Trump Revokes Security Clearances For Law Firm That Hired Robert Mueller

Authored by Aldgra Fredly via The Epoch Times,

President Donald Trump issued a proclamation on March 27 suspending security clearances held by WilmerHale lawyers due to activities that he deemed “detrimental to critical American interests.”

The order directs government agencies to revoke security clearances for WilmerHale employees, terminate any contracts with the law firm, and restrict its employees’ access to government buildings.

The proclamation specifically cited WilmerHale’s employment of former special counsel Robert Mueller, along with his top aides, Aaron Zebley and James Quarles.

Mueller had previously investigated allegations of cooperation between Trump’s 2016 presidential campaign and Russian actors. The probe ultimately found no evidence that they conspired to influence the election.

In his order, Trump accused WilmerHale of engaging in “obvious partisan representations to achieve political ends” by employing lawyers who, he said, abused their prosecutorial power “to upend the democratic process and distort justice.”

“Mueller’s investigation epitomizes the weaponization of government, yet WilmerHale claimed he ‘embodies the highest value of our firm and profession’,” the order stated. “This weaponization of the justice system must not be rewarded, let alone condoned.”

The proclamation also alleges that WilmerHale used its pro bono practices to allow noncitizens to vote and undermine efforts “to prevent illegal aliens from committing horrific crimes and trafficking deadly drugs within our borders.” The law firm is also accused of discriminating against employees based on their race.

WilmerHale employs more than 1,100 lawyers and has a leading U.S. Supreme Court practice. Some of its major clients include Apple, Harvard University, Meta, and Tesla.

In response to Trump’s proclamation, a WilmerHale spokesperson defended its hiring of Mueller, saying that he retired from the firm in 2021 after a “long, distinguished career in public service.”

“We look forward to pursuing all appropriate remedies to this unlawful order,” the spokesperson said in a statement to multiple news outlets.

The spokesperson said that the proclamation resembled an executive order targeting another law firm, which has been blocked by a judge. Trump signed an order on March 6 targeting Perkins Coie—the law firm hired by Hillary Clinton’s 2016 presidential campaign and the Democratic National Committee–due to what he perceived as “dishonest and dangerous activity” conducted by the firm.

Trump’s order also Perkins Coie’s hiring of opposition research company Fusion GPS, which then employed Christopher Steele, the retired British counterintelligence specialist who compiled the now-discredited Steele dossier accusing the Trump 2016 presidential campaign of conspiring with Russia.

Perkins Coie has challenged Trump’s executive action, arguing that the president’s order violated its rights of free speech, free association, and due process under the Constitution. District of Columbia District Judge Beryl Howell on March 12 agreed to temporarily block parts of Trump’s order imposing certain sanctions on the law firm, saying the law firm was likely to win its lawsuit.

Trump also signed an order on March 14 directing government agencies to revoke the security clearances held by employees of Paul, Weiss, Rifkind, Wharton & Garrison (Paul Weiss). The order also directs agencies to terminate their contracts with the law firm.

That order was withdrawn on March 20 after Paul Weiss released a statement agreeing to review its hiring practices, committing to merit-based hiring, retention, and promotion, and dedicated the equivalent of $40 million in pro bono services in support of the Trump administration’s initiatives such as assisting veterans, and the president’s Task Force to Combat Anti-Semitism.

In response to Trump’s moves against certain law firms, 20 Democratic state attorneys general and the American Bar Association accused the president of posing dangers to the U.S. legal system by chilling lawyers’ freedom to choose their clients.

The Epoch Times has reached out to WilmerHale for further comment and did not receive a response by publication time.

Tyler Durden Fri, 03/28/2025 - 13:20

Zelensky Sensationally Claims 'Putin Will Die Soon'

Throughout the more than three-year long Ukraine war, there have been various waves of reporting in the West suggesting that President Vladimir Putin is in extremely poor health. This typically takes the form of rumor and wild speculation from western tabloids.

Ukrainian President Volodymyr Zelensky has revived these rumors this week, going so far as to say in an interview that Putin "will die soon" - in response to yet more unverified reports of his poor health.

He made the unexpected claim in a sit-down interview with journalists alongside French President Emmanuel Macron on Wednesday in Paris.

Zelensky asserted that Putin "will die soon, and that's a fact, and it will come to an end," and added that death is "what he is afraid of."

The Ukrainian leader was responding to the latest British tabloid stories which described that Putin has been shaking uncontrollably at public events.

"It was reported last week that Putin, 72, suffered a 'mini stroke' after shaking uncontrollably at a conference, The Standard reported," one US media report said. 

Zelensky naturally didn't offer any evidence or proof, and even Fox called his words 'sensational'...

Putin hopes to "remain in power until his death," Zelenskyy said, adding that the Russian leader seeks "a direct confrontation with the West," per the outlet. 

Of course, the Kremlin has rejected such reports, and there's been no indications issued by US intelligence of some kind of dire health event impacting Putin's ability to rule.

Zelensky's motive in claiming this became evident elsewhere in the interview, when he said: "It is very important that America does not help Putin to get out of this global isolation now."

Europe has been vocalizing stronger support to Kiev, even as Washington distances itself - and as it pursues bilateral talks and negotiations with Russia.

France's Macron is even pushing a coalition of countries willing to deploy Western troops to Ukraine, which if followed through on would certainly spark broader war with nuclear-armed Russia.

Tyler Durden Fri, 03/28/2025 - 13:00

Trump Says Call With Carney "Extremely Productive", Says They Will Meet After Election

Authored by Matthew Horwood via The Epoch Times,

U.S. President Donald Trump said he spoke with Canadian Prime Minister Mark Carney over the phone, and that the two leaders plan to meet “immediately” after the federal election. 

“It was an extremely productive call, we agree on many things,” Trump said on Truth Social on March 28, adding that the two would meet “immediately after Canada’s upcoming Election to work on elements of Politics, Business, and all other factors.”

Trump added that the discussion between the two leaders will “end up being great for both the United States of America and Canada.”

Carney has not yet commented on the call, and no readout has been issued by the Prime Minister’s Office. Carney is scheduled to meet with provincial and territorial leaders this afternoon.

On March 26, Trump announced he would put 25 percent tariffs on all vehicles and some car parts imported into the United States. 

The automobile tariffs are set to kick in on April 3, a day after the U.S. will impose reciprocal tariffs on all its trading partners. Tariffs on auto parts will take effect on May 3.

Trump also placed 25 percent tariffs on Canada and Mexico on March 4, but soon after, announced a one-month tariff pause on all products compliant with the United States-Mexico-Canada Agreement. Trump also imposed 25 percent tariffs on all imports of steel and aluminum, including from Canada, on March 12.

Following a U.S.-Canada cabinet commitee meeting on March 27, Carney announced he would hold a phone call with Trump in the coming days, where he said he would make clear that the two countries are “best served by cooperation and mutual respect.”

During that press conference, the prime minister said his government was considering “many options” to retaliate against the latest tariffs, and that these measures would have “maximum impact in the United States and minimum impacts here in Canada.”

Carney previously said on March 24 that a phone call with Trump would not happen until after the next Canadian election on April 28, as he said he thinks the U.S. president is “waiting for the outcome of the election“ before talks, to ”see who has a strong mandate from Canadians.”

Carney, who was sworn in as prime minister on March 14 after winning the Liberal leadership race, said that call would need to happen “on our terms as a sovereign country, not as what he pretends we are,” in reference to Trump’s repeated remarks that Canada should merge with the United States.

Tyler Durden Fri, 03/28/2025 - 12:40

Panama Canal Deal Derailed After Beijing Launches Antitrust Probe

The Chinese Communist Party has been furious over Hong Kong billionaire Li Ka-shing's deal to sell Panama Canal ports to a consortium of investors that includes BlackRock, following pressure from President Trump as the US moves to bolster hemispheric defense—a massive security effort in which Panama plays a critical role. 

A new report from the South China Morning Post said Friday morning that Li's flagship CK Hutchison Holdings, "will not go ahead with the expected signing of a deal next week to sell its two strategic ports at the Panama Canal ... with Beijing saying it will launch an antitrust probe into the sale."

There were multiple reports this week that Beijing was tightening the screws on Li's CK Hutchison to stop the sale to BlackRock next week.

In one such report, The Telegraph noted, "Chinese authorities have effectively blacklisted CK Hutchison and the business interests of the Li family by telling Chinese state-backed firms they will struggle to get regulatory approval for any work involving the group."

Here's more from SCMP's report:

Hong Kong tycoon Li Ka-shing's CK Hutchison Holdings will not go ahead with the expected signing of a deal next week to sell its two strategic ports at the Panama Canal, the Post has learned, with Beijing saying it will launch an antitrust probe into the sale.

The State Administration for Market Regulation said on Friday it was looking into CK Hutchison's US$23 billion deal to sell 45 ports spread over 23 countries to a consortium led by United States investment firm BlackRock.

The investigation was announced after pro-Beijing media Wen Wei Po and Ta Kung Pao asked whether the deal required approval from the country's antitrust review.

"We have noticed this transaction, and will review it in accordance with the law to ensure fair competition in the market and safeguard the public interest," a spokesman from the anti-monopoly department under market regulator said in a written reply.

The watchdog did not reveal when the investigation would be launched.

The department is responsible for conducting antitrust reviews and providing guidance to companies over their response to mitigate risk and ensure compliance overseas.

What's evident is that the sale of the Panama ports, including Balboa and Cristobal on either side of the canal, to the consortium that includes BlackRock has put the HK billionaire in the direct firing line of the CCP. 

