April 29
First we have the friendly bee, which Trump had eating out of the palm of his hand:
Next we have a photo that Trump playfully labeled “Two kings”
Next photo is Charles and Camilla standing next to the tall Trump and statuesque Melania
Trump, Bessent Blast Powell’s Choice to Stay at the Fed
“For someone who says he’s an institutionalist and cares about norms at the Fed, this is a violation of all Federal Reserve norms,” Bessent said.
The 30-year long bond yield is just 17 BPs from a new 18-year high. | Mish
Since April 21, the long bond yield is up from 4.866 percent to 5.010 percent, a rise of 14.4 basis points.
The Long Bond Yield Is Signaling a Huge Fear of Inflation
S&P Oil FX Gold BTC 10Y
S&P 500 is down 0.11%, consolidating around all-time highs | 4:29
Oil Rises $8 to $107.92. Brent is $119.59
Gold is down 1.10% t0 1-month low
10Y is higher for a third straight session to 4.427%
Powell says he will remain as a Federal Reserve Governor
Regional Fed presidents dissented against an easing bias to underscore concerns of inflation
US Tech Giants Gain in Afterhours
Next NFP data to be released on Friday, May 8
Supreme Court Decision to Restrict Race-Based Gerrymandering
In a sweeping 6-3 decision issued today, the U.S. Supreme Court ruled that Louisiana’s congressional map with a second majority-Black district is an unconstitutional racial gerrymander.
GOP Could Gain 19 Seats From Shock SCOTUS Ruling | TrendP
Florida passed a new map Wednesday morning that could net GOP 4 additional seats | TrendP
Is It Too Late To Ask Who Gerry Mander Is?' KBJ Whispers To Clarence Thomas | Bee
Energy Lockdowns and the New Era of Government Control | Doug Casey
Governments learned during COVID that populations will tolerate extraordinary restrictions if they’re sold as an emergency. Could an energy crisis become the next excuse for lockdown-style controls? How should investors think about a world where governments can restrict travel, mandate work-from-home, shut schools, or ration fuel in the name of “energy security”?
Headline durable goods orders rose 0.8% MoM. Core Durables Surge For 12th Straight Month
Fed Chair Pick Warsh Approved By Key Senate Committee Along Party Lines
AAA gasoline is $4.229, up from $4.020 a week ago
James Comey’s Indictment: A Case of Weaponized Justice, Even Against a Traitorous Fool | Nat
Copper futures steadied around $5.95 as supportive long-term fundamentals helped offset near-term pressure stemming from the Iran conflict. Major technology firms continue to secure agreements that are driving rapid expansion in datacenter construction across key manufacturing hubs, underpinning copper demand given its critical role in electrification and power grid infrastructure.
On the supply side, output from top producer Chile faces growing uncertainty after the Middle East conflict disrupted sulphur shipments to China, prompting China to restrict exports of sulphuric acid, a key input for roughly half of Chile’s copper refining process.
China Is About to Choke Off the World’s Sulfuric Acid Supply
Roughly 20% of the world’s primary refined copper depends on sulfuric acid for processing, and the global sulfuric acid market is in trouble. The Strait of Hormuz is still blocked, which has trapped the Middle East sulfur that the world uses as the raw input for sulfuric acid. On top of that, China confirmed on April 10 that it will halt exports of sulfuric acid produced as a byproduct of copper and zinc smelting starting May 1. Chile alone imports over 1 million tonnes of Chinese acid every year.
Trump told top aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz, a move that would strangle Tehran's oil revenue. | Zero
Here is the problem the US faces in trying to impose a blockade: | John
If the US stops an Iranian vessel and takes control of it, then the US Navy must assign one ship to accompany it to a location the US controls. The US does not have enough US Navy ships to carry out such a mission on a broad scale. All Iran needs to do is load up 20 tankers and send them to sea simultaneously. The US may be able to stop two or three, but the rest will penetrate the blockade and arrive at their respective destinations.
