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May 2

Bitcoin is up $661 (0.85%) from $78,389 | 5:42 pm Saturday

S&P   Oil   FX   Gold   BTC  10Y
Two-year Treasury yields jumped 10 bps this week to 3.88%
10-year yields up seven bps to 4.37%.
Crude oil is now up almost 80% y-t-d
AAA gasoline is up to $4.433 vs $4.086 a week ago

Marc: Bloomberg survey calls for an increase of 100k jobs after 178k in March. Unemployment rate is seen ticking back up to 4.4% from 4.3%.
Forex: 73k nonfarm and jobless rate unchanged at 4.3%, but some think it could edge lower to 4.2%

Trump Moves Closer to Final 'Blowout' Hail-Mary Against Iran | Simpl
Outlets Report Total US Regional Wipeout. It seems each passing day begins with some new revelations of the true scale of Iran’s damage against US in the brief conflict. This is natural, of course, given that the immediate M.O. is to always downplay any losses for the “invincible” US military machine. It’s scary to think what we’ll learn as time passes, particularly on the touchy subject of US human losses.

Debt Rattle
* Israel To Renew Bombing if Nuclear Issue Not Dealt With
* Sixth time Republicans defeated a resolution under 1973 War Powers Act to halt military operations
* Comey will get exactly the speedy trial that the US Constitution calls for.
* Iconic photo was taken at the White House in 1985 of Princess Diana and John Travolta.
• Hakeem Jeffries Denounces the Supreme Court as “Illegitimate” (Turley)

Doug Noland Weekly: Gradually Transitioning to Suddenly
A high-risk inflationary environment.
Out of control deficit spending.
A deeply divided Fed in a most-uncertain transition.
Fed independence in jeopardy.
Historic AI arms race-related borrowing and spending.
An incredibly fraught geopolitical environment.
A global leveraged speculating community fully loaded in Treasuries and global bonds.
Throw in a global crisis of confidence in U.S. leadership

Goldman Warns Crash Risk Spiking As Market Breadth Plummets To Dot Com Bubble Lows | Zero
"Sharp declines in market breadth have historically preceded larger-than-average S&P 500 drawdowns in the subsequent 6-12 months. "

China approved exports of 500,000 tons of gasoline, diesel, and jet fuel next month by state refiners including Sinopec and CNPC, lifting curbs imposed during the U.S.-Iran conflict and helping address shortages in Asia from disrupted Gulf flows. | Peak

Congrats, Elizabeth Warren, On The Death Of Spirit Airlines | QTR
Elizabeth Warren wanted to stop a merger because it allowed her to posture as a warrior against corporate power. She got her headline. She got her applause from anti-corporate activists. She got to claim another victory over big business. What she did not get was a better outcome for workers or consumers. Instead, she helped create a scenario where an already struggling airline disappeared entirely, leaving employees without jobs and consumers with fewer affordable options.

“Diversity” Is Our Weakness
There is a great deal of empirical data indicating that in general, cultural diversity is a weakness, not a strength. Culturally diverse societies (which can mean ethnically diverse, but doesn’t have to) are generally lower-trust societies, which inhibits economic growth. Western Europe is living proof of that proposition.

The Week in Pictures

Barack Obama is often described as biracial, having a Kenyan father of African descent and a white American mother. The term "mulatto" is an outdated and potentially offensive term that historically referred to individuals of mixed race, particularly those with one black and one white parent.


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