In a separate report on the temporarily derailed deal, the Wall Street Journal cited sources familiar with the negotiations who said the April 2nd deadline will not be met.

Here's more color on what sources are saying:

Some of the people said the delay in signing the documents and Beijing's regulatory review didn't mean that the deal would be called off—only that a little more time was needed. Others said Beijing believed it might be able to force a more substantial delay or rethinking of the deal.

People involved in the negotiations and outside analysts have said they expect the deal would ultimately go through. They pointed to the risks for Beijing if it appeared to block a commercial transaction that doesn't involve ports in mainland China or Hong Kong.

. . . 

Chinese officials have telegraphed to Hutchison that they would call in BlackRock for a regulatory review if the parties went ahead with the transaction, people familiar with the matter said. Antitrust officials have started examining BlackRock's businesses, especially its investments in China, some of the people said.

CK Hutchison has denied the sale was politically motivated, while HK newspapers slammed the deal, calling it "a spineless kneeling, profit-seeking and unrighteous act, ignoring national interests and national justice, and betraying and selling out all Chinese people." 

The HK paper Ta Kung Pao warned that BlackRock could charge "special docking fees" to Chinese commercial ships and "suppress China's development" in the region. 

More broadly, the CCP is expected to fight tooth and nail to block Trump's hemispheric strategy in the Americas—from Canada to Greenland to Panama. But this will only push Trump to escalate the trade war until the communists in Beijing say "uncle."

Tyler Durden Fri, 03/28/2025 - 12:20

VDH: The Passing Signal Psychodrama

Authored by Victor Davis Hanson,

When we finally learn the full melodrama of the so-called Signal 1-2 day “scandal” of inviting a leftwing, Trump-despising, Atlantic editor Jeffrey Goldberg onto a supposedly secure conference list, involving most of the top Trump security officials, lots of questions need asking and answering.

Most importantly, who exactly had Goldberg’s private number, and ostensibly (in error [?]) could have possibly inserted it into the cleared list of participants in the discussions? Why Goldberg, rather than some random person of some 345 million Americans? 

So why in the world would any top Trump officials or their staffers ever even have Goldberg’s private contact information—given his quite public record of a) fabricating stories with unnamed sources, and b) suffering from a decade of chronic Trump derangement syndrome? 

Did Goldberg know the mechanisms that had prompted and continued his stealthy presence on the secure discussions? 

Why did citizen Goldberg not simply come clean on day one that he realized he was mistakenly included in key national security conference communications, to which he did not belong, and thus should be obviously excluded immediately? Why stealthily listen in for eleven some days? Was the idea of informing his hosts of his own improper presence too old-fashioned morality? 

Did Goldberg’s publicizing these discreet discussions really affect in any way at all the otherwise completely successful mission to neutralize years of appeased Houthis aggression and begin to end their veritable destruction of Red Sea international maritime commerce? 

How did this blunder rank with prior diplomatic and military screw-ups? 

Did it rate with the indiscretion of Secretary of State Dean Acheson’s January 1950 Press Club speech de facto excluding South Korea from the American defense umbrella—an omission that may or may not have contributed to the June 1950 North Korean invasion of the South? 

Was it comparable to Ambassador to Iraq April Glaspie’s assurance to Saddam Hussein, “We have no opinion on your Arab-Arab conflicts, such as your dispute with Kuwait”— a needless remark that may have mistakenly green-lighted his 1990 invasion of Kuwait? 

Was it comparable to Barack Obama’s March 2012 “hot mic” quid-pro-quo assurance to Russian president Medvedev? Obama got caught in front of the world promising Putin that he would have “flexibility” on American-Eastern European missile defense—if Putin gave him “space” during his “last” election. 

And indeed, it is forgotten that both kept their promises: Obama foolishly dismantled American-sponsored Eastern European plans for missile defense, and Putin stayed put for Obama, perhaps empowering Obama’s successful election cycle—postponing his preplanned invasions of Ukraine until 2014. Careerism at the expense of national security? 

Did it rank with the Chairman of the Joint Chiefs, Gen. Mark Milley, stealthily contacting his Chinese communist counterpart Chinese Gen. Li Zuocheng, to warn him that he would likely prewarn the People’s Liberation Army leader, if he, Milley, had self-diagnosed his Commander-in-Chief Donald Trump as supposedly dangerously likely to trigger an existential war? 

Why would Hillary Clinton weigh in given her illegal use of a private server to transmit classified State Department information and her subsequent destruction of subpoenaed communication devices? 

Why would the serial fabulist Susan Rice weigh in, given in the election-year 2012 she flat-out lied to the nation on five Sunday news shows, claiming preposterously that the deadly preplanned terrorist attacks on the American consulate in Benghazi were actually unexpected "spontaneous" demonstrations incited by anger over an anti-Muslim video? Ditto her fallacious Sgt. Bowe Bergdahl “honor” narrative or her lie about the removal of Syrian WMD. 

Why would Leon Panetta weigh in, when he was one of the supposed “51 intelligence authorities” in 2020 who ridiculously claimed Hunter Biden’s FBI-authenticated laptop had all the hallmarks of a Russian intelligence disinformation effort—a lie designed to arm Joe Biden before the last 2020 debate, and which might well have affected the 2020 election and for which Panetta has never apologized? 

In the end, this was a blunder, but also what the left calls a “teachable moment”, in which a) all future similar conferences should be either held in person or its participants triple-checked on a secure line; and b) all Trump high appointees and their staffers should know enough to have nothing to do with those who wake up each morning wishing to destroy them - and go to bed each night lamenting that they have not done enough to advance that destruction.

Tyler Durden Fri, 03/28/2025 - 12:00

Trump Asks Supreme Court To Allow Venezuelan Deportations To Proceed During Legal Challenge

The Trump administration on Friday asked the Supreme Court to step in and allow the deportation of Venezuelan migrants to El Salvador while a legal battle plays out in lower courts.

Alleged Tren de Aragua gang members are processed at the Terrorism Confinement Center (CECOT) in El Salvador

The move comes two days after an appeals court upheld a temporary block on the Trump administration's ability to deport illegal migrants under the Alien Enemies Act.

In their request, the DOJ argued that federal courts should not be allowed to interfere with diplomatic matters, the Associated Press reports.

"The Constitution supplies a clear answer: the President," Acting Solicitor General Sarah Harris wrote in the request. "The republic cannot afford a different choice."

Earlier this month US District Judge James Boasberg paused the flights by ruling that alleged members of the Venezuelan gang Tren de Aragua deserve a hearing to deny they belong to the gang. Boasberg also demanded details on two flights on March 15 to determine whether the administration defied his oral and written orders to block them.

The Trump administration also asked the Supreme Court to overturn Boasberg's order pausing flights, and to put that order on hold while they consider that request.

"Those orders – which are likely to extend additional weeks – now jeopardize sensitive diplomatic negotiations and delicate national-security operations, which were designed to extirpate TdA’s presence in our country before it gains a greater foothold," wrote Harris.

The Supreme Court has asked lawyers for some of the deported Venezuelans to respond by 10am Tuesday to the Trump admin request.

The DOJ has argued that Trump had the authority to declare TdA a foreign terrorist organization and deport them without hearings. Government lawyers also refused to release flight information on the deportations, arguing that it would reveal sources and methods behind the deportations.

"Once that secondary disclosure occurred, any opportunity for appellate review would be moot; the damage would be done, and the effect on United States foreign policy could be catastrophic," the DOJ wrote.

The DOJ insists that the government obeyed Boasberg's written order blocking the flights, but says that his earlier oral order while the flights were in the air weren't enforceable. Government lawyers also contend that Trump had the authority to conduct the flights as commander-in-chief of the US military and the country's head of foreign affairs.

Trump, meanwhile, has called for Boasberg's impeachment - saying that the lifetime Obama-appointee is "a troublemaker and agitator."

*  *  *

Grow your own food with HEIRLOOM SEEDS (39 varieties - 4,500 seeds) from ZH Store!  Free shipping in the USA.

Click pic... buy seeds... take food supply into your own hands... Tyler Durden Fri, 03/28/2025 - 11:40

Capitalist To Socialist Professor: "Consent Is The Root Of Morality"

In 1917, amidst the chaos of World War I, Vladimir Lenin declared that "the state is the instrument of class oppression." Just months later, the Bolshevik Revolution transformed Russia into the world’s first socialist state—an experiment that would spiral into decades of authoritarianism, economic ruin, and millions of lives lost. But was it the failure of socialism itself or the perversion of its ideals by authoritarian regimes that doomed it?

Last night, we dove into this centuries-old debate with Rutgers Professor Ben Burgis defending the promise of socialism, while Libertarian Institute editor Keith Knight argues that capitalism remains the only true path to freedom and prosperity. 

The Capitalist View: Consent

“Capitalism is a social system based on the explicit right of private property and voluntary contracts between consenting adults." That was the position of Mr. Knight who emphasized several times that capitalism ultimately comes down to the concept of consent (aka volunteerism).

"Under a system of private property and voluntary exchange, no one can get a penny out of your pocket or a second of your time unless you voluntarily agree to it.”

Hear his full opening remarks:

pic.twitter.com/6dxvW4T8xv

— ZeroHedge Debates (@zerohedgeDebate) March 28, 2025

The Socialist View: Equality

Now imagine a world where "working people collectively own the means of production and decided together how to divide up the proceeds." This is Burgis’s vision and in it, he says, workers would have a "reasonable level of democratic input." 

