"Damning Conduct": FBI Agents Stationed In Asia Paid For Sex From Prostitutes Over Several Years

FBI agents stationed overseas engaged in sex with prostitutes in Cambodia, the Philippines, and Thailand—sometimes while colleagues attended anti-human trafficking training, the New York Times reported.

The "damning conduct", which occurred between 2009 and 2018, involved agents paying for or accepting sex while socializing with each other and local police, revealing a culture where women were routinely exploited.

The report, made public after a New York Times lawsuit, offers the most detailed account yet of a scandal kept largely under wraps since the early Trump years. It surfaces as new FBI Director Kash Patel vows to overhaul the agency.

Prostitution is widespread but illegal in Cambodia, the Philippines, and Thailand—countries where FBI agents engaged in misconduct, despite the bureau’s ban on paying for sex and its stated focus on fighting human trafficking.

“The F.B.I. took swift action once alerted to the behavior,” the agency said, adding that those involved were fired and overseas personnel training has since been updated.

Some incidents occurred during official events. In 2017, agents in Bangkok twice visited bars to negotiate sex while accompanied by local police. That same year, the FBI co-hosted anti-trafficking training with Thai authorities. It's unclear if the misconduct occurred during that specific training.

The Times wrote that in 2018, during another event in Manila, FBI employees accepted prostitutes reportedly paid for by a local law enforcement agency, according to the report.

The Wall Street Journal first reported in 2018 that several FBI employees had been recalled from Asia amid an investigation into alleged contact with prostitutes and other misconduct.

A 2021 inspector general summary confirmed five employees had solicited sex abroad, and one had given a colleague “a package containing approximately 100 white pills to deliver to a foreign law enforcement officer.”

The full report, now released after a legal battle with The New York Times, details multiple violations involving groups of FBI employees. In one case, agents at a karaoke bar were handed room keys or numbered slips tied to hotel rooms—at least one was a supervisor. Two employees reportedly engaged in sex acts with prostitutes while sharing a room.

The Justice Department under both Trump and Biden fought to keep the details sealed, citing privacy concerns. A federal judge ultimately ordered the release of the less-redacted version on Thursday.

Tyler Durden Sat, 03/29/2025 - 22:45

China's Tech Triple Play Threatens US National Security

Authored by Craig Singleton via RealClearWire,

Chinese Communist Party (CCP) leader Xi Jinping has defiantly declared that technological innovation is the “main battlefield” in China’s quest for global preeminence. But, Beijing’s bold bid to transform itself into a global science superpower is not merely an economic imperative—it is a means to strengthen China’s military might and cyber capabilities, with grave implications for the United States.

At the center of Xi’s vision are what he calls China’s “new productive forces”—breakthroughs in advanced batteries, biotech, LiDAR, drones, and other emerging technologies that promise to redefine the next industrial revolution. By dominating these sectors, Beijing aims to ensure Chinese technology is deeply embedded within critical American supply chains—everything from power grids and ports to communications networks —thereby converting China’s commercial success into a powerful geopolitical tool of leverage.

Here at home, Beijing’s strategy is unfolding in three interlocking phases—penetrating, prepositioning, and profiting—which together form an insidious framework that both erodes America’s technological edge and undermines homeland security.

Recently exposed Chinese state-sponsored hacking campaigns—Salt, Volt, and Flax Typhoon—exemplify Beijing’s systematic approach to penetrating U.S. networks and critical infrastructure. The Salt campaign exploited vulnerabilities in telecommunications systems, allowing attackers to intercept voice and text communications and thereby compromise both civilian privacy and government operations. The Volt operation targeted industrial control systems, breaching energy and manufacturing networks to gain remote control over essential infrastructure. Meanwhile, Flax Typhoon focused on defense and government networks, exfiltrating sensitive data and installing persistent backdoors to facilitate future sabotage.

Collectively, these campaigns reveal how Chinese hackers methodically exploit software and hardware weaknesses to harvest critical intelligence and maintain enduring access to sensitive U.S networks, often with next-to-no consequences. Yet infiltration is not an end in itself. Once inside, Beijing systematically prepositions latent capabilities throughout our physical and digital supply chains, setting the stage for future coercion.

Today, Chinese-made LiDAR devices underpin smart city systems, autonomous vehicles, and certain aerial reconnaissance platforms. Similarly, Chinese-produced surveillance cameras and drones are integrated throughout our transportation network, including at major U.S. airports. Even critical infrastructure components like cranes in U.S. ports and batteries connected to our grids have morphed into strategic choke points, according to Congressional investigations.

In a conflict—or even a severe diplomatic crisis—these systemic dependencies could confer a decisive advantage to China. By withholding critical parts or inflating prices at a pivotal moment, Beijing can exploit these supply chain choke points to hamper U.S. readiness.

Prepositioned exploits could degrade or disable U.S. command-and-control systems, sabotage energy grids, or paralyze transportation networks—potentially stalling America’s response before a single shot is fired. Even if such disruptions remain hypothetical, the mere suspicion of sabotage can erode policymaker confidence and delay military mobilization efforts, effectively handing Beijing a silent veto over our crisis decision-making.

The final phase of Beijing’s strategy is profiting from these dependencies, turning commercial dominance into a revenue stream that reinforces its military-civil fusion. Chinese high-tech exports, ranging from advanced sensors and biotech innovations to drones and surveillance cameras, generate billions in revenue every year for Beijing. These profits are not reinvested merely for commercial growth; they are often funneled directly into programs bolstering People’s Liberation Army’s R&D efforts.

The stakes could hardly be higher. The House Homeland Security Committee, along with other congressional panels, has convened hearings spotlighting how Chinese hackers sit in vital infrastructure systems and how Beijing’s infiltration extends into our supply chains. The bipartisan consensus emerging from these discussions is clear: we must move swiftly from passive defense of American networks to proactive deterrence.

Policymakers can begin by tightening outbound investment screening and export controls. That means scrutinizing U.S. capital and technology flows into Chinese firms linked to China’s military-industrial base, ensuring that American money and know-how no longer subsidize Beijing’s military modernization. Simultaneously, federal agencies should adopt “clean network” standards for software, hardware, and data, effectively establishing cyber quarantines for critical infrastructure. This would bar high-risk Chinese devices from power grids, ports, and telecommunications systems—treating them as inherently untrusted until proven otherwise.

Equally important is imposing meaningful consequences on Beijing’s cyber intrusions. Diplomatic protests and token indictments of mid-level hackers have failed to alter China’s calculus. Instead, Washington should consider stronger penalties—including financial blacklisting of major Chinese firms or banks—to send an unmistakable message that continued infiltration carries real costs.

Finally, we must commit to robust innovation at home. America can’t meet the Chinese challenge simply by playing defense. Expanding federal R&D, incentivizing private-sector breakthroughs, and aligning workforce development with future technology needs will ensure that the United States remains a leader in the very fields—biotech, AI, quantum computing, energy storage—where China seeks supremacy.

