Duffy Seeking $10 Billion From Congress To Revamp Air Traffic Control System

US PMIs Signal Stagflation Fears Accelerating As War Started With 'hard' US macro data having drifted weaker all year, consensus was expecting only a modest decline in S&P Global's US Composite index in preliminary March data (that presumably will be affected in some part by the war and its consequences). The consensus was right, but the picture was mixed with Manufacturing PMI surprising to the upside (52.4 vs 51.5 exp vs 51.6 prior) - highest since Oct 2025. Services PMI, on the other hand, disappointed, falling to the lowest since April 2025... Source: Bloomberg Overall,...

SBA Sends 562k Pandemic Loans To Bessent For Collections Totaling $22 Billion The U.S. Small Business Administration (SBA) has announced a sweeping enforcement action targeting suspected pandemic-era loan fraud, referring more than 562,000 borrowers tied to $22.2 billion in delinquent loans to the U.S. Department of the Treasury for collection, according to the Small Business Association. The move marks the largest referral package in the agency’s history and signals a major escalation in federal efforts to recover funds distributed through COVID-19 relief programs. The loans in question stem from the Paycheck...

Baltic States Warn Of Unfunded Debt Surge For Europe's Defense Splurge In a rare outbreak of sanity from the continent that perfected kicking the can, officials on NATO’s eastern front are openly admitting what Brussels and Frankfurt have spent years denying: you can’t fund a permanent war footing with infinite borrowing and hope the bond market never notices. Estonia’s outgoing ECB rate hawk Madis Muller dropped the red pill in parliament Thursday, bluntly telling lawmakers that jacking up budget deficits to pay for the defense surge is no long-term solution. “These...