date, the most in 3 YEARS. This may lead to further pullback in consumer spending as the top 10% account for 50% of total consumer expenditures. Source: BofA
Worst net US earnings revisions since 2020!
Source: Win Smart, CFA @WinfieldSmart
🚨The US stock market $SPY is now the 2nd worst out of 45 country ETFs since President Trump's term began in January.
The US is down 14% versus the average country that's up 3.7%. Germany $EWG is outperforming the US by 25 percentage points.🚨 Source: Bespoke
US inflation expectations continue to climb…
In April, 1-year inflation expectations surged by 1.7 percentage points to 6.7%, the highest level since November 1981 (h/t @KobeissiLetter), Augur infinity
Dollar Crashes On Powell Removal Speculation, Gold Soars To All Time High And Bitcoin Suddenly Spikes
The result is that while bitcoin had generally tracked the DXY Dollar index lower for much of 2025, the last few weeks - and certainly Sunday night - have seen a very tangible snap in this relationship. Source: zerohedge, Bloomberg
BREAKING: U.S. Dollar
U.S. Dollar Index $DXY plunging to its lowest level since March 2022 Source: Barchart
President Donald Trump is registering the worst economic approval numbers of his presidential career amid broad discontent over his handling of tariffs, inflation and government spending
The survey found that the boost in economic optimism that accompanied Trump’s reelection has disappeared, with more Americans now believing the economy will get worse than at any time since 2023 and with a sharp turn toward pessimism about the stock market. The survey of 1,000 Americans across the country showed 44% approving of Trump’s handling of the presidency and 51% disapproving, slightly better than CNBC’s final reading when the president left office in 2020. On the economy, however, the survey showed Trump with 43% approval and 55% disapproval, the first time in any CNBC poll that he has been net negative on the economy while president. Source: CNBC
Beijing has warned it will retaliate against countries that negotiate trade deals with the US “at the expense of China’s interests”
The statement by the commerce ministry, which was responding to reports that US President Donald Trump’s administration planned to use trade talks with multiple countries to try to isolate China, called on them to instead join Beijing to “resist unilateral bullying”. “China firmly opposes any party reaching a deal at the expense of China’s interests,” the ministry said on Monday. “If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner.” China has become the focus of Trump’s trade war after the US president paused a wave of unilateral “reciprocal” tariffs on most countries but left levies on Chinese goods as high as 145 per cent in place. Beijing has retaliated, imposing its own tariffs of 125 per cent on US goods.