Xi’s “main battlefield” is already upon us, and America can no longer afford complacency. China’s triple threat—penetrating, prepositioning, and profiting—targets the core of our national resilience. If we fail to respond decisively, we risk losing our technological edge and compromising our security. By fortifying our networks, enforcing meaningful consequences on malicious actors, and investing in American innovation, we can ensure Xi’s ambitions do not come at the expense of our prosperity and safety.

 

Tyler Durden Sat, 03/29/2025 - 22:10

"Reimagine New Jersey": Newark Mayor Ras Baraka Shown in Video Supporting Farrakhan’s Racist, Violent Views

Authored by Jonathan Turley,

Across the country, Democratic leaders are resorting to what I have called “rage rhetoric” as supporters are turning to actual violence, including arson and other crimes directed against Tesla. 

In Hawaii, Gov. Josh Green (D) even reacted to Novak Djokovic playing tennis with HHS Secretary Robert F. Kennedy Jr. by hoping that he is hit in the head. However, Newark Mayor Ras Baraka, currently one of the top Democratic candidates for New Jersey governor, appears to have gotten an early lead in this race to the bottom. In a video that has now attracted interest in his run for governor, Baraka gives a full-throated endorsement of the violent and racist rhetoric of Nation of Islam leader (and raging anti-Semite) Louis Farrakhan.

In a newly released video from 2004, Baraka is shown applauding and embracing Farrakhan as he calls for violence and denounces White people as “demons.” 

Those “demons” compose roughly 52% of the state that Baraka wants to lead.

The video from a Newark church shows Baraka introducing Farrakhan as “the leader of every Black person.”

“I don’t think that there’s any man today, present today, that has the kind of moral authority or spiritual strength. Not president, not community leader, not political international activist, nowhere that has the moral authority, the historical and political framework, that the Minister Farrakhan has, that. Who can stand where he stands and truly say that he is the leader of black people anywhere and everywhere.”

The New York Post uncovered the video showing Baraka giving Farrakhan a standing ovation as he denounces non-violence:  “We didn’t believe in no non-violence. The cracker hit you on your jaw, you break his neck. That’s the way we think.”

He also gives him a standing ovation in denouncing all white people as the “enemy.”

“Now the enemy comes in. You, the Crips, and the Bloods, they’ll send people in to give you rumors about your brother over there. These demons will even kill a policeman and then blame it on you. You dealing with a devil, man. You’re not dealing with righteous people. This cracker is the real devil. And you better wake up and realize that.”

Once again, this is the mayor of a major city and a leading Democratic candidate for governor of New Jersey.

Baraka later arranged for Farrakhan to give a speech to over 1,000 high school students at Central High School in Newark, where he was principal.

Many on the far left shrug off such connections to racist or violent groups. It is reminiscent of former Democratic National Committee deputy chair Keith Ellison, now the Minnesota attorney general, who once said Antifa would “strike fear in the heart” of Trump. This was after Antifa had been involved in numerous acts of violence, and its website was banned in Germany. Ellison’s son, Minneapolis City Council member Jeremiah Ellison, declared his allegiance to Antifa in the heat of the protests this summer.

With violence on the left increasing around the country, Democratic leaders continue to try to appease the most radical elements in their party. That was evident last week when Rep. Dan Goldman (D., N.Y.) denounced the investigation into the attacks on Tesla dealerships and owners as “political weaponization.”

This is a long history of downplaying or shrugging off such violence, including some who seem to fuel the violence.

Rep. Maxine Waters, D-Calif., told George Floyd protesters in Minnesota to “get more confrontational” if a jury found former Minneapolis police officer Derek Chauvin not guilty. And when Sen. Susan Collins, R-Maine, was threatened in 2018 because she had not opposed Kavanaugh’s nomination to the Supreme Court, Rep. Eric Swalwell, D-Calif., mocked the concern over her safety with “boo hoo hoo.”

For her part, House Speaker Nancy Pelosi declined to condemn left-wing mobs destroying statues and historic displays in her home city of San Francisco. Pelosi shrugged and said, “People will do what they do.”

In the case of Baraka, he appears to have a long history of associating with such violent and racist speech. In 2017, he organized another speech for Farrakhan titled “Separation or Death,” reportedly calling for a separate black state.

With the release of the videos, Baraka is standing firm in support of his association with Farrakhan, bizarrely defending his record of supporting “peace, equality, and equity.” He is blaming the “political establishment” for “false” claims based on these videos.

In his campaign for governor, Baraka is calling for voters to “reimagine New Jersey” and promising to “deconstruct the state budget and reassemble with equity as our north star; judging every decision as either a step towards equity or a step towards inequity.”

*  *  *

Jonathan Turley is the Shapiro professor of public interest law at George Washington University and the author of “The Indispensable Right: Free Speech in an Age of Rage.”

Tyler Durden Sat, 03/29/2025 - 21:00

Paper Promises, Golden Truths

Authored by Adam Sharp via DailyReckoning.com,

Paper money eventually returns to its intrinsic value – zero.

— Voltaire, 18th century

In films and TV shows set in the future, money is usually a digital government currency.

Credits, cubits, and chits are a few names I recall. This is a globalist CBDC-based vision of the future. Bleak.

But in one of my favorite sci-fi movies, Looper, precious metals reign supreme as money. In that film, the inevitable breakdown in fiat currency has already occurred and hard money has made a comeback.

This latter scenario is far more likely. Time and time again, central banks and governments have proven they cannot be trusted with the power to create unlimited money. It doesn’t matter whether it’s paper or digital money, central bankers will print too much of it given the chance.

Without exception, every fiat currency in history has trended towards zero. Government digital money will be no different.

Voltaire wasn’t exaggerating when he said, “paper money eventually returns to its intrinsic value – zero”. In fact, he had just experienced it first-hand following France’s disastrous fiat experiments of the 1700s.

It’s a question of when, not if. And time is running short.

Our Unusual Fiat Era is Ending

Since 1971, the world has been under a highly unusual 100% fiat monetary system. Not a single country operates on hard money today.

Never before in history was every country simultaneously using fiat. We are living through an incredibly rare, and increasingly dangerous, monetary experiment.

For most of history, developed countries were on a gold and/or silver standard. Coinage was default for thousands of years.

Switching to paper money was always a desperation move. It often happened during or after a major war, when governments were running low on cash. So they switch to fiat to pay the bills, and debase everyone’s savings in the process.

The world has only been on a fiat standard since 1971. Which, not coincidentally, was when the U.S. abandoned the gold standard following huge deficits from the Vietnam War.

It has happened hundreds of times. After it all goes horribly wrong, gold and silver make their inevitable return.