"If the mission was bring about economic equality and equal human dignity for everyone, it failed." The disparity between the rich and the poor is "morally indefensible.”

Hear his opening remarks:

pic.twitter.com/sNzjU61Mok

— ZeroHedge Debates (@zerohedgeDebate) March 28, 2025

“Exploitation”

An interesting faultline was exposed around the definition of ‘exploitation’.

To Marx, it’s the “forced extraction of labor by a ruling class.” Listen as our Libertarian Keith fires off questions to get to the root of Marxist logic:

pic.twitter.com/sZcCOYtNFh

— ZeroHedge Debates (@zerohedgeDebate) March 28, 2025

Watch full debate below and subscribe to our YouTube Channel:

Tyler Durden Fri, 03/28/2025 - 10:40

Trump Issues Pardon To Nikola Founder Trevor Milton

Update (1030ET):

There was widespread speculation over whether President Trump had actually pardoned Trevor Milton, the former founder and CEO of the now-bankrupt Nikola.

But according to CNBC, citing a White House official, that now appears to be true.

Found the reason...​

NEW: @nikolamotor founder Trevor Milton, just pardoned by Trump for fraud, donated over $2 million to Republicans between September and December of last year, per FEC records. His largest was $920K to the Trump 47 Committee.

He'd never previously made political donations. pic.twitter.com/ngvxFQLo61

— Ken Bensinger (@kenbensinger) March 28, 2025

Did anyone have "Trump pardons Trevor Milton" in their 2025 bingo card stack? ​

*   *   *

 

Trevor Milton—founder and former CEO of the now-bankrupt Nikola—claimed on X late Thursday that President Trump had issued him a "full and unconditional pardon" and said the president "called me personally."

Quick refresher on Milton: In 2023, a jury found him guilty of lying to investors about Nikola's electric and fuel cell semi-truck technology and sentenced him to four years in prison. 

Nikola was first exposed by short seller Nathan Anderson, founder of Hindenburg Research, after the startup released a 2020 promotional video, which showed its Nikola One truck rolling down a hill to simulate full functionality.

Last month, Nikola filed for Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. The defunct-startup also filed a motion seeking permission to pursue an auction and sale process under Section 363 of the US Bankruptcy Code. 

Back to Milton, he wrote on X:

"This pardon is not just about me—it's about every American who has been railroaded by the government, and unfortunately, that's a lot of people. It is no wonder why trust and confidence in the Justice Department has eroded to nothing... I saw firsthand the tactics they use to guarantee convictions. I am incredibly grateful to President Trump for his courage in standing up for what is right and for granting me this sacred pardon of innocence." 

Today I was issued a full and unconditional pardon by @realDonaldTrump himself. He called me personally to tell me.

This pardon is not just about me—it’s about every American who has been railroaded by the government, and unfortunately, that’s a lot of people. It is no wonder… pic.twitter.com/qpT0jjI6Fy

— Trevor Milton (@nikolatrevor) March 28, 2025

Milton's video was immediately fact-checked by Community Notes, which pointed out that multiple U.S. government databases did not show evidence of a pardon.

"There is no mention of the pardon on the White House Website, or a Department of Justice catalog of presidential pardons." 

Separately, Milton's media team released a press release through PR Newswire, declaring:

"Founder of Nikola Motor Company, Trevor Milton, Pardoned by President Trump." 

Here's EV blog Electrek's take on the situation:

So, despite us seeing no evidence yet that this pardon is actually real, maybe it's an attempt to incept the idea of a pardon into the empty headcase of a vain ignoramus who for some reason has access to the pardon pen (despite there being a clear Constitutional remedy keeping insurrectionists like himself away from it).

It also seems quite similar to a proposed tactic by another corporate criminal, Sam Bankman-Fried. Fried had planned to "Go on Tucker Carlsen [sic], come out as a republican" in an attempt to angle for a pardon, again playing on the vanity, credulousness and love of fraud shown by the idiot-in-chief.

But then, in the last line of the press release, we get to what is perhaps the real point of this stunt – it ends with a link to a trailer for a documentary which purports to exonerate Milton. Kind of strange that someone would need to release a documentary making the case for exoneration when one has already been exonerated, isn't it?

So, for these reasons, we think that this pardon didn't actually happen.

. . . 

*  *   *

After selling out quickly, 25 of these just showed up! Free Shipping. (click pic) Tyler Durden Fri, 03/28/2025 - 10:30

Fed's Favorite Inflation Indicator Re-Accelerates In February As Savings Rate Soars

The Fed's favorite inflation indicator - Core PCE - printed hotter than expected in February, rising 0.4% MoM, bring prices up 2.8% YoY...

Source: Bloomberg

"Core PCE was higher than expected, and it might be hard to go lower from here because incomes are high and  tariffs are coming," said David Russell, Global Head of Market Strategy at TradeStation.

"We might be looking at the last remnants of the old economy before inflation expectations are permanently reset upward. This might be the opposite of Goldilocks, with incomes and inflation too high for the Fed to lower rates very much. Meanwhile, prospects for growth and profit margins are dimming."

For now there is no tariff-driven impact in the PCE data as it was Services costs that were the big driver of the reacceleration...

Source: Bloomberg

The rise in Services contribution to Core PCE gains was the highest in a year (again we note, not tariff driven)...

Source: Bloomberg

Disappointingly sticky is the phrase that comes to mind, while the headline PCE rose 0.3% MoM as expected with the YoY price change slowing modestly...

Source: Bloomberg

Under the hood, Services costs dominated the headline gains...

Source: Bloomberg

Perhaps most troubling was the sizable rebound in so-called SuperCore PCE (Services Ex Shelter)...

Source: Bloomberg

With Housing and Non-Profits seeing prices surge MoM...

Source: Bloomberg

Meanwhile, as prices rose, so did personal income, jumping 0.8% MoM - the most since Jan 2024, considerably outpacing the 0.4% rise in personal spending...

Source: Bloomberg

Inflation-adjusted consumer spending edged up 0.1% after falling in January, with goods outlays bouncing back and services spending falling.

The income to spending differential sent the savings rate to its highest since June 2024

Source: Bloomberg

Finally, is this the start of the 70s-esque rebound in inflation?

Source: Bloomberg

Does this look like it's going to be 'transitory' again?

The bottom line - it was a very mixed bag - spending slows as inflation speeds up... but the consumer appears resilient as incomes rise. Despite the anguish expressed by legacy media ad nauseum, it appears Americans are not rushing out to spend their money ahead of the tariff 'tax hikes'.

Tyler Durden Fri, 03/28/2025 - 08:50

Futures Slide, Gold Soars Ahead Of Inflation Data Amid Tariff Turmoil

US equity and global stock markets slumped while gold topped a fresh all time high as investors braced for today's core PCE report, the Fed's preferred inflation metric, and continued to worry about the lasting economic damage of the trade war amid daily tariff news and a halt in progress on the geopolitical front, as the market now awaits the April 2 tariff announcements. As of 8:00am ET S&P futures are down 0.2% but off session highs, with the Nasdaq lagging -0.4% and small caps modestly higher; Mag 7 names are mostly lower premarket: AAPL -0.7%, AMZN -0.5%, while TSLA +1.6%. European and Asian stocks are also lower: Bond yields are lower and the USD trades near session highs. Commodities are mixed with base metals all lower this morning, but gold is making a new record high rising above $3,080 per ounce. Brent trades near session highs above $74/bbl. Looking ahead today, we will get PCE data for February at 8:30am (consensus expects headline and core PCE up 0.3% MoM, and 2.7%/2.5% YoY headline/core) followed by UMich survey data at 10am. Following the data, we will hear from Fed voter Barr and non-voter Bostic.

In premarket trading, Lululemon plunged 13% after the activewear maker’s annual forecasts for sales and profit disappointed, stoking worries that growth will continue to be weak in its American markets. Tesla is the top gainer among the Magnificent Seven (Alphabet -0.1%, Amazon -0.5%, Apple -0.7%, Microsoft -0.3%, Meta -0.1%, Nvidia +0.5% and Tesla +1.2%). US Steel (X) gains 5% after Semafor reported that the company is in active talks with Nippon Steel about a deal that would preserve their proposed merger citing unidentified people familiar with the matter. Here are some other notable premarket movers:

• Argan Inc. (AGX) climbs 12% after the builder of power plants posted 4Q revenue that climbed 41% from the year-ago period.
• Beam Therapeutics (BEAM) rises 4% after a Bank of America analyst upgraded the drug developer to buy, citing trial data of its investigative therapy for a genetic disease that can cause lung and liver damage.
• CureVac (CVAC) jumps 12% after the biotech firm said the European Patent Office had upheld the mRNA patent at the center of its legal battle with BioNTech.
• Hudson Pacific Properties (HPP) gains 7% after BMO raised the office REIT to outperform, saying its recent $475 million CMBS transaction helps provide “breathing room” on 2025 debt maturities.
• Nio Inc. ADRs (NIO) falls about 2% as the Chinese electric vehicle maker’s upsized share sale plan raised investor concern about dilution.
• Oxford Industries (OXM) declines 12% after the owner of Tommy Bahama and Lilly Pulitzer gave a disappointing forecast for the current fiscal quarter.
• Rocket Lab (RKLB) rises 9% after the space company was selected by the US Space Force for a $5.6 billion program.
• The Metals Company (TMC) gains 15% after the seabed mining company asked the Trump administration for approval to harvest the ocean floor for critical metals in international waters controlled by a United Nations-affiliated organization.
• WR Berkley (WRB) climbs 5% after Mitsui Sumitomo Insurance agreed to buy 15% of outstanding shares in the US insurer.

