The US May Have Shot Down a Small Hobby Balloon With a Sidewinder Missile

Over 150 years ago, Congress passed a statute that criminalized home distilling—the practice of setting up a still in one’s home or backyard to manufacture alcoholic beverages. Last week, however, the Fifth Circuit Court of Appeals affirmed that this statute was unconstitutional. In other words, the Court of Appeals recognized that my clients—the nonprofit Hobby Distiller’s Association […]

Services ISM Smashes Estimates, Prints At 56.1 Highest Since 2022, As Prices Paid Tumble After the Manufacturing ISM print earlier this week came modestly stronger than expected (albeit with the Prices Paid component spiking and sending 10Y yields higher), some were expecting a similar improvement in today's Services ISM print. What they got instead, was a blowout number, and one suggesting that whatever weakness the US economy was in for much of the latter part of 2025, is now over. At 10:00am ET, the ISM Services print came out at 56.1,...

Russia & Ukraine Declare Ceasefires That Will Begin On Different Days Authored by Dave DeCamp via AntiWar.com, Russia said on Monday that it would observe a ceasefire with Ukraine on May 8 and May 9 to observe Victory Day, when Russia celebrates the Soviet Union's victory against Nazi Germany in World War II, but it’s unclear if the truce will hold, as Ukrainian President Volodymyr Zelensky responded by declaring a ceasefire that will start earlier. "As of today, there has been no official appeal to Ukraine regarding the modality of a cessation of hostilities...