The Dollar Had a Good Run

This fiat period has lasted longer than most. The dollar has been an unusually robust paper currency, and due some clever engineering, it essentially became an oil-backed currency (for many decades, oil producers would only accept dollars for oil).

The dollar will remain an important player for some time to come. But the era of the petrodollar system, where the dollar was the only way to buy oil, is over.

We are entering a new multi-polar era where countries use their own currencies to buy oil and other goods. And the U.S. is no longer the sole superpower.

Central banks around the world are gobbling up gold and diversifying away from the dollar as debt spirals out of control.

We’re approaching the end game now. This is why we’ve been pounding the table on gold and silver so much lately. And it’s why we will continue to going forward.

Tyler Durden Sat, 03/29/2025 - 18:40

Trump Administration Using Spy Satellites To Monitor Southern Border

The Trump administration ordered two Pentagon intelligence agencies—the NGA and NRO—to use spy satellites to monitor the U.S.-Mexico border in a broader effort to curb illegal immigration and drug trafficking., according to Reuters.

The involvement of spy agencies and troop deployments highlights the growing militarization of the southern border, where Trump declared a national emergency.

Though the extent of satellite surveillance over U.S. territory remains unclear, the NGA confirmed forming a task force for the border mission, while the NRO said it was working with the Pentagon and intelligence community to secure the border.

The Reuters report says that their role stems from Trump’s executive orders targeting illegal crossings, trafficking, and the deportation of up to 14 million undocumented immigrants.

Trump, who made immigration central to his 2016 campaign, is now expanding the use of military tools—originally designed for foreign conflict—to the U.S.-Mexico border.

While AI and drones have long been used for border surveillance, the new initiative taps battlefield-grade capabilities. AI could scan satellite imagery for people or objects of interest, sources said, much like it does overseas.

Though the full scope remains unclear, experts warned the administration must address legal limits on domestic surveillance. U.S. law bars spy agencies from targeting citizens, but immigration officials can operate within 100 miles of the border.

“If they follow the law, these agencies should only collect on the other side of the border in foreign territory,” said national security lawyer Paul Rosenzweig. “But how they implement that, and if they do, are legitimate oversight questions.”

An intelligence official insisted all surveillance is “legal and authorized” and respects Americans’ privacy. The NGA and NRO declined to detail their border operations, citing security concerns. The CIA, sources said, has no role in domestic enforcement: “Once foreign criminals are inside the United States, they are not within the purview of the CIA.”

Trump has elevated border security to a top national intelligence priority, channeling more resources to it. A recent U.S. intelligence report placed transnational crime above threats from Iran or North Korea.

Meanwhile, the National Security Council is reportedly receiving daily briefings on immigration arrests, including minors.

Tyler Durden Sat, 03/29/2025 - 18:05

University Of Michigan Guts DEI Programs

Authored by Bill Pan via The Epoch Times,

The University of Michigan said it will eliminate all diversity, equity, and inclusion (DEI) efforts following the Trump administration’s warning that colleges with discriminative policies could lose federal funding.

The changes, announced on Thursday, include shutting down two diversity offices and ending its “DEI 2.0 Strategic Plan.” This follows earlier steps to phase out DEI-related requirements, such as removing mandatory DEI statements in admissions, hiring, promotions, awards, and performance reviews.

The university said individuals who previously worked on DEI initiatives across various schools, colleges, and departments will now “refocus their full effort on their core responsibilities.”

“These decisions have not been made lightly,” University of Michigan President Santa Ono and three top administrators said in a joint statement. “We recognize the changes are significant and will be challenging for many of us, especially those whose lives and careers have been enriched by and dedicated to programs that are now pivoting.

“We are deeply grateful for the meaningful contributions of leaders, faculty, and staff who have advanced our ongoing efforts to create an ever-more inclusive and respectful community.”

Federal Pressure Intensifies

The changes come as the Trump administration ramped up the enforcement of federal anti-discrimination laws, including Title VI and Title IX, which prohibit discrimination based on race and sex, respectively, in education settings.

The University of Michigan specifically pointed to a “Dear Colleague” letter from the U.S. Department of Education’s civil rights division. The Feb. 14 letter warned that the 2023 Supreme Court decision that declared the use of racial preferences in college admissions unconstitutional would now extend to all university policies and programs beyond admissions.

“At its core, the test is simple: If an educational institution treats a person of one race differently than it treats another person because of that person’s race, the educational institution violates the law,” the letter stated.

Moving forward, the university said it plans to increase investments in student-facing programs, including financial aid, mental health support, academic advising and counseling, and a scholarship for students from foster care.

Massive DEI Spending Under Scrutiny

The university has been known for a sprawling and costly DEI bureaucracy. According to an analysis by UMich economics professor Mark Perry, as of January 2024, the university spent $30.7 million each year on salaries for 241 employees who work in DEI offices or have the keywords diversity, equity, or inclusion in their job titles. This figure does not account for additional staff and resources spent to support those DEI employees.

A New York Times investigation published in October 2024 further estimated that UMich spent $250 million on DEI since 2016. The Times noted that despite this enormous investment, race- and gender-based grievances on campus actually increased, with students filing more complaints than ever before.

Following the Times report, UMich published a lengthy response in which Chief Diversity Officer Tabbye Chavous accused the article of being “filled with misinformation, disinformation, and, sadly, sexism.”

Some officials agreed that the university’s massive DEI spending failed to directly benefit students. Jordan Acker, one of the six Democrats on UMich’s eight-member board of regents, said on Thursday that the resources have not been effectively used to achieve its goals.

“Over the past several years, the university has spent 250 million on diversity efforts, but yet the population of minority students at UM has grown little, and much of the resources we’ve devoted to these efforts have gone into administrative overhead, not outreach to students,” he said in a statement on social media platform X.

“At Michigan, the focus of our diversity efforts needs to be meaningful change, not bureaucracy.”

Tyler Durden Sat, 03/29/2025 - 17:30

Trump Inks $100 Million Deal With Skadden Law Firm

Authored by Samantha Flom via The Epoch Times,

A prominent Wall Street law firm has struck a deal with the White House to provide $100 million in pro bono legal services.

Skadden, Arps, Slate, Meagher & Flom LLP will dedicate the services to causes supported by both the firm and the Trump administration, including assisting veterans and other public servants, ensuring fairness in the U.S. justice system, and combating anti-Semitism.

The firm also committed to funding at least five law graduates under a fellowship dedicated to supporting the causes each year and employing merit-based hiring practices, vowing not to deny representation to members of politically disenfranchised groups.

This deal comes as President Donald Trump has, in recent weeks, issued executive orders targeting multiple major legal firms, directing government agencies to revoke their security clearances and terminate contracts. While Trump has not issued one against Skadden, the deal seems to be a way to prevent that from happening.

“This was essentially a settlement,” President Donald Trump said in announcing the deal at a White House event.

