Oh, By The Way, Private Credit Defaults Just Hit A Record...

US Savings Rate Tumbles Despite Lowest Jobless Claims Data In 57 Years The number of Americans filing for unemployment benefits remained near its lowest levels since 1969 last week at just 197k (below the 200k exp)... Continuing jobless claims are also falling back to cyclical lows... Additionally, both income and spending are also trending higher... But overall, the savings rate is tumbling... So, the 'low hire, no fire' economy leaves Americans still spending but higher prices are forcing savings to be drawn down to maintain quality of life. Tyler...

Copper Hits All-Time-High As Physical Economy Reprices Scarcity Copper futures in London reached a record high on Tuesday as expectations of US tariffs drew record volumes from the seaborne market into US warehouses, tightening availability elsewhere despite subdued demand. As we highlighted on Monday, deteriorating conditions across global mining operations are adding to supply woes. Benchmark three-month futures on the LME gained nearly 1% to reach $14,533 a ton, exceeding January's peak before trimming some of those gains. Dr. Copper is breaking out...but this isn’t mainly a growth signal. Tariffs sparked the squeeze....

Can Sam Altman Be Trusted Inside Your Home? Meet OpenAI's New Always-On Smart Speaker Trust remains OpenAI's biggest problem. Sam Altman's public feud with Elon Musk, combined with Apple's allegations that OpenAI stole trade secrets, has only intensified concerns surrounding the company's leadership and governance. Amid this glaring trust issue, OpenAI now wants to place what Bloomberg describes as "essentially a smart speaker without a display" inside millions of homes. Equipped with microphones, cameras, and environmental sensors, the $300 device would function as an always-on intelligence platform, potentially collecting voice, visual, behavioral,...