Overnight, Defense Sec Hegseth said to allies in his first official trip to Asia that the Trump Administration is set to "truly prioritize and shift to this region...in a way that is unprecedented." China's Xi continued to try woo international investors noting in a meeting with 40+ global business leaders that "we are providing a transparent, steady and predictable policy environment,” calling the nation a “favorite destination” for foreign investors. “Embracing China is embracing opportunities.” (BBG). After the close yesterday, Fed voter Collins said it looks “inevitable” that tariffs will boost inflation, at least in the near term, adding it’s likely appropriate to keep interest rates steady for longer (BBG). A 7.7 magnitude earthquake has struck in Myanmar, the most powerful in a century, causing buildings to shake and triggering evacuations in Vietnam and Thailand, with at least one tower collapsing in Bangkok.

It’s been a rough quarter for US equities, with the S&P 500 getting ready to close out the first three months of the year with a 3.2% loss, the worst performance since 2023. Today's reading for the US core personal consumption expenditures price index is expected to rise 0.3% in February, an unchanged pace compared with the previous month, according to the median economist forecast. With President Trump threatening to unleash so-called reciprocal tariffs next week, money managers say they’re turning neutral, stepping back or de-risking their portfolios.

“Tariffs are creating a lot of fears in the market, not just the level of the tariffs but the way they are implemented as well,” Valerie Genin, head of investments at Barclays Private Bank Monaco told Bloomberg TV. “It seems like investors are just digesting now that tariffs have lose-lose implications for all parties.”

Meanwhile in Europe, stocks are set for their third week of losses this month, as investors brace for US tariff announcements next week pushing the Stoxx 600 index 0.4% lower on Friday. Most sub-indexes on the Stoxx 600 regional benchmark notch declines. Banks lead the underperformance, while the real estate sector is a rare outperformer. Still, banks are the standout winner this quarter with a 26% advance as investors are counting on more strong earnings, share buybacks and M&A to drive gains. Here are the biggest movers Friday:

• Ubisoft shares jump as much as 12% after the video game maker said it will carve out a unit into a subsidiary with an enterprise value of about €4 billion, with Tencent to invest €1.16 to acquire a 25% stake in the new entity
• UK retailers are outperforming on Friday, after sales unexpectedly grew for a second month in February to suggest consumer confidence is returning; among the biggest gainers are B&M (+1.8%), Kingfisher (+2.2%), and ASOS (+1.1%)
• Grupo Catalana Occidente shares soared as much as 18% and to a record high after controlling shareholder Inoc launched takeover offer for all shares of the Spanish insurer
• SSE shares rise as much as 1.9% after the energy and utility company announced it is promoting current Chief Commercial Officer Martin Pibworth to become its next chief executive
• WH Smith shares slide as much as 3.1% after the company agreed to sell its struggling high street business at a price that JPMorgan said is at the lower end of expectations. The firm also said it is trading in line with market expectations
• Energiekontor, a German wind and solar parks project developer, sees its shares decline over 10%, the most since August after it reported disappointing results; shareholders will be subject to a significant reduction in dividends
• Rational shares drop as much as 1.9%, extending their drop following the muted growth outlook posted on Thursday. Analysts at Warburg cut their price target on the German company due to the softer outlook for this year

Earlier in the session, Asian equities suffered their biggest drop in a month, as concerns increased over a possible growth slowdown in the US stemming from new tariffs. Trading was halted in Thailand following an earthquake. The MSCI Asia Pacific Index fell as much as 1.4%, with most markets in the red. Toyota, Samsung Electronics and Mitsubishi UFJ were among the biggest drags. South Korean and Japanese stocks led the selloff, as ex-dividend trading exacerbated the impact of the hit to sentiment from US taxes on imports. President Donald Trump’s imposition of a blanket 25% levy on auto imports, and threats for similar action in other areas, have ramped up investor anxiety over the scope of the reciprocal tariffs that he intends to announce next week. The Hang Seng Tech Index, which has rallied this year on the back of Chinese technology advancements, fell to the brink of a correction amid broad risk-off sentiment.

In FX, the Bloomberg Dollar Spot Index is flat. JPY and GBP are the strongest performers in G-10 FX; SEK and NZD underperform. The greenback supported by month-end demand while it also modestly enjoys haven dynamics amid escalating trade tensions, a Europe-based trader says. The euro sank to session lows around 1.077 after traders ramped up bets on ECB interest-rate cuts as Spanish and French CPI undershot expectations. Money markets now price in about 60bps of easing by December.

In rates, treasuries hold gains in early US session led by long-end tenors with yields lower by about 4bp, arresting this week’s dramatic curve steepening. US yields are richer by at least 1bp across maturities with 2s10s curve flatter by ~2.5bp, 5s30s by ~2bp; 10-year near 4.33% is ~3bp lower on the day, with bunds and gilts in the sector outperforming by 1bp and 3bp.  Core European bond markets lead after Spanish and French CPIs rose less than estimated, prompting traders to price in more easing by ECB. Focal point of US session is February personal income and spending data, which embeds PCE price index, inflation gauge targeted by the Fed.

In commodities, the non stop record highs in gold are the big story again: spot gold rose roughly $15 to trade near $3,072/oz after it hit a fresh record. Crude futures are steady. WTI drifts 0.1% lower to trade near $69.88. Brent is flat at $74.02.

Today's US economic calendar includes February personal income/spending (8:30am), March final University of Michigan sentiment (10am) and March Kansas City Fed services activity (11am). Fed speaker slate includes Barr (12:15pm) and Bostic (3:45pm)

Market Snapshot

• S&P 500 futures down 0.4% to 5,714.00
• STOXX Europe 600 down 0.3% to 544.66
• MXAP down 1.0% to 186.56
• MXAPJ down 0.7% to 584.82
• Nikkei down 1.8% to 37,120.33
• Topix down 2.1% to 2,757.25
• Hang Seng Index down 0.6% to 23,426.60
• Shanghai Composite down 0.7% to 3,351.31
• Sensex down 0.5% to 77,227.72
• Australia S&P/ASX 200 up 0.2% to 7,982.01
• Kospi down 1.9% to 2,557.98
• German 10Y yield little changed at 2.72%
• Euro down 0.2% to $1.0777
• Brent Futures down 0.3% to $73.80/bbl
• Gold spot up 0.4% to $3,069.18
• US Dollar Index little changed at 104.37

Top Overnight News

• Elon Musk commented that their goal is to reduce the deficit by USD 1tln and will achieve most of that objective within a 130-day tenure, while he added that legitimate recipients of Social Security benefits will receive more, not less money, according to Fox News.
• Global bonds rallied as European consumer price data came in softer than expected and investors awaited data on the Federal Reserve’s favored inflation gauge.
• Inflation in France and Spain undershot expectations, supporting calls for more interest-rate cuts by the European Central Bank.
• The Zuffenhausen district of Stuttgart has been the heart of Porsche AG since the 1930s, and the sports car maker remains overwhelmingly Made in Germany, making it potentially the biggest loser in Donald Trump’s trade war.
• UK retail sales increased for a second month in February, suggesting consumer confidence is returning in a surprise boost for Chancellor of the Exchequer Rachel Reeves.
• The rally in European banking stocks shows few signs of cooling down after another stellar quarter.
• Fed's Collins (2025 voter) said she is cautiously and realistically optimistic about the economy and stated the economy started 2025 in a good place. Collins said inflation had come down but was still elevated at the start of the year, and the outlook now is much cloudier for inflation and growth. She noted it is inevitable that tariffs will increase inflation in the near term and it remains a question how long tariff-driven inflation will last. Furthermore, she said inflation risks are on the upside and she strongly supported the Fed's decision to hold rates steady, while she expects the Fed will likely hold rates steady for longer given the outlook and stated that watching inflation expectations and sentiment data is important right now.
• Fed's Barkin (2027 voter) said the current moderately restrictive stance is a good place to be and if conditions shift, the Fed can adjust. Barkin said given recent high inflation, tariffs could have more of an impact on prices, but still not known where rates will settle or how affected countries' businesses and consumers will respond. Barkin also commented that the direction of federal policy changes may be known, but the extent and how they net out in the economy remains uncertain, while he added federal policy changes create instability in the near term and the Fed is waiting for uncertainty to clear before acting.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly pressured amid the ongoing themes of tariffs and growth concerns heading closer to next week's 'Liberation Day' and with markets also bracing for the latest US PCE Price Index. ASX 200 traded rangebound and was just about kept afloat by strength in consumer staples and the commodity-related sectors with gold miners rejoicing after the precious notched another fresh record high. Nikkei 225 underperformed and dipped beneath the 37,000 level as automakers continued to suffer from Trump's recent auto tariff proclamation and with firmer-than-expected Tokyo CPI data supporting the case for the BoJ to continue with future policy adjustments. Hang Seng and Shanghai Comp failed to sustain the early resilience and slipped into negative territory amid a deluge of earnings and tariff uncertainty, while it was also reported that China rejected US President Trump's offer of tariff waivers in exchange for a TikTok deal.

