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Important story from the NYT this morning: The President running a crypto operation with largely anonymous offshore investors at a time when he regulates the industry is a huge red flag that you can’t imagine being tolerated by Washington or the public in any other era.

As Nick says, it’s only one week of data. But this would line up with anecdotal and survey data showing that many businesses are looking to cut back on payroll as they deal with the spike in costs from Trump’s tariffs.

🚨 another bipartisan group of lawmakers / stakeholders — this time from Missouri — writes a letter to NTIA / Commerce asking them not to disrupt the BEAD program (and celebrating that they’re on track to mostly deploy fiber.)

Two stories, same day, I’m sure totally unrelated… (left) NYT: UAE pours $2 billion into Trump crypto coins (right) Bloomberg: Trump White House may ease restrictions on selling AI chips to UAE

After digging deep into the economic data released last week, from GDP to jobs, and all the releases in between, here’s why I’m even more concerned about the economy’s prospects: 1. The disconcerting Q1 GDP decline was lifted by consumers and businesses buying lots of stuff

These are the skilled accountants tasked with complex audits of corporations, partnerships, and wealthy individuals. They are not doing audits of middle-class people. Losing 1/3 of them will have major consequences for the deficit and voluntary compliance at the top.

I'm testifying before the House Budget Committee this morning at 10am. Tune in to watch me tell them that if they were truly concerned with the "fiscal state of the nation" they would give up on their giant, expensive tax giveaways to the rich. budget.house.gov/hearing/04/30/…

🚨🚨BREAKING -- A new CBO analysis shows that several policies Republicans are considering for slashing Medicaid spending would lead to millions of people losing health insurance coverage. The analysis, requested by Democrats, says that per capita caps for the Medicaid expansion

Fed leaves rates unchanged “The committee … judges that the risks of higher unemployment and higher inflation have risen.”

Instead of using U.S. influence to secure trade or economic gains for Americans, the Trump family is cutting private deals with foreign nations to enrich themselves. Bharat Ramamurti warns this self-dealing erodes trust & may deter long-term investment on 11th Hour with Stephanie Ruhle.

New Pod Bharat Ramamurti discusses a possible Trump-cession & planned Republican cuts to programs that help Americans meet their basic needs Daniella & Colin Seeberger also talk about Trump’s trade wars & speak w/ Andrew Miller about the crisis in Gaza podcasts.apple.com/us/podcast/bha…

After a night of sober reflection: -Celtics had two extreme outlier shooting games and still barely lost -They’ve been better on the road than at home all year -They have come back from heartbreaking games before to play well (loss to Bucks in game 5 in 2022, down 0-3 to Heat

I can’t believe we have an anti-doll President (who also has no coherent plan for moving more production back to America)