“We appreciate Skadden’s coming to the table. As you know, other law firms have likewise settled the case. And … what’s gone on is a shame.”

A White House statement explained that Skadden had approached Trump about its “strong commitment to ending the weaponization of the justice system and the legal profession.”

Jeremy London, the firm’s executive partner, said the two parties worked “constructively” to reach an agreement.

“The firm looks forward to continuing our productive relationship with President Trump and his administration. We firmly believe that this outcome is in the best interests of our clients, our people, and our firm,” London said.

News of the agreement came just hours after two other law firms, WilmerHale and Jenner & Block, sued the president for ordering the retraction of their security clearances and the termination of their government contracts.

In WilmerHale’s case, Trump cited the firm’s employment of former special counsel Robert Mueller and his aides as one of the top reasons for the move.

Mueller “wielded the power of the Federal Government to lead one of the most partisan investigations in American history,” Trump wrote in the executive order, referring to Mueller’s investigation of claims Trump colluded with Russia to influence the 2016 presidential election. Those claims proved to be unfounded.

Jenner, on the other hand, hired Andrew Weissmann, Mueller’s top prosecutor.

In separate legal actions filed in the District of Columbia, the two firms accused the administration of punishing its political opposition and asked the court to find Trump’s orders unconstitutional.

Paul Weiss, another Wall Street law firm, brokered a deal with the White House last week to provide $40 million in free legal services for mutually supported causes. In return, the administration revoked an order similar to those targeting Jenner and WilmerHale.

Tyler Durden Sat, 03/29/2025 - 16:20

Maryland Democrats Pass "Sleep Tax" - Is A Thinking Tax Next?

Maryland lawmakers are scrambling to address a staggering $3.3 billion budget shortfall.

To close the gap, far-left Governor Wes Moore and activist Democrats have proposed a wave of tax hikes that would hit Marylanders' wallets the hardest amid a deepening affordability crisis. 

QUESTION:

Maryland lawmakers spent too much money. The state has a $3.5 BILLION deficit.

To close the gap, Annapolis is looking to raise your taxes/fees. Here's a list of the proposed increases. Which affect you most? Or... have you already ordered the U-Haul truck?

Tax…

— Chris Papst (@chrispapst) March 29, 2025

With power bills already skyrocketing to record highs for many folks due to backfiring and disastrous green energy policies, these same progressive lawmakers are creating even more nightmares for taxpayers—this time by proposing a tax that effectively targets sleep.

A small but vocal group of conservative Republicans in the Maryland House of Delegates were stunned on Friday when far-left Democrats pushed through HB 858—a bill that establishes a mattress stewardship program under the guise of promoting safe disposal and recycling. This is another tax on Marylanders as the state sinks into financial turmoil and elevated credit downgrade risks. The new 6% tax on mattresses is on top of the existing 6% sales tax. 

Del. Mark N. Fisher (R-Calvert), one of the leaders of the Maryland House Freedom Caucus, blasted the "Sleep Tax" and asked if there would be a "snoring surcharge."

Democrats just passed the ‘Sleep Tax’. Marylanders already pay a 6% sales tax when you buy a mattress. Now, @mddems want you to pay a surcharge. Is that a ‘snoring surcharge’? pic.twitter.com/Pt0atYzupZ

— Mark Fisher (@fisher4maryland) March 28, 2025

Torrey Snow of WBAL Radio said this about the ridiculous tax passed on sleep...

Oh, you think I'm joking! Maryland Democrats literally passed a bill to tax your good sleep! House Bill 858. Look it up! #maryland #democrats #mattresstax #wesmoore pic.twitter.com/HeI3yTHQht

— Torrey Snow WBAL (@TorreySnowWbal) March 28, 2025

Meanwhile...

Virginia, Delaware, West Virginia, and Pennsylvania Mattress stores right now….. #Maryland #MooreTaxes #MooreFees https://t.co/MiVbY2t4Ex pic.twitter.com/pqOu0PXMU7

— Libertarian Party of Maryland (@LPMaryland) March 28, 2025

Also, Moody's Ratings recently warned that Maryland—a state heavily dependent on the federal government—faces heightened recession risk in the era of DOGE-related cuts. The warning comes amid a twin crisis: a ballooning state deficit and a power bill crisis. 

If far-left Gov. Moore and Democrats are willing to tax Marylanders' sleep, these woke activists could easily push another bill to tax thinking. 

Maryland Dems...

Maryland Dems Lose All Sense Of Reality: Focus On Condoms For Kids, Reparations As Crises Pile Up https://t.co/WnoOnJxnbi

— zerohedge (@zerohedge) March 5, 2025

It's time for common sense to re-enter Maryland politics after decades of Democrats torpedoing the state to the brink of financial crisis. Perhaps the Maryland House Freedom Caucus will be those heroes needed to rescue the imploding state.

Tyler Durden Sat, 03/29/2025 - 15:45

At the Calculated Risk Real Estate Newsletter this week:

Click on graph for larger image.

• New Home Sales Increase to 676,000 Annual Rate in February

• Case-Shiller: National House Price Index Up 4.1% year-over-year in January

• Policy and 2025 Housing Outlook

• Fannie and Freddie: Single Family Serious Delinquency Rates Unchanged in February

• Final Look at Local Housing Markets in February and a Look Ahead to March Sales

• Inflation Adjusted House Prices 0.8% Below 2022 Peak

This is usually published 4 to 6 times a week and provides more in-depth analysis of the housing market.

Rep. Masssie Pushes For Nationwide Right To Carry Firearms Without Permit

Authored by José Niño via Headline USA,

Earlier this week, the House Judiciary Committee passed a bill HR 38, a bill that allows licensed concealed firearm holders to carry in other states that allow concealed carry. 

However, for Rep. Thomas Massie, R-KY, this bill does not go far enough. On X, he said “ I support this bill, but there is a better option, and it is National Constitutional Carry.” 

He added, “29 states already have Constitutional (i.e. permitless) Carry. Why not extend it to all 50 states?” 

Yesterday, our Judiciary Committee passed HR 38, National Reciprocity. I support this bill, but there is a better option, and it is National Constitutional Carry.

29 states already have Constitutional (i.e. permitless) Carry. Why not extend it to all 50 states?

Under HR 38… pic.twitter.com/ddS2jECW0q

— Thomas Massie (@RepThomasMassie) March 27, 2025

Constitutional carry is the simple concept that any lawful individual can carry a firearm without having to ask the government for permission.

Under HR 38, Massie noted that residents of constitutional carry states can carry firearms in any state that issues permits to its citizens. The recent Bruen Supreme Court decision requires all non-constitutional carry states to issue carry permits.

Massie highlighted how when HR 38 passes, residents of the 29 constitutional carry states will be able to carry in all 50 states without a permit. Though paradoxically, residents of the 21 states without constitutional carry will need permits in their own states, while visitors from constitutional carry states won’t.

