"Damage Done Already" - Oil May Take Year To Normalize: Adam Parker

AI Is Causing A Tidal Wave Of Job Cuts At Crypto Firms Layoffs are spreading across crypto and fintech — and executives increasingly say AI is part of the reason, according to Bloomberg. Coinbase, PayPal, Gemini, and Crypto.com have all recently cut jobs while emphasizing efficiency and automation. On Tuesday, Coinbase CEO Brian Armstrong framed the shift in stark terms, warning that “the biggest risk now is not taking action” as the company tries to become “lean, fast, and AI-native.” Bloomberg writes that the trend gained momentum after Block, Inc. — the...

Terrible 5Y Auction: Worst Bid To Cover In 4 Years, Highest Tail Since 2024, Dealers Jump Another day, another very ugly auction. After yesterday's appallingly bad 2Y auction, moments ago the Treasury sold $70BN in 5Y paper in what was another terrible auction. Just after 1pm, the auction stopped at a high yield of 3.966%, up from 3.608% in February and the highest since May 2025. It also tailed the When Issued 3.966% by 1.4bps, the biggest tail since Oct 2024. The bid to cover was 2.29, down from 2.32 last month and...

S&P Futures At Daily Record High Because RAM And World Peace US futures are trading at new all-time highs following Tuesday’s record-setting rally (when the S&P hit a new  record high on negative breadth as is now the norm) , bolstered by a growing chorus of Wall Street bulls: Goldman lifts its S&P 500 target, while Barclays strategists say investors still have capacity to chase the rally, while the memory bubble just keeps raging as the market value of Korea's SK Hynix sailed above the trillion-dollar mark just one day after fellow...