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the funkiest market move today is +17bp on 10-year yields. what's going on?

Economic uncertainty update: The thing about veering wildly between policy positions, favouring a new maverick advisor each week, and using contradictory justifications at every turn, is that even if one particular pivot is in the direction of sanity, chaos is the constant.

Het hoofdredactioneel commentaar van Het Financieele Dagblad in de krant van morgen. Over de draai die Trump moest maken onder de druk van de obligatiemarkt. Met bijzondere dank aan Charles Dickens. fd.nl/opinie/1552034… #FD #Macro-economie

COMING SOON

bloomberg.com/news/articles/…

“America would be better off if more people worked in manufacturing.” • 80% of Americans agree • 20% disagree “I would be better off if I worked in a factory.” • 25% of Americans agree • 73% disagree • 2% currently work in a factory 👉🏻 cato.org/sites/cato.org…

The nascent recovery in Canada’s housing market has become a casualty of the trade dispute with the U.S. on.wsj.com/4icMG6s

THE US IS DAMAGING ITS MOST IMPORTANT EXPORT AT A PRETTY WEIRD TIME Wrote in this morning's Odd Lots newsletter about how foreign investors have been purchasing fewer Treasuries for a while now and what we know so far about what foreign accounts did in the recent bond market

The Trump admin is embarking on an economic equivalent of the Vietnam War—war of choice that will soon result in a quagmire, undermining faith at home & abroad in trustworthiness & competence of the US—& we all know how that turned out. By Adam Posen:foreignaffairs.com/united-states/…

Powell’s remarks reinforce his earlier view that the Fed will not be in a position to preempt weakness from a trade war: “We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension.” It’s a somber message, leavened with a local Chicago nod

(A humorous aside: Bueller's economics teacher in the movie describes how the Smoot Hawley Act made the Depression worse. You can see "monetary policy" on the chalkboard behind Ben Stein.)

Ford tells dealers it may raise prices in May if tariffs continue - Automotive News. $F

BREAKING: The Pentagon’s hottest drone startups are just patriotic middlemen for Chinese supply chains. DJI didn’t win because of espionage. It won because America forgot how to build things. A brutal reality check, thread below:0 forbes.com/sites/davidjea…

Vaticaan: Paus Franciscus overleden Apostolica Sedes Vacans telegraaf.nl/nieuws/1341329… via @Telegraaf

Japan is reportedly asking the US what it wants in trade talks and can't get an answer, per FOX

“We’re battling a tsunami of stuff, and the stuff is winning.” Americans’ mountain of clutter remains, even if tariffs bring an end to the era of low-cost goods. 🔗: on.wsj.com/4jNzwhD

Happy 15th anniversary!

Ik werd door mijn vrienden van GeenStijl uitgenodigd vanwege importheffingen en ineens had ik een mening over Rutger Bregman geenstijl.nl/5182864/de-gee…

Before the outage hit, Spain was running its grid with very little dispatchable spinning generation, and therefore no much inertia. Solar PV/thermal + wind: ~78% Nuclear: 11.5% Co-generation: 5% Gas-fired: ~3% (less than 1GW) Snapshot at 12.30pm local time (outage was 12.35pm)