In the Kentucky congressman’s view, if Congress can mandate California to allow permit-less carry for out-of-state visitors based on the Second Amendment, it only makes sense to extend this right to California residents as well. 

Massie posed the following question: “Why not pass national constitutional carry and afford everyone in the United States the right to ‘bear arms’ which is enshrined in the Constitution?”

He also called attention to how HR 38 may create a situation where a Kentucky resident could carry an AR-15 pistol with a 20-round magazine in California, while Californians themselves cannot own or carry such equipment. This appears to contradict the framework established by the Supreme Court decision in DC v. Heller.

In contrast, Massie’s proposed national constitutional carry bill stipulates that if a state allows possession of a particular firearm, it must also allow the carry of said firearm.

He introduced this bill as a substitute amendment to HR 38 in committee but withdrew it to avoid forcing his colleagues to choose between National Reciprocity and National Constitutional Carry. The current consensus is that HR 38 can pass the House, while Constitutional Carry may not have sufficient support.

Pro-gun organizations such as the National Association for Gun Rights are firmly behind Massie’s Constitutional Carry bill. NAGR President Dudley Brown tweeted, “Massie’s bill is INFINITELY better than *smirk* John Cornyn’s.”

Massie's bill is INFINITELY better than *smirk* John Cornyn's. https://t.co/vk6qXzKUkY

— Dudley Brown (@dudleywbrown) March 27, 2025

Massie’s bill is INFINITELY better than *smirk* John Cornyn’s.

Headline USA reached out to Brown, who said the following about Massie’s bill: 

“Massie’s Real Constitutional Carry law skips all the big-brother-may-I requirements and assumes citizens are law-abiding.  National reciprocity is a half measure compromise, as evidenced by the Senate sponsor, Sen John Cornyn.”

HR 38 was introduced by Rep. Richard Hudson, R-NC, and currently has 178 co-sponsors.

Tyler Durden Sat, 03/29/2025 - 12:50

These Are The Best States For House Flipping

A new study ranks the best states for house flipping, using data on sale prices, remodeling costs, sales volume, and time on market. By standardizing these metrics into a single House Flipping Score, the study identifies where flipping is most profitable—higher scores mean better conditions for flippers.

Vermont tops the list of best states for house flipping with a score of 99, thanks to fast sales (32 days on market) and high transaction volume. Maine follows with a score of 95, offering the lowest remodeling costs ($27,486) among top states and similarly quick sales, the study from Badeloft shows.

New Hampshire ranks third (score: 93), combining low renovation costs with high average sale prices ($462,492). Delaware takes fourth (score: 86) with moderate remodeling expenses and solid sales volume.

Rhode Island (score: 85) has the second-fastest market (under 28 days) and low renovation expenses. Hawaii places sixth (score: 83), driven by the highest sale prices nationwide ($829,941).

Connecticut (score: 79) has the shortest time on market—just 27 days—and solid resale value. Virginia (score: 76) offers decent profits with moderate remodeling costs. North Carolina (score: 74) boasts the most active housing market among top states.

Massachusetts rounds out the top ten (score: 71) with high property values ($605,614) and a market time of 36 days.

Virginia is ranked eighth for house flipping potential, achieving a score of 76. Home improvement projects here generally require an investment of $39,215, with investors able to sell properties for an average of $382,930.

Finally, North Carolina is positioned ninth on the list of best states for house flipping, achieving a score of 74. The state features the most active housing market among the top-ranking states, with 6,649 houses sold per 100,000 residents.

A Badeloft study spokesperson said: “House flipping proves to be a profitable endeavor in many states, particularly those where the cost of remodeling is relatively low, and the potential for high sale prices is strong. It’s important to consider that prioritizing premium quality renovations is essential to maximizing the property’s value and securing a profitable return."

"Carefully selected and stylish furnishings that complement these renovations can further enhance the home’s appeal, making it even more marketable and increasing its overall value”.

The full study data can be found here. 

Tyler Durden Sat, 03/29/2025 - 12:15

Trump Puts The System On Trial

Authored by Waters and Ellwanger via RealClearWorld,

President Trump’s supporters have denounced the federal judges seeking to stall or stop this administration’s government overhaul. But there is at least one person who, despite a show of outrage and condemnation, is neither surprised nor intimidated: Trump himself.

The politically appointed judges have ordered, among other actions, that federal agencies reinstate thousands of fired probationary employees; that billions of taxpayer dollars be paid to questionable USAID projects and contractors; and that foreign-born criminals deported to their native countries be returned and granted due process. Regardless of the legal merits, the American people recognize these orders as obstructions to what Trump said he would do if elected, and what voters elected him to do. Yet the judges’ resistance is expected—they’re bound up in and rewarded by the system Trump seeks to reform.

Two-thirds of Americans believe the “system” is broken, but for years progressive politicians and their mouthpieces posited that the system couldn’t be fixed. Intellectuals on the Left, including New York Times columnist David Brooks, said America’s flaws were “systemic” in nature: systemic racism, systemic sexism, and systemic injustice. They whined and preached but offered no solutions for the millions of Americans of all races and both genders struggling and failing to unlock their potential to succeed.

When Trump announced his candidacy for president in 2015, he too claimed the system was broken, but not because we are racist or sexist by nature, but because the system itself is old, soft, and corrupt, with leaders grown unresponsive to the people they are supposed to serve. That core belief guided his first term and remains unchanged at the start of his second.    

For decades, politicians failed to respond to real problems because their agendas, even their identities, were phony, crafted by consultants and pollsters who aimed not for the truth, but for whichever lies or provocations were most efficacious in winning the next election. But one need not resort to craven and conspiratorial explanations of this sort, which hint that elected officials deliberately ignore the public will. The truth is simpler. They have to ignore voters, if only because they have no idea how to fix the problems we face.

*  *  *

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In one sense, the elites’ ineptitude is understandable: we have a highly complex society that has undergone a recent, rapid, destabilization brought on by technological advance. But to admit that they simply don’t know how to address any contemporary issue would be to concede that it is only their mere status as “elites” that qualifies them to rule. Thus, to conceal their befuddlement, they explain their inaction by a vague demand that we address the “root causes” of every issue – which further justifies them in doing nothing.

The bad faith inherent to the “root causes” strategy was nowhere more obvious than at the border. For years, establishment voices told us that border security measures would fail without addressing the “root causes” of the problem: central American poverty and climate change. These appeals allowed the political class to avoid doing what they didn’t want to do (securing the border) and to manufacture a duty to do the things they did want to do (diverting American revenue to foreign aid “relief programs” and enacting more restrictive environmental policies). Aside from those interventions, they assured us, there was nothing we could do about the illegal immigration crisis.