Top Asian News

• Chinese President Xi said, at a meeting with foreign CEOs, that foreign firms' investment plays an important role and China was, is and will certainly be an ideal, safe and promising investment destination for foreign business people. Xi added they will ensure that foreign-funded enterprises have fair access to factors of production in accordance with the law and maintaining a stable, healthy, and sustainable development of China-US relations is in the fundamental interests of the two peoples. Xi also stated that blocking someone else's path will only block your own path in the end and blowing out other people's lights will not make your own lights brighter. Furthermore, he said economic and trade frictions should be properly resolved through equal dialogue and consultation, and noted that China will handle China-US relations in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation.
• China is to promote high-quality development of the aluminium sector and will actively respond to trade frictions, according to a plan by ten government departments cited by Global Times.
• Japanese PM Ishiba said the impact of US auto tariffs on the Japanese economy could be very big.
• Bank of Japan March Meeting Summary of Opinions noted one member said inflation is somewhat overshooting expectations and a member said wage hikes in spring wage talks are somewhat exceeding last year's figures, with nominal wages rising at a pace in line with the achievement of the BoJ's price goal. There was the opinion that they don't have enough data to gauge the impact of the January policy change and recent long-term rate moves on the economy, while it was reiterated that the BoJ will continue to hike rates if economy and prices move in line with forecast, but should not have a preset idea on specific policy management. A member stated that for the time being, the BoJ must scrutinise US policy impact on the global economy and markets, as well as the effect of BoJ's past rate hike on Japan's economy, then move to the next rate hike, while a member said they must adjust the degree of monetary support nimbly to avoid a buildup of financial excess. Furthermore, there was an opinion that when they next hike rates, they must consider shifting the monetary policy stance to neutral from accommodative, and at the next meeting, they must scrutinise inflation expectations, the chance of upside price risk materialising, and progress in wage hikes when setting monetary policy.

European bourses started Friday trade on a cautious note, Euro Stoxx 50 -0.6%, after APAC stocks were pressured on tariff and growth concerns overnight, and ahead of next week’s "Liberation Day", and with markets also bracing for US PCE inflation data later today. Note, the risk tone took a hit generally on the morning's earthquakes in Myanmar. Sectors are mainly in the red, Banks lag with German names lagging while softer yields assist Real Estate names.

Top European News

• Magnitude 6.9 (initially reported 7.72/7.4) earthquake occurs in Myanmar, via GFZ; reports of buildings shaking in Bangkok & Hanoi. Thereafter, magnitude 6.37 earthquake occurs in Myanmar, via GFZ; shocks reported in the Yunnan Province of southwest China and in Bangkok.
• ECB's de Guindos says disinflation process is continuing, goal is for it to be reached in the coming months; caution is even more important at times of uncertainty. Trade war would mostly impact economic growth.
• ECB Consumer Expectations Survey (Feb): See inflation in next 12 months at 2.6% (prev. 2.6%); 3y ahead sees 2.4% (prev. 2.4%). Consumers’ nominal income growth expectations over the next 12 months increased to 1.0% in February from 0.9% in January.

FX

• DXY is attempting to claw back some of yesterday's lost ground with the USD currently firmer vs. all peers ex-JPY into PCE. Index remains within yesterday's 104.07-65 range.
• JPY is the current best performer after firmer-than-expected Tokyo CPI data, which is seen as a leading indicator for national price trends and effectively supports the case for further BoJ policy normalisation. USD/JPY has pulled back from the overnight peak @ 151.21 and made its way back onto a 150 handle. The next downside target comes via Thursday's low @ 150.05.
• EUR is under modest pressure and has faded gradually from the 1.08 mark against the USD. No reaction to the morning's data points or ECB speak. Thursday's base at 1.0732 and then the 200-DMA at 1.0729.
• GBP flat despite a blip higher on the morning's better-than-expected Retail Sales and upward revisions to dated GDP metrics. While this lifted Cable to a 1.2968 peak it proved fleeting.
• Antipodeans softer given the risk tone though action is limited given the lack of specific drivers for the region.
• PBoC set USD/CNY mid-point at 7.1752 vs exp. 7.2591 (Prev. 7.1763).

Fixed Income

• A firmer start to the session for the benchmarks given the tepid risk tone overnight and risk aversion entering the market on the sizable earthquakes in Myanmar.
• USTs hit a 110-24 peak but since pulled back modestly but remains comfortably clear of the overnight 110-15 base. The session ahead is focussed on US PCE.
• Bunds bid, USTs hit a 110-24 peak but since pulled back modestly but remains comfortably clear of the overnight 110-15 base. The session ahead is focussed on US PCE. Prelim. French and Spanish inflation this morning cooler than forecast, but spurred no move; ECB SCE maintained the inflation view.
• Gilts gapped higher by 25 ticks as the Gilt open roughly coincided with the high point in USTs and Bunds as the complex generally continued to climb on the broad risk tone. Since, the benchmark has eased slightly from highs but remains above the 91.00 mark. No hawkish follow through from the Retail and GDP data this morning.

Commodities

• Crude futures choppy with initial downside on broader risk aversion. Since, the benchmarks briefly moved into the green but only by around USD 0.10/bbl with the move fleeting and the benchmarks now essentially unchanged. WTI May at the top of a USD 69.53-70.05/bbl band, Brent May in-fitting in USD 73.63-74.15/bbl parameters.
• Precious metals mostly firmer despite the firmer USD, benefitting from the risk tone as discussed into key events. Spot gold is currently off highs in a USD 3,054.42-3,086.21/oz intraday range.
• Base metals are mostly lower, tracking sentiment, 3M LME copper resides in a USD 9,741.70-9,855.15/t range at the time of writing. Dalian iron ore prices also dipped overnight but still notched a weekly gain as hot metal output continued to increase in March - used as a gauge for iron ore demand.

Geopolitics: Middle East

• Israeli military said it intercepted one launch from Lebanese territory and another one was detected.
• Israeli Defense Minister said if there is no peace in Kiryat Shmona and the Galilee communities, there will be no peace in Beirut, according to Asharq News. It was separately reported that Israel's Defence Minister holds Lebanon responsible for firing on Galilee and said Israel will respond forcefully against any threats.
• Iran's ambassador in Baghdad said US President Trump's message to Tehran included a request to dissolve or merge the Popular Mobilization Forces, which is unacceptable to us, while the ambassador added they refuse to negotiate on their ballistic missiles and the decision to dissolve the PMU is an Iraqi decision which he thinks is impossible, according to Sky News Arabia.
• "Lebanese media: Israeli warplanes fly over Beirut", according to Sky News Arabia; thereafter, the Israeli Military says it will release an urgent statement to Beirut residents soon.

Geopolitics: Ukraine

• Russia and US teams may meet regarding Ukraine in Riyadh in mid-April, according to TASS.
• Russian President Putin suggested the possibility of placing Ukraine under temporary administration to allow for elections and signature of accords, according to Russian news agencies. Putin said Russia stands for resolving Ukraine conflict through peaceful means and wants to work with Europe on resolving Ukraine conflict, but the EU is acting inconsistently. It was separately reported that Putin said Russia welcomes a peaceful resolution to the Ukraine conflict "but not at our expense", according to CGTN Europe.
• White House said governance in Ukraine is determined by its constitution and the people of Ukraine.
• Russian Defence Ministry says Ukraine continued attacks on Russian energy infrastructure, according to Ria; attacked the Sudzha gas metering station on Friday and almost destroyed it; thereafter, Ukraine said Russia conducted the attack.
• Ukrainian Deputy PM confirms Ukraine has received new US draft of the minerals deal.

Geopolitics: Other

• CK Hutchison Holdings (0001 HK) will not go ahead with the expected signing of a deal next week to sell its two strategic ports at the Panama Canal, according to SCMP.
• US Secretary of State Rubio warned if Venezuela attacked Guyana or Exxon (XOM), "it would be a very bad day" for them. It was also reported that the Guyanese President agreed with the US to further integrate energy production after a meeting with US Secretary of State Rubio.
• US Defense Secretary Hegseth said during a visit to the Philippines that he and US President Trump want to express the ironclad commitment they have to the mutual defence treaty and are very committed to the Philippines-US alliance, friendship and cooperation they have. Hegseth added that friends need to stand shoulder to shoulder to deter conflict and ensure that there's freedom of navigation in the South China Sea, and noted that deterrence is necessary around the world, but specifically in this region considering the threats from the Communist Chinese. Hegseth later announced they are doubling down on the US-Philippines partnership and agreed on the next steps to re-establish deterrence in the Indo-Pacific with the US to deploy advanced capabilities to the Philippines.

US Event calendar

• 08:30: Feb. PCE Price Index MoM, est. 0.3%, prior 0.3%
  • Feb. PCE Price Index YoY, est. 2.5%, prior 2.5%
  • Feb. Core PCE Price Index MoM, est. 0.3%, prior 0.3%
  • Feb. Core PCE Price Index YoY, est. 2.7%, prior 2.6%
• 08:30: Feb. Personal Income, est. 0.4%, prior 0.9%
  • Feb. Personal Spending, est. 0.5%, prior -0.2%
  • Feb. Real Personal Spending, est. 0.3%, prior -0.5%
• 09:00: Bloomberg March United States Economic Survey
• 10:00: March U. of Mich. Sentiment, est. 57.9, prior 57.9
  • March U. of Mich. Current Conditions, est. 63.5, prior 63.5
  • March U. of Mich. Expectations, est. 54.1, prior 54.2
  • March U. of Mich. 1 Yr Inflation, est. 4.9%, prior 4.9%
  • March U. of Mich. 5-10 Yr Inflation, est. 3.9%, prior 3.9%
• 11:00: March Kansas City Fed Services Activ, prior 2

DB's Jim Reid concludes the overnight wrap

Markets struggled yesterday as tariff fears remained at the forefront of investors’ minds, with concern mounting ahead of the April 2 deadline for reciprocal tariffs. Notably, several automakers took a hit given the 25% tariff announcement on Wednesday night. But more broadly, there were signs that investors were becoming increasingly concerned about the stagflationary consequences. Indeed, yesterday saw the US 1yr inflation swap (+9.1bps) hit a 2-year high of 3.11%, even as the real yield on 2yr Treasuries (-11.1bps) fell to its lowest since August 2022 at 0.73%. This combination of elevated growth uncertainty and inflation fears saw gold prices hit a new closing record of $3,057/oz yesterday, and overnight they’ve seen further gains up to $3,074/oz.

