The Cruel Irony Of Veterans Day

War Premium Evaporates: Wheat Plunges As Putin Signals Black Sea Peace The most-active Chicago wheat contract has plunged nearly 7% since peaking late Wednesday morning, extending losses overnight after Bloomberg reported that Russian President Vladimir Putin had signaled the possibility of constructive peace talks with Ukraine. The recent bid across agricultural commodities has been driven by a confluence of Black Sea maritime disruptions and mounting super El Niño-related crop risks across major agricultural regions worldwide. Putin's remarks at the Eastern Economic Forum in Vladivostok earlier today raised the prospect of peace...

Trump Signs Executive Order To Facilitate Firing Federal Employees Via American Greatness, President Donald Trump on Wednesday formally advanced a long-sought effort to make it easier to remove senior federal employees involved in policymaking, arguing the change will help ensure government agencies are responsive to elected leadership and the American people. Trump signed an executive order implementing Schedule Policy/Career, or Schedule P/C, a new employment classification that places certain career federal workers into positions that can be hired and removed in a manner similar to political appointees. The policy is a revival of the first...

Jobless Claims Hover Near Record Lows Sustaining 'No Hire, No Fire' Narrative The number of Americans filing for unemployment benefits for the first time was flat from the prior week at 210.5k (215k exp). Simply put, these numbers are hovering near their lowest levels since 1969... Source: Bloomberg Continuing claims also printed below expectations at 1.819 million Americans. This is the lowest level since May 2024... Source: Bloomberg Finally, as a reminder, sentiment surveys suggest the labor market is bifurcated with 'jobs hard to get' but joblessness not surging... Source: Bloomberg That chart reinforces the 'no...