But as it often happens, Trump called their bluff. Somehow, he managed to end the flood of illegal crossings within weeks of taking office. And contrary to the best wisdom of the “experts,” it didn’t require a grand congressional bargain like the betrayal that Sen. Lankford (R-OK) offered as a solution. Nor did it require a new climate deal. We didn’t have to make Honduras great again to stop the caravans. No – as it turned out, the answer was staring us in the face. The solution was one that could be intuited by any American voter: just secure the border. Only a class as feckless and clueless as our politicians couldn’t grasp this. But Trump understood it. And Americans see that.

Barring any real action to improve the lot of regular Americans, the lost and divided Democrats cast about for a “message” and a “messenger” to improve their chances in the next election. They believe a magic word or slogan (“nazis,” “oligarchs,” “authoritarians,” and “autocrats” all have been tried and failed), rather than concrete beliefs and plans, will “meet this moment” and win over American voters. But voters know the Democratic Party lacks anything affirmative or real.

Politicians will never make America great again, Trump said at his campaign kick-off in 2015. “They’re controlled fully by the lobbyists, by the donors, and by the special interests. “[And] it’s destroying our country.” Unlike Bush, Obama, and Biden, Trump spoke to what people felt in the Rust Belt and the Bible Belt and the Farm Belt. He looked into the vast interior of the country and understood what many Americans knew all too well: that working hard and playing by the rules no longer guaranteed their children would be better off than they had been. 

Speaking about politicians in 2015, Trump said: “I hear their speeches. They don’t talk jobs. [They] have no competence. [They] don’t know what’s happening.” His message of “America First” was clear and authentic, and it implied real action and solid outcomes: protect jobs, livelihoods, and futures of Americans. The hapless politicians had nothing to counter.

“The Resistance” to the first Trump administration was advanced by the machinations of bureaucrats in the vast regulatory state. But with the president rapidly dismantling that apparatus, a new strategy was needed. For the Resistance 2.0, it seems the establishment will depend on the courts to thwart the democratically-expressed will of the people. But there is a higher court in this land, where American voters serve as judge, jury, and executor.

Earlier this month at the Department of Justice, Trump warned of the “violent, vicious lawyers” who persecute the president and bully the American public to get their way. Expect these lawyers to “play the ref,” Trump said, weaving in a story about former Indiana University basketball coach Bobby Knight, who once threw a chair across the court and screamed like a madman at the referees for a call to be overturned. The referee wasn’t going to change the first call, Trump said of Knight’s rationale for throwing the tantrum. “But he’s going to change for the next play. And sure as hell, he did.” Trump understands that activist lawyers and progressive pundits will put heat on the judiciary, and that, on occasion, they’ll get their way.

For 10 years, Trump has confronted the political class, calling out their incompetence and dishonesty, and the voters continue to reward him. Federal judges, egged on by the politically-motivated legal establishment, may try to frustrate the president in his pursuit of long-held promises to build a better country. But Trump is building his case outside the courts – and he’s betting on a sympathetic hearing with the American people, who will note the overt evidence of bias, corruption, and incompetence, whether it occurs in the media, executive branch, or the judiciary. Judges will rule on procedure and technicalities, but the people will evaluate the legitimacy of our institutions and credibility of our leaders.

In 2028, the jury will render its verdict.

John J. Waters is a lawyer. He served as a deputy assistant secretary of Homeland Security from 2020-21. Follow him at @JohnJWaters1 on X. 

Adam Ellwanger is a professor at University of Houston – Downtown, where he teaches rhetoric and writing. Follow him at @1HereticalTruth on X.

Tyler Durden Sat, 03/29/2025 - 11:40

The post Harry Enten Commits the Cardinal Sin: No One Gets Taller When the Short People Leave the Room appeared first on CEPR.

The post R.I.P. Robert McChesney: Fighter for Democratic Media appeared first on CEPR.

Scott Jennings To CNN Panel: Democrats Morphed Into Angry Mob Cheering Violence & Chaos

Following sleazy Democratic Congresswoman Jasmine Crockett's disheartening remarks about the Texas Governor's wheelchair-bound condition, GOP analyst Scott Jennings offered some words of advice to the far-left-leaning panel during Tuesday's edition of CNN NewsNight: 

I don't know how Democrats appointed Jasmine Crockett as the unquestioned leader of your party, but thank God.

And I think what she should do is go on TV twice as much - maybe three times as much - because everytime she appears - makes these mistakes - says something radical - it only further divides her party from the other 80% of America who can't stand this - but the problem is - there's an audience for this.

I heard Jimmy Kimmel's audience cheering on Tesla vandalism; I hear that The Daily Show's audience on a tax on Elon Musk; I hear the Human Right's audience cheering on an attack on a man in a wheelchair.

And I realize this is what the left has become: an angry mob of people who are cheering on attacks on a guy in a wheelchair and vandalism against people who bought a Tesla ... it's pathetic.

On X, Jennings wrote that Crockett "will learn no lessons from the "Hot Wheels" episode because the Left's angry mobs eat this stuff up," adding, "Trust me: the unquestioned head of the Democratic Party thinks is a winning vector." 

Jasmine Crockett will learn no lessons from the “Hot Wheels” episode because the Left’s angry mobs eat this stuff up. Trust me: the unquestioned head of the Democratic Party thinks is a winning vector. pic.twitter.com/egtZIbPyDV

— Scott Jennings (@ScottJenningsKY) March 26, 2025

Jennings is entirely correct: The far-left has chosen the path of hate and violence, while the latest polling data from NBC News and CNN shows the party has hit its lowest approval ratings on record: 27% and 29%, respectively.

Has there ever been such a level of coordinated violence against a peaceful company?

I understand not wanting to buy a product, but this is extreme arson and destruction! https://t.co/AIL8WPt0uv

— Elon Musk (@elonmusk) March 20, 2025

Democrats believe communist revolutionary tactics of firebombing Tesla showrooms and cars are socially acceptable in the era of Trump's law and order to win back votes - yet the imploding party is oblivious and tone deaf that the Overton Window shifted last year - and BLM-style color revolutions are no longer socially acceptable.

*  *  *

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Tyler Durden Sat, 03/29/2025 - 11:05

 

 

I had a super fun conversation with Liz Ann Sonders about HNTI (starting at 5:00 in).

In this conversation, Liz Ann Sonders interviews Barry Ritholtz. He’s the co-founder, chairman, and chief investment officer of Ritholtz Wealth Management. And he’s the author of a new book titled How Not to Invest.

Barry and Liz Ann discuss the evolution of financial media, the current market cycle, and the psychological aspects of investing. They discuss the pitfalls of market timing, the significance of emotional control in investing, and the need for a disciplined approach to investing, particularly during market volatility.

Barry also explains the complexities of wealth perception, several of the psychological biases in investing, and the importance of understanding the pitfalls of peer pressure in financial decisions.

You can learn more about Barry’s book, How Not to Invest, here. Or check out his podcast, Masters in Business, on Bloomberg.com.