In terms of the last 24 hours, one of the main fears is that the reciprocal tariffs could lead to a big round of escalation beyond the initial US tariffs. For example, shortly before we went to press yesterday, President Trump said in a post that if the EU worked with Canada “in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both”. Separately, Japan’s Prime Minister Ishiba said yesterday that “We must consider appropriate responses, and naturally all options are on the table”. And Canadian Prime Minister Carney said that he’d convened the Cabinet Committee on Canada-US relations “in response to President Trump’s attack on our workers and our industries.” Carney said that “nothing is off the table” but that the Canadian government would respond based on what the US does on April 2.

Against that backdrop, automakers struggled yesterday, with Ford (-3.88%) and General Motors (-7.36%) both losing significant ground. That was echoed across the world, and in Europe, the tariff announcement meant the STOXX Automobiles and Parts Index fell -1.09% to a fresh two-month low. That tariff uncertainty also dragged down equities more broadly, with both the S&P 500 (-0.33%) and the STOXX 600 (-0.44%) losing ground for a second day running. And with just two business days of Q1 left, the S&P 500 is on track to post its first quarterly decline in six quarters, having shed -3.20% since the start of the year.

The tariffs also meant that US Treasuries faced several hurdles, particularly with investors moving to price in more inflation. In fact by the close, the 10yr yield (+1.1bps) was up to a one-month high of 4.36%, as was the 30yr yield (+2.1bps) at 4.72%. By contrast, fears about the growth impact led investors to price in more Fed rate cuts this year, and the 2yr yield fell -2.6bps to 3.99%, even as inflation breakevens rose. In turn, that meant the 2s30s yield curve moved up to its steepest level in over 3 years. And this pattern was evident elsewhere, with the German 2s30s yield curve also up to its steepest since July 2022, at 106bps.

Despite the weakness among key assets, yesterday actually brought a respectable set of US economic data, which continued to point away from a sharp slowdown. For instance, the weekly initial jobless claims were at 224k over the week ending March 22 (vs. 225k expected), meaning there were still no obvious signs of a deterioration in the labour market. At the same time, we also got the third estimate of Q4 GDP, which was revised up a tenth, and now shows an annualised growth rate of +2.4%. So it continued the recent theme whereby the hard data is still holding up, even if some of the surveys have pointed to a weaker performance.

Here in the UK, gilts sold off in the aftermath of the government’s Spring Statement, with the 10yr yield (+5.1pbs) moving up more than its global counterparts yesterday. The rise took it up to 4.78%, its highest level since mid-January, whilst the 10yr real yield (+2.7bps) hit a post-2009 high of 1.35%. So that added to concerns that the government would need to announce further fiscal tightening later this year to keep within their fiscal rules, potentially repeating the pattern from the Spring Statement where higher yields and lower growth wiped out the fiscal headroom. As a reminder, our UK economist (link here) thinks that likely economic downgrades later in the year will lead to further fiscal consolidation.

Elsewhere in Europe, sovereign bonds rallied as investors were more concerned about the negative growth impact from the tariffs. So that led investors to dial up the likelihood of further ECB rate cuts, with the amount of further cuts priced by the December meeting up +2.8bps on the day to 58bps. And in turn, yields fell across the curve, with those on 10yr bunds (-2.2bps), OATs (-2.2bps) and BTPs (-1.8bps) all moving lower.

Overnight in Asia, the major equity indices have seen sizeable losses, with the Nikkei (-2.34%) and the KOSPI (-2.14%) both slumping. In Japan, matters weren’t helped by the Tokyo CPI report for March, which came in stronger than expected at +2.9% (vs. +2.7% expected). In addition, the measure excluding fresh food and energy moved up to +2.2% (vs. +1.9% expected), the strongest in a year. In turn, that’s added to the momentum for further rate hikes from the BoJ, and the Japanese Yen has strengthened +0.10% this morning against the US Dollar. Elsewhere in Asia, the Hang Seng (-0.85%), the Shanghai Comp (-0.65%) and the CSI 300 (-0.42%) have all experienced losses as well.

To the day ahead now, and there are several data releases to look out for. In the US, there’s PCE inflation for February, along with the University of Michigan’s final consumer sentiment index for March. Meanwhile in Europe, we’ll get the French and Spanish flash CPI prints for March, along with German unemployment for March and UK retail sales for February. From central banks, we’ll hear from the Fed’s Barr and Bostic, along with the ECB’s Nagel, and Muller.

Tyler Durden Fri, 03/28/2025 - 08:26

Senator Cruz Introduces Companion Bill To Prohibit The Fed From Issuing A CBDC

Authored by Christopher Tepedino via CoinTelegraph.com,

US Senator Ted Cruz introduced a bill on March 26 to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). The “Anti-CBDC Surveillance State Act,” would prohibit the Fed from offering certain products or services directly to American individuals, a key component of any CBDC.

The Texas Republican’s bill can be considered a companion bill to Minnesota Republican Representative Tom Emmer’s anti-CBDC legislation, which was reintroduced on March 6. A companion bill is a piece of legislation that is similarly or identically worded to another bill, and introduced in the other chamber of Congress.

Both bills state that the prohibition should not include any dollar-denominated currency that is open, permissionless, and private and “preserves the privacy protections of United States coins and physical currency.” 

Sen. Ted Cruz’s anti-CBDC bill. Source: Ted Cruz

Since 2020, the Federal Reserve has been exploring a digital version of the US dollar. According to the CBDC Tracker, at least four research projects are currently underway by various Federal Reserve entities.

Cruz has been a vocal opponent of CBDCs since at least 2022, when he introduced legislation that would ban the Fed from introducing a direct-to-consumer CBDC. He followed it up with similar legislation in 2023, and in 2024 sought to block the attempt by then-President Joe Biden’s administration to create a CBDC.

Emmer said at a congressional hearing that “CBDC technology is inherently un-American” and warned that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”

Critics denounce CBDCs

While CBDCs have some purported benefits, critics of the technology have long said that digital currency issued directly to citizens could pose privacy infringement and government overreach.

However, some nations and regional governments are still exploring this technology. While European consumers show little interest in CBDCs, lawmakers in the region are pushing to create a digital Euro. Israel has released a preliminary design to create a digital shekel, and Iran will reportedly launch a CBDC in the near future.

In the US, the creation of a CBDC has been met with more resistance. President Donald Trump has vowed to “never allow” a CBDC in the country, and Jerome Powell, the chair of the Federal Reserve, has said that the Fed will not issue a CBDC while he is in charge.

Though CBDCs could modernize legacy financial systems and make them more efficient, they would also centralize the money supply.

Tyler Durden Fri, 03/28/2025 - 07:45

RFK Jr. Effect: McCormick Spice "Reformulates" Food Products To Align With MAHA Agenda

Health and Human Services Secretary Robert F. Kennedy Jr. has made it an agency's mission to reverse the chronic disease epidemic by implementing the "Make America Healthy Again" initiative, which aims to eliminate toxic food dyes and processed foods from the nation's food supply chain. In response to the incoming HHS policy, one of the world's top players in the spices, herbs, and seasonings industry has announced plans to reformulate its products to align with the MAHA agenda.

"We are seeing a tick-up in reformulation activity," McCormick & Co. CEO Brendan Foley told analysts in an earnings call. He said the company's initiative was occurring "across our customer base, but also a lot of new product activity, too."

The Hunt Valley, Maryland-based spice company is known for its black pepper and paprika products and iconic brands like Frank's RedHot, Old Bay, and Cholula.

McCormick's surge in reformulation activity only suggests that the company is getting ahead of RFK Jr.'s incoming MAHA policies, which focus on removing artificial dyes and other harmful ingredients from the food supply chain. 

Foley also told investors that McCormick has been well underway with reformulation work and has moved to reduce sodium, which aligns further with the MAHA movement. 

Earlier this year, McCormick removed toxic Red No. 3 from its products in anticipation of a planned ban by the Food and Drug Administration. 

RFK Jr. recently met with big food executives from PepsiCo, Kraft Heinz, General Mills, Tyson Foods, WK Kellogg, and JM Smucker to discuss the productive first steps to rid foods of the worst ingredients and reverse the chronic disease epidemic.  

*  *  *

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Click pic... buy seeds... take food supply into your own hands... Tyler Durden Fri, 03/28/2025 - 06:55

Israel Parliament Passes Bill Bringing Judicial Appointments Under Political Control

Via Middle East Eye

Israel's Knesset has passed a bill enabling greater political control over the appointment of judges, effectively diminishing the Supreme Court’s power.

The measure, which will come into effect after the October 2026 general elections, marks the first time in Israel’s history that the selection process for judges will be controlled by politicians.

