May 25
As Talks Bog Down, Trump Cites Great Progress that Iran Denies | Mish
The WalL Street Journal reports Iran Talks Bog Down Over Nuclear Program and Sanctions Relief. That’s only two. The biggest issues are mistrust and warmonger meddling.
There is little new news about the Iran deal, save Trump moving the schedule goalposts | Naked
Trump is depicting signing a deal later as fine. Iranian sites, including official ones, objecting to claims made about the content of the supposed memorandum of understanding (MOU), that Iran has or every would agree to ceding control of the Strait of Hormuz or removal of its enriched uranium stockpile. Again, we have said no deal would happen and these differences are on fundamental issues. There is no middle ground.
S&P Oil FX Gold 10Y TW$ CLZ6
Crude is down $5.60 on Prospect of Iran Deal | 12:41
S&P is up 0.89%
AAA gasoline is down w/w to $4.507 from $4.515
Globex closed at 13:00 and will reopen at 6:00
PCE Price Index on Friday: Did the energy spike bleed into core inflation?
Consensus for headline PCE is +0.2% m/m and core PCE +0.2% m/m
If core is +0.3% or higher, 30Y will likely go back to 5.20% from 5.068%
Russia warns foreigners to leave Kyiv as it prepares ‘systematic strikes’ | AlJaz
Russia will target “specific sites where UAVs are designed, manufactured, programmed, and prepared for use”. Noting that such facilities “are scattered throughout Kyiv,” the statement said it was warning “foreign citizens, including personnel of diplomatic missions and international organisations, to leave the city as soon as possible”.
Oreshnik Post-Strike Analysis | Simpl
Sput: As for Oreshnik, it is “an unstoppable offensive weapon in Russia’s arsenal." Russia acts with restraint, avoiding strikes on key political and civilian infrastructure in Kiev despite possessing the capability to “flatten Ukraine with every type of weapon within days,” the expert says. The broader message to NATO is that if it keeps pushing Russia to the limit, it could “unleash a weapon no air defense or missile shield would be able to stop.”
Debt Rattle
Tulsi has some things on the shelf.
The mindboggling Condo Bubble comes unglued.
In 24 bigger markets, prices of mid-tier condos through April have dropped by 15% to 33% from their respective peaks between 2021 and 2024.
Private Equity Now Owns 1 in 8 Apartment Units, a 50 Percent Increase Since 2021 | Naked
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