 

Bonus: The very first appearance I ever did on TV was on Kudlow & Cramer, with me and Liz Ann in a studio in New Jersey in 2003ish.

 

 

Source:
Avoiding Unforced Errors in Investing (With Barry Ritholtz)
Liz Ann Sonders • Kathy Jones
Schwab, March 28, 2025

 

 

 

The post Schwab’s On Investing: Avoiding Unforced Errors appeared first on The Big Picture.

Ultra-Processed Life

Authored by Charles Hugh Smith via OfTwoMinds blog,

Consuming more of this Ultra-Processed World is not a path to "the good life," it's a path to the destruction and derangement of an Ultra-Processed Life.

The digital realm, finance, and junk food have something in common: they're all ultra-processed, synthetic versions of Nature that have been designed to be compellingly addictive, to the detriment of our health and quality of life.

In focusing on the digital realm, money (i.e. finance, "growth," consuming more as the measure of all that is good) and eating more of what tastes good, we now have an Ultra-Processed Life. All three-- the digital realm, money in all its manifestations and junk food--are all consumed: they all taste good, i.e. generate endorphin hits, and so they draw us into their synthetic Ultra-Processed World.

We're so busy consuming that we don't realize they're consuming us: in focusing on producing and consuming more goods and services as the sole measure of "the good life," it's never enough: if we pile up $1 million, we focus on piling up $2 million. If we pile up $2 million, we focus on accumulating $3 million. And so on, in every manifestation of money and consumption.

The digital realm consumes our lives one minute and one hour at a time, for every minute spent focusing on a screen is a minute taken from the real world, which is the only true measure of the quality of our life.

Ultra-processed food is edible, but it isn't nutritious. It tastes good, but it harms us in complex ways we don't fully understand.

This is the core dynamic of the synthetic "products and services" that dominate modern life: the harm they unleash is hidden beneath a constant flow of endorphin hits, distractions, addictive media and unfilled hunger for all that is lacking in our synthetic Ultra-Processed World: a sense of security, a sense of control, a sense of being grounded, and the absence of a hunger to find synthetic comforts in a world stripped of natural comforts.

In effect, we're hungry ghosts in this Ultra-Processed World, unable to satisfy our authentic needs in a synthetic world of artifice and inauthenticity. The more we consume, the hungrier we become for what is unavailable in an Ultra-Processed Life.

We're told there's no upper limit on "growth" of GDP, wealth, abundance, finance or consumption, but this is a form of insanity, for none of this "growth" addresses what's lacking and what's broken in our lives, the derangements generated by consuming (and being consumed by) highly profitable synthetic versions of the real world.

Insanity is often described as doing the same thing and expecting a different result. So our financial system inflates yet another credit-asset bubble and we expect that this bubble won't pop, laying waste to everyone who believed that doing the same thing would magically generate a different result.

But there is another form of insanity that's easily confused with denial: we are blind to the artificial nature of this Ultra-Processed World and blind to its causal mechanisms: there is only one possible output of this synthetic version of Nature, and that output is a complex tangle of derangements that we seek to resolve by dulling the pain of living a deranged life.

We're not in denial; we literally don't see our Ultra-Processed World for what it is: a manufactured mirror world of commoditized derangements and distortions that have consumed us so completely that we've lost the ability to see what's been lost.

Ultra-processed snacks offer the perfect metaphor. We can't stop consuming more, yet the more we consume the greater the damage to our health. The worse we feel, the more we eat to distract ourselves, to get that comforting endorphin hit. It's a feedback loop that ends in the destruction of our health and life.

Once we've been consumed by money, the digital realm and ultra-processed foods, we've lost the taste for the real world. A fresh raw carrot is sweet, but once we're consuming a diet of sugary cold cereals and other equivalents of candy, we no longer taste the natural sweetness of a carrot; it's been lost in the rush of synthetic extremes of salt, sugar and fat that make ultra-processed foods so addictive. To recover the taste of real food, we first have to completely abandon ultra-processed foods-- Go Cold Turkey.

The idea that we can consume junk food and maintain the taste for real food in some sort of balance is delusional, for the reasons stated above: junk food destroys our taste for real food and its artificially generated addictive qualities will overwhelm our plan to "eat healthy" half the time.

Just as there is no "balance" between ultra-processed food and real food, there is no balance between the synthetic Ultra-Processed World and the real world. We choose one or the other, either by default or by design.

Credit--borrowing money created out of thin air--is the financial equivalent of ultra-processed food. The machinery that spews out the addictive glop is complicated: in the "food" factory, real ingredients are processed into addictive snacks. In finance, reverse repos, swaps, derivatives, mortgages, etc. generate a highly addictive financial product: credit.

Just as with ultra-processed food, the more credit we consume, the more it consumes us. I owe, I owe, so off to work I go.

The derangements of synthetic food, digital realms and finance have yet to fully play out. Consuming more of this Ultra-Processed World is not a path to "the good life," it's a path to the destruction and derangement of an Ultra-Processed Life.

*  *  *

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Tyler Durden Sat, 03/29/2025 - 10:30

"Content Agnostic": EU Official Denies Anti-Free Speech Policies In Bizarre Letter To Congress

Authored by Jonathan Turley,

After returning recently from speaking at the World Forum in Berlin, I testified in the Senate Judiciary Committee and warned about the building threat to free speech from the use of the European Union’s Digital Services Act (DSA). House Judiciary Committee Chair Jim Jordan has taken up the issue and received a letter from the EU’s Vice-President for Tech Sovereignty, Henna Virkkunen. The letter is both evasive and deceptive.

In my book, The Indispensable Right, I detail how the DSA has been used to allow for sweeping speech investigations and prosecutions. In direct contradiction to past statements by the EU, Virkkunen denied any effort to regulate speech or enforce the DSA outside of Europe.

What is particularly maddening is the false claim that the EU remains “deeply committed to protecting and promoting free speech.” Many in the free speech community view the EU and the DSA as the greatest threats to free speech in the West.

In his letter, Jordan correctly raised the concern that the DSA could “limit or restrict Americans” constitutionally protected speech in the United States by compelling platforms to crack down on what the EU considers “misleading or deceptive” speech.

In her response, Virkkunen bizarrely describes the DSA as “content-agnostic” while insisting that the DSA “applies exclusively within the European Union.”

That is not what EU officials previously said or what the law itself allows. Articles 34 and 35 of the DSA require all sites to identify, assess, and mitigate “systemic risks” posed by content, including any threats to “civic discourse”, “electoral processes,” and “public health.” It is up to the EU to define and judge such categories in terms of compliance.

The act bars speech that is viewed as “disinformation” or “incitement.” European Commission Executive Vice President Margrethe Vestager celebrated its passage by declaring that it is “not a slogan anymore, that what is illegal offline should also be seen and dealt with as illegal online. Now it is a real thing. Democracy’s back.”