Via Reuters

It will change the composition of the nine-member committee that selects judges, comprising judges, lawmakers, and bar association representatives, overseen by the justice minister.

The bill will see representatives of the Israeli Bar Association replaced with lawyers appointed by the ruling coalition and the opposition, and give politicians veto power over lower court appointments. It will also remove any influence of the three judges who sit on the committee overseeing appointments to the Supreme Court.

The committee is currently handling petitions against Prime Minister Benjamin Netanyahu’s dismissal of Shin Bet chief Ronen Bar, and the reappointment of Itamar Ben Gvir as national security minister.

The bill was passed almost unanimously after the opposition boycotted the vote, with 67-1 in favor of the legislation.

Justice Minister Yariv Levin will bar the committee from naming new judges until the law comes into effect, leaving the country with only 11 supreme court justices - short of the full complement of 15.

Knesset opposition leaders condemned the legislation, saying that its sole aim is "to ensure judges are subjected to the will of politicians".

"This is happening while 59 hostages are still held in Gaza. Instead of focusing all efforts on bringing them home and healing the divisions in the nation, this government is once again engaging in the very legislation that divided the public before October 7," they added.

A 'dangerous direction'

A flurry of petitions against the bill were filed by opposition parties and a government watchdog to the High Court of Justice shortly after its approval. In one of them, opposition leader Yair Lapid’s Yesh Atid Party stated that the law’s approval "is not an amendment, but the eradication of an entire system".

National Unity party chairman, and former member of the war cabinet, Benny Gantz, warned lawmakers ahead of the vote that the nation was headed in a "dangerous direction".

Meanwhile, thousands of Israelis gathered outside the Knesset to protest the legislation.Before October 2023, the Netanyahu government pushed a package of bills seeking to overhaul the judicial system, sparking mass protests across the country.

On January 1, 2024, the Supreme Court nullified controversial legislation passed by the government in July 2023 that eliminated the court’s ability to overturn government decisions.

The legislation eliminated the Supreme Court's reasonableness clause, a power given to the court to overturn government rulings deemed unreasonable.

Israeli Prime Minister Benjamin Netanyahu's political party, Likud, called the court's decision unfortunate and said it opposed "the will of the people for unity, especially during wartime". Netanyahu is currently on trial for corruption. Since being indicted in 2019, he has railed publicly against the justice system, calling it biased against him.

Tyler Durden Fri, 03/28/2025 - 06:30

"This Is Existential": Billionaire Cancer Researcher Says Covid & Vaccine Likely Causing Surge In Aggressive Cancers

Dr. Patrick Soon-Shiong - a transplant surgeon-turned-biotech billionaire renowned for inventing the cancer drug Abraxane - has issued a startling warning in a new in-depth interview with Tucker Carlson.

Soon-Shiong, founder of ImmunityBio ($IBRX) and owner of the Los Angeles Times, claims that the COVID-19 pandemic, and the very vaccines developed to fight it, may be contributing to a global surge in “terrifyingly aggressive” cancers. In the nearly two-hour conversation, the Los Angeles Times owner leveraged his decades of clinical and scientific experience to outline why he suspects an unprecedented cancer epidemic is unfolding. This report examines Dr. Soon-Shiong’s background and assertions, the scientific responses for and against his claims, new data on post-COVID health trends, and the far-reaching implications if his alarming hypothesis proves true.

Dr. Soon-Shiong’s Claims

Soon-Shiong is a veteran surgeon and immunologist who has spent a career studying the human immune system’s fight against cancer. He pioneered novel immunotherapies and even worked on a T-cell based COVID vaccine booster during the pandemic. In the interview, he draws on this background to voice deep concern over rising cancer cases, especially among younger people – something he describes as a “non-infectious pandemic” of cancer. He tells Carlson that in 50 years of medical practice, it was extraordinarily rare to see cancers like pancreatic tumors in children or young adults, yet recently such cases are appearing. For instance, Soon-Shiong was alarmed by seeing a 13-year-old with metastatic pancreatic cancer, a scenario virtually unheard of in his prior experience. 

"I never saw pancreatic cancer in children... the greatest surprise to me was a 13-year-old with metastatic pancreatic cancer," Soon-Shiong told Carlson, adding that he's seen examples of very young patients (even children under 11 with colon cancer) and unusual surges in aggressive diseases like ovarian cancer in women in their 30s. These personal observations of more frequent, aggressive cancers in youth led him to probe what might have changed in recent years.

“We're clearly seeing an increase in certain types of cancer, like pancreatic cancer, ovarian cancer... colon cancer... in younger people."
— Dr. Patrick Soon-Shiong

According Soon-Shiong, the COVID era is the obvious change - and suggests that both the SARS-CoV-2 virus infection and the widespread vaccination campaigns could be key drivers behind this cancer spike. He emphasizes the massive scale of human exposure to the virus and its spike protein (via infection or vaccination).

"I don't know how to say that without saying it. It scares the pants off me because I think what we may be, I don' think it's virus versus man now, this is existential. I think when I talk about the largest non-infectious pandemic that we're afraid of, this is it."

“Billions of people – literally billions – had the COVID virus. Over a billion got the spike protein vaccine," said Carlson, adding "So that's like, we're talking like a huge percentage of the Earth's population, unless I'm missing something."

"Now you understand what keeps you awake at night and kept me awake at night for two years, two and a half years," Soon-Shiong replied, suggesting that exposure to both is silently undermining the immune system’s natural defenses against cancer on a global scale.

Soon-Shiong frames COVID-era cancers as potentially virally triggered or exacerbated. In the interview, he described cases of “virally induced cancers” in clinics during the pandemic – patients whose cancers may have been kicked into overdrive by the cascade of inflammation and immune stress associated with COVID-19 (Dr. Patrick Soon-Shiong: You’re Being Lied to About Cancer, How It’s Caused, and How to Stop It). COVID infection causes a massive inflammatory response, and some cancers are known to exploit inflammation to grow.

TUCKER: "a lot people have pointed to both COVID, the virus, and to the mRNA COVID vaccines as potential causes. Do you think that they're related?"

SOON-SHIONG: "The best way for me to answer that is to look at history. What we know about virally-induced cancers is well-established. We know that if you get hepatitis, you get liver cancer. Hepatitis is a virus infection. We know if you got human papillomavirus, HPV, you get cervical cancer."

We know that certain viruses directly cause cancer (e.g. HPV, Epstein-Barr), so it’s not unprecedented for a virus to play a role in oncogenesis. While SARS-CoV-2 is not a known oncovirus, Soon-Shiong worries its indirect effects – chronic inflammation, immune exhaustion, or “suppressor cells” that emerge in the wake of infection/vaccination – could be accelerating tumor development. “The answer is to stop the inflammation…clear the virus from the body,” he argues, positing that until we eradicate lingering virus and restore immune balance, we may see mounting cancer cases.

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In sum, Dr. Soon-Shiong’s claim is that the pandemic has set the stage for an explosion of aggressive cancers: the COVID virus itself (especially if it persists in survivors) might suppress immune surveillance, and the mRNA vaccines “that didn’t stop it” might inadvertently contribute to an immunosuppressive environment. These effects, in his theory, could be unleashing cancers that the immune system would ordinarily have kept in check.

Watch:

Dr. Patrick Soon-Shiong is a surgeon who made billions inventing cancer drugs. He says that Covid, and the vaccines that didn’t stop it, are likely causing a global epidemic of terrifyingly aggressive cancers.

(0:00) Why Are Cancer Rates Rising in Young People?
(6:16) What Is… pic.twitter.com/5QO8AWLtXx

— Tucker Carlson (@TuckerCarlson) March 26, 2025

A number of clinicians and researchers have reported similar worrying observations, though these remain largely anecdotal at this stage. One prominent voice echoing Soon-Shiong’s concern is Dr. Angus Dalgleish, a veteran oncologist and professor at St. George’s, University of London. In late 2022, Dalgleish wrote to the BMJ’s editor after noticing that some cancer patients who had been stable for years experienced “rapid progression of their disease after a COVID-19 booster.” He cited cases of individuals who were doing well until shortly after vaccination – new leukemias, sudden appearance of Stage IV lymphomas, and explosive metastases in patients who had post-vaccine bouts of feeling unwell.

“I am experienced enough to know that these are not coincidental,” Dalgleish wrote, noting that colleagues in Germany, Australia and the U.S. were independently seeing the same pattern. This frontline testimony aligns with Soon-Shiong’s fear: something about the immune system post-vaccination might be removing restraints on latent cancers. Dalgleish specifically pointed to short-term innate immune suppression after mRNA vaccination (lasting for several weeks) as a plausible mechanism. Many of the cancers he saw were ones normally held in check by immune surveillance (melanomas and B-cell cancers), so a temporary post-vaccine drop in immune vigilance could allow a tumor growth spurt. He also alluded to “suppressor gene suppression by mRNA in laboratory experiments” – a reference to preliminary studies that found the SARS-CoV-2 spike protein might interfere with key DNA repair or tumor-suppressor proteins in cells. These lab findings (while not yet confirmed in living organisms) lend some biological plausibility to the idea that spike exposure could affect cancer-related pathways.

Beyond individual doctors, some research is probing links between COVID and cancer behavior. For example, a 2022 study in Frontiers in Oncology explored how SARS-CoV-2 proteins interact with cancer cells. It found that the virus’s membrane (M) protein can “induce the mobility, proliferation and in vivo metastasis” of triple-negative breast cancer cells in the lab (Frontiers | SARS-CoV-2 M Protein Facilitates Malignant Transformation of Breast Cancer Cells). In co-culture experiments, breast cancer cells exposed to the viral protein essentially became more aggressive and invasive. The researchers concluded that COVID-19 infection “might promote…aggressive [cancer] phenotypes” and warned that cancer patients who get COVID could face worse outcomes. 

