February 22
Dogs and Cats
Debt Rattle
* I’m going to go in a different direction, probably the direction that I should have gone the first time
* Grok is now integrated into 𝕏 Chat. Long press any message & select "Ask Grok"
* Bessent: Tariffs will result in virtually unchanged tariff revenue in 2026.
* Supreme Court ruling completely SHATTERED Democrat narrative that it is not independent from Trump
Deere and McDonald’s have become HALO darlings. ‘Heavy assets, low obsolescence’ with AI immunity
Trump Demands Netflix Oust Susan Rice From Board
JP Morgan admits they debanked Trump and his family — after denials and ‘straight lying’ for 5 years. | CFP
50 million Muslims now live in Europe. At the turn of the century, that number was less than 500,000 | CFP
Mamdani Is Collapsing Faster Than We Thought | PJ
Mamdani opposes requiring ID’s to vote — but mandates no less than five forms of identification in order to shovel snow | NYP
Doug Noland Weekly Commentary
Bessent: “Despite the misplaced gloating from Democrats, ill-informed media outlets, and the very people who gutted our industrial base, the court did not rule against President Trump’s tariffs. Six Justices simply ruled that IEEPA authorities cannot be used to raise even one dollar of revenue.”
Supreme Court Rules President Cannot Tax by Decree
“The Founders did not fight a revolution to replace one king’s taxes with another’s,” said constitutional attorney John W. Whitehead. “Whether it’s tariffs, surveillance, or martial law, the pattern is the same: emergency powers become a back door for executive rule. The Constitution does not allow taxation by executive fiat.”
S&P Oil FX Gold Silver 10Y USH
Crude oil surged 5.7% this week to an eight-month high
Gold jumped $65 and silver rallied 9.3%.
Those markets appear to take war risk more seriously than stocks and bonds. | Doug Noland
January PPI is due at the end of the week. | Marc
The base effect suggest headline PPI can ease from 3.0% to around 2.6%, which would put at its slowest pace since last April. The core could ease to 3.0% from 3.3%. It has not been below 3% since last August. Still, the market is confident that the Fed will ease this year more than the median official projected at the end of last year.
Dollar Index sold through Thursday's low (slightly above 97.55) after the Supreme Court's decision. A break of 97.45 could signal a test on 97.00.
\
Pictures of the Week
Email: wkidder42@gmail.com
Text: 1 646 257 2130
Voice: Use WhatsApp +1 646 257 2130
at 1:00 AM