Some in this country have turned to the EU to force the censorship of their fellow citizens. After Elon Musk bought Twitter and dismantled most of the company’s censorship program, many on the left went bonkers. That fury only increased when Musk released the “Twitter files,” confirming the long-denied coordination and support by the government in targeting and suppressing speech.

In response, Hillary Clinton and other Democratic figures turned to Europe and called upon them to use their Digital Services Act to force censorship against Americans. (Clinton spoke at the World Forum and lashed out at the failure to control disinformation).

The EU immediately responded by threatening Musk with confiscatory penalties against not just his company but himself. He would have to resume massive censorship or else face ruin.

This campaign recently came to a head when Musk had the audacity to interview former president Donald Trump. In anticipation of the interview, one of the world’s most notorious anti-free speech figures went ballistic.

Former European Commissioner for Internal Markets and Services Thierry Breton issued a threatening message to Musk, “We are monitoring the potential risks in the EU associated with the dissemination of content that may incite violence, hate and racism in conjunction with major political — or societal — events around the world, including debates and interviews in the context of elections.”

The EU has long been one of the most aggressively anti-free speech bodies in the world. It has actively supported the evisceration of free speech among its 27 member states. The EU is not “agnostic” when it comes to free speech; it has long championed a type of free-speech atheism.

We have faced EU officials engaging in Orwellian doublespeak for years. Nevertheless, Virkkunen’s letter to Jordan stands out for its sheer mendacity.

*  *  *

Jonathan Turley is the Shapiro professor of public interest law at George Washington University and the author of “The Indispensable Right: Free Speech in an Age of Rage.”

Tyler Durden Sat, 03/29/2025 - 09:20

Russia Says UK & France Behind Latest Attack On Its Energy Infrastructure

There's been another reported attack on the Sudzha pipeline infrastructure in Russia’s Kursk Region on Friday. Foreign Ministry spokeswoman Maria Zakharova conveyed to journalists a Russian military assessment saying a metering facility was "de facto destroyed" in a Ukrainian HIMARS attack. 

But unlike some of the prior Ukrainian attacks on the area, the Kremlin is directly blaming the West, going to far as to say that orders for the new strike came directly from European capitals.

The Sudzha gas metering station in the Kursk region, via Russian Defense Ministry

We "have reasons to believe that targeting and navigation were facilitated through French satellites and British specialists input [target] coordinates and launched [the missiles]," Zakharova said, as cited in national media.

"The command came from London," she emphasized, describing it as part of a West-backed "terror" campaign meant to degrade and destroy Russia's energy infrastructure. 

The Kremlin has concluded this demonstrates that Kiev is "impossible to negotiate with," she explained. The Ukrainians have done nothing to actually uphold the energy ceasefire put forward by Trump, despite that Zelensky "publicly supported" it, she said, suggesting it was all an empty game.

"Over the past 24 hours, the Kyiv regime continued its attacks on Russian energy infrastructure using various types of drones and HIMARS multiple rocket launchers," the Russian military had also described.

Russia has alleged Ukraine launched rockets on the Sudzha facility, which had already been damaged in an earlier attack this week, along with nearly 20 drones launched at an oil refinery in the southern Saratov region.

Ukraine is meanwhile denying the Russian allegations, instead suggesting it's a false flag orchestrated by Moscow:

On Friday, Ukraine denied claims that its forces fired on the gas metering station Sudzha and accused Russia's military of striking the facility.

"Russia has again attacked the Sudzha gas transmission system in the Kursk region, which they do not control," Andriy Kovalenko, an official who is responsible for countering disinformation, said on social media.

The two sides have traded blame for violating the energy ceasefire on basically a daily basis since it was proclaimed. It seems to have barely held, if at all, despite ongoing pledges from both sides to uphold it.

Large fire at the scene of the metering station attack...

Kiev has launched another assault on the Sudzha gas metering station, signaling that Zelensky has no desire at all to reduce tensions with Russia or pursue Trump’s peace plan. pic.twitter.com/H4fe75lU5u

— Ian Miles Cheong (@stillgray) March 28, 2025

The US has claimed that it is not providing intelligence for long-range attacks inside Russia by Ukraine, but only intelligence which is defensive in nature. However, Europe is still in maximum support mode, as President Macron and Prime Minister Starmer put together a 'coalition of the willing' to defend Ukraine.

Tyler Durden Sat, 03/29/2025 - 08:45

The key report scheduled for this week is the March employment report on Friday.

Other key reports include the February Trade Deficit and March Auto Sales.

For manufacturing, the March ISM Manufacturing and Dallas Fed surveys will be released.
Fed Chair Powell speaks on Friday.

----- Monday, March 31st -----
9:45 AM: Chicago Purchasing Managers Index for March. The consensus is for a reading of 45.5, unchanged from 45.5 in February.

10:30 AM: Dallas Fed Survey of Manufacturing Activity for March. This is the last of the regional surveys for March.

----- Tuesday, April 1st -----
10:00 AM ET: Job Openings and Labor Turnover Survey for February from the BLS.

This graph shows job openings (black line), hires (dark blue), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.

Jobs openings increased in January to 7.74 million from 7.51 million in December.

The number of job openings (black) were down 9% year-over-year. Quits were down 3% year-over-year.

10:00 AM: ISM Manufacturing Index for March. The consensus is for the ISM to be at 50.3, unchanged from 50.3 in February.  

10:00 AM: Construction Spending for February. The consensus is for 0.2% increase in construction spending.

All Day: Light vehicle sales for March. The consensus is for light vehicle sales to be 16.6 million SAAR in March, up from 16.0 million in February (Seasonally Adjusted Annual Rate).

This graph shows light vehicle sales since the BEA started keeping data in 1967. The dashed line is the February sales rate.

----- Wednesday, April 2nd -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:15 AM: The ADP Employment Report for March. This report is for private payrolls only (no government). The consensus is for 119,000 payroll jobs added in March, up from 77,000 added in February.

----- Thursday, April 3rd -----
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 225 initial claims up from 224 thousand last week.

8:30 AM: Trade Balance report for February from the Census Bureau.

This graph shows the U.S. trade deficit, with and without petroleum, through the most recent report. The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

The consensus is the trade deficit to be $110.0 billion.  The U.S. trade deficit was at $131.4 billion in January.

10:00 AM: the ISM Services Index for March.

----- Friday, April 4th -----
8:30 AM: Employment Report for March.   The consensus is for 135,000 jobs added, and for the unemployment rate to be unchanged at 4.1%.

There were 151,000 jobs added in February, and the unemployment rate was at 4.1%.

This graph shows the jobs added per month since January 2021.

11:25 AM: Speech, Fed Chair Jerome Powell, Economic Outlook, At the Society for Advancing Business Editing and Writing (SABEW) Annual Conference, Arlington, Virginia