Revenge Is A Dish Best Served Cold. Russia Deals Germany Impeccably Timed Oil Blow | Naked
Russia will no longer transit oil exports from Kazakhstan to Germany. The Kazakh oil that Russia delivers to Germany makes up roughly 17 percent of the supply at the Schwedt refinery, which provides the vast majority of diesel, petrol and heating oil for East Germany, including Berlin. Schwedt itself was seized from the Russian oil company Rosneft in 2022,
A week from now Trump’s problem will only be bigger | Moon
Currently the British king is on a state visit in Washington DC. It would be a diplomatic affront for the U.S. to bomb Iran while he is in town. On Friday, after the king has left and the stock markets closed, Trump will probably give a go for another round of bombing which will again achieve little.
Google Partners with the Pentagon to Sell Your Data | Arm
This is part of a broader shift in which every major AI company is now aligning with the defense sector, competing for contracts reportedly worth hundreds of millions of dollars, thereby transforming artificial intelligence from a commercial tool into a strategic asset within global power dynamics. Even inside Google, there is significant resistance to this shift, with more than 600 employees signing letters to CEO Sundar Pichai warning that these systems could be used for “lethal autonomous weapons and mass surveillance,”
Debt Rattle
* You know who the bad guys are, because they’re the ones who want censorship of free speech. | Musk
* Elon Musk: "Smartphones will not have Apps in the future - You will get everything through AI."
* It’s happening. Cybercab is in volume production.
* A senior advisor to Anthony Fauci has been INDICTED. This guy might throw Anthony Fauci under the BUS
* New release from Chuck Grassley on the Clinton Foundation is a staggering 91 page treasure trove
* If Iran doesn’t find a solution fast, they will have to inflict forever damage on their own infrastructure
* The U.S. Chamber of Commerce is a parasitic Wall Street and K-Street lobbying organization
* Trump says he is willing to give up his liberties, “I’m willing to give up my security for the military.”
* In 1994, Japan ceased all mandatory vaccines for children under 24 months old
Congressman Gill asked Waters which method of abortion she preferred
Democrats have gotten away with so much when it comes to abortion because they've watered down the narrative with euphemisms like "women's health" and "reproductive rights."
Pentagon Officials: U.S. Lacks Defense Against Hypersonic Missiles From China and Russia | Nat
Assistant Secretary of War for Space Policy Marc Berkowitz described the existing homeland defense system as "very limited" and designed only against a small-scale rogue attack during his testimony at a Senate Armed Services Committee hearing on Monday. He stated that the U.S. has "no defense against hypersonic weapons or cruise missiles today," according to his prepared remarks.
The US War Machine Underwhelms| Hua
Part 1: High-cost weapon systems with outdated technology and low magazine depth fail to deliver
Part 2:Low-cost and mass-produced weapons can effectively overwhelm the most expensive air defenses.
Joseph Stalin said, “Quantity has a quality of its own”.
War Profiteers and the Demise of the US Military-Industrial Complex | Orlav on 2019
The Russian military-industrial complex is fully owned by the Russian government and works exclusively in its interests; anything else would be considered treason. But the US military-industrial complex is evaluated based on its… profitability! There is an entire food chain of defense contractors, so more than 28,000 companies seek to maximize profits for their shareholders
It is not that AI can't do some things that are useful. It can. | MTick
But it is extremely expensive, it is ridiculously unreliable. Never mind that when you decide to use AI you're expending "tokens" with no guarantee the price will not be radically increased down the road after you decide to integrate it. It will; this is the drug dealer model in that "the first hit is free" and we all know why.
Ed Zitron: AI's Economics Don't Make Sense
I think it’s inevitable that the majority of AI subscriptions move to token-based billing, especially as both Anthropic and OpenAI have now done so with their enterprise customers. \\\ KR: This is a long, sobering piece about the future of AI. Bye, bye Oracle.
AI's biggest critic has lost the plot
Zitron’s theory is that OpenAI is straightforwardly lying.
OpenAI’s Q4 2026 IPO Might not Happen
There's a lot of palace intrigue at OpenAI but dig deeper and there are structural issues the press ignores
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