While this is one specific context (breast cancer cells and one viral protein), it underpins Soon-Shiong’s general concern: the virus can directly alter the tumor microenvironment to the cancer’s advantage. 

Another line of evidence involves latent viruses and inflammation. Doctors have documented unusual reactivations of viruses like Epstein-Barr (which is linked to lymphomas and other malignancies) during both COVID-19 and post-vaccine immune reactions. Such reactivations hint at a period of immune dysregulation that might also let nascent cancer cells slip past defenses. 

Or course,fact-checkers and medical authorities argue that there is no credible evidence of vaccines causing meaningful immune suppression. “There isn’t evidence to date that COVID-19 vaccines cause cancer or lead to worsening cancer,” one infectious disease expert told FactCheck.org, though they do acknowledge rare side effects like myocarditis or blood clots were found, but not cancer.

Phinance Data Insights: Post-COVID Health Trends

While the scientific community debates mechanistic links between COVID and cancer, independent analysts have been parsing population-level data for unusual patterns. One notable effort is by Phinance Technologies, a research firm co-founded by former BlackRock portfolio manager Edward Dowd. Phinance has been analyzing excess mortality and disability data since the pandemic, looking for signals of broad health impacts in the aftermath of COVID and mass vaccination. Their findings reveal concerning trends, especially among younger, working-age populations, that lend some weight to Dr. Soon-Shiong’s general warning of a post-COVID health crisis (though not specific to cancer alone).

Phinance’s “Vaccine Damage Project” examined the U.S. population aged 16–64 (essentially the workforce) and stratified outcomes into four groups: no effect, mild injuries, severe injuries (disabilities), and death. Using official government databases (the CDC, Bureau of Labor Statistics, etc.), they estimated how each category changed starting in 2021 – when vaccines rolled out and COVID became widespread. The results are sobering. According to Phinance’s analysis, by the end of 2022 the U.S. had experienced approximately 310,000 excess deaths among adults aged 25-64 (a ~23% increase in mortality in that group over normal expectations). Notably, they argue that after mid-2021, with vaccines available and the virus itself becoming less deadly (due to immunity and milder variants), COVID-19 should not have been causing such high excess death rates. Therefore, those 310k “unexplained” deaths in 2021–2022 could represent an upper bound on vaccine-related fatalities or other pandemic collateral damage.

Even more striking is the data on new disabilities. Phinance found that from early 2021 through late 2022, about 1.36 million additional Americans (age 16–64) became disabled – a 24.6% rise in disability in that cohort, far above historical trend. This jump in disabilities among the workforce correlates in time with the vaccine rollout (and was disproportionately higher in the labor force than among those not working). The analysts note that the healthiest segment of the population (employed working-age adults) saw a greater relative increase in disabilities after Q1 2021 than the older or non-working groups. This is unusual, since typically health shocks hit the elderly hardest – but here something was impacting younger, healthy people to a significant degree. Phinance investigated further and found a tight relationship between the cumulative number of vaccine doses administered and the rise in disabilities in 2021-22. In fact, for the 16–64 population, they computed a ratio of about 4 new disabilities per excess death in that period, suggesting many survivors were left with lingering health issues even if they didn’t die.

Tyler Durden Fri, 03/28/2025 - 05:55

European Force In Ukraine Could 'Respond' If Attacked By Russia: Macron

A 'coalition of the willing' is mulling a European army which would be deployed to Ukraine in a 'peacekeeping' capacity, except that French President Emmanuel Macron has also admitted these Western forces would be ready to join the conflict if provoked.

Macron is currently hosting the leaders of nearly 30 countries plus NATO and European Union chiefs at a Paris summit - where as we described earlier they are pushing back on US-backed peace plans by ruling out sanctions relief for Russia.

Most importantly, Macron said Wednesday that a proposed European armed force to enforce a future Ukraine peace deal could "respond" to a Russian attack if Moscow launched one.

Via Reuters

"If there was again a generalized aggression against Ukrainian soil, these armies would be under attack and then it’s our usual framework of engagement," Macron said.

"Our soldiers, when they are engaged and deployed, are there to react and respond to the decisions of the commander in chief and, if they are in a conflict situation, to respond to it," the French leader explained.

Of course, this is precisely why the Kremlin has rejected any plan which calls for NATO country forces to be present in Ukraine. President Putin sent his army into Ukraine in February 2022 as in large part a reaction to constant NATO expansion to Russia's doorstep.

France and the United Kingdom are leading the way in putting together what they've dubbed a "reassurance force" for Ukraine.

The forces would have the "character of deterrence against any potential Russian aggression," Macron said further - which comes dangerously close to simply saying he wants to send NATO troops into the conflict to fight Moscow forces.

More billions have also been committed: "Macron committed to a further 2 billion euros ($2.16bn) in French military support on Wednesday, including missiles, warplanes and air defense equipment. Zelenskyy said other partners could announce aid packages on Thursday," international outlets have reported.

Meanwhile, Moon of Alabama has highlighted the latest flip-flopping from NATO's top leadership on the question of peace, and eventual restoration of positive relations with Russia:

NATO Chief Says Russia Relations Should Be Restored Post War - Bloomberg, Mar 14 2025

NATO Secretary General Mark Rutte said relations with Russia should eventually be normalized once the fighting ends in Ukraine, while stressing the need to keep pressure on Moscow to ensure progress in ceasefire negotiations.

“It’s normal if the war would have stopped for Europe somehow, step by step, and also for the US, step by step, to restore normal relations with Russia,” Rutte said in an interview on Bloomberg TV Friday.

Just twelve days later ...

'This is not the time to go it alone,' NATO's Rutte tells U.S. and Europe - Reuters, Mar 26, 2025

While welcoming Trump's push for peace in Ukraine, Rutte said there would be no normalisation of relations with Russia once the war had ended.

"This will take decades because there is a total lack of confidence. The threat is still there," he told reporters.

Given all of this, the prospect of peace doesn't actually seem close, despite the continued optimistic statements coming from the White House. President Trump has aimed to achieve peace within the some first one hundred days of his presidency, but that's looking increasingly unrealistic at this point. 

Tyler Durden Fri, 03/28/2025 - 04:15

The Fall Of Europe...

Authored by Paul Weston via X:

A few harsh realities to consider: 

1) The hard-left has infiltrated all Western institutions and actively seeks to undermine and subvert all Western nations - regardless of which particular puppet politician is in power. 

2) Most countries within Western Europe will see their native young become a minority well before 2050. 

3) Western countries currently operate on the principle that foreign people and foreign cultures are intrinsically good, whilst European culture and people are irredeemably evil. 

4) This sets up the neo-Marxist agenda of the oppressed and the oppressor which copies the early 20th century revolutionary ideology of Marxist-Leninism where the working class was designated as the oppressed, and the bourgeoisie the oppressor. 

5) The result of this was the murder of 100 million people deemed the "oppressor" in Communist Russia and Communist China. 

6) Islam is currently designated the "oppressed" by all Western institutions, regardless of the fact that Islam is a supremacist ideology with a 1,400-year history of imperial expansion and warfare. Europeans are designated the "oppressor" even as they yield to every edict of "diversity" ladled upon them. 

7) Islam will politically control much of Western Europe before 2050 as a result of rapidly declining native demographics, coupled with rapidly expanding Islamic demographics and single-minded bloc voting for Islamic political parties. 

8) Few politicians or journalists (none in England...) will talk about this, let alone state what should be done to halt the overthrow of Western Europe. People who do talk about it are liable to be arrested for Hate Crime and imprisoned. 

9) This represents an existential crisis which threatens our very survival as a people, a culture, and an entire continent. We are a dwindling demographic deemed the oppressor by our own Traitor Class, even as a growing demographic with a supremacist belief system is forced upon us by the Traitor Class - which maintains our potential future masters are the oppressed. The history of Lenin, Stalin and Mao with regard to the oppressed and the oppressor does not bode well for the European people. 

10) We have little time left, but most people cling to the naïve belief that we can somehow vote our way out of this terrible situation. I don't entirely discount this possibility, but I do believe that should the AfD in Germany or Marine Le Pen in France threaten to win an election in a landslide, they would never be allowed to take power. The EU criminals in the Commission - and they really are criminals - have already intimated they will ban "far-right" parties capable of winning elections - and recently did just that in Romania.

All in all then, not good, as Jerry Seinfeld might say. I'm sorry if people find this depressing, but I do think it is a matter of crucial importance that our situation be properly understood. After all, if we don't realise how bad things are, we will be unable to plan any possible salvation.

Tyler Durden Fri, 03/28/2025 - 03:30

Ferrari To Raise Prices Up To 10% To Offset Auto Tariffs

It looks like Ferrari is ready to try and stick it to President Trump and his newly imposed auto tariffs...

The automaker put out a press release late Wednesday/early Thursday that said it would "update its commercial policy, based on the preliminary information currently available regarding the introduction of import tariffs on EU cars into the USA". 

"While reaffirming its commitment to maximum client attention and protection and with the goal to provide certainty to them: The commercial terms will remain unchanged for orders of all models imported before April 2, 2025 and for orders of the following three families - Ferrari 296, SF90 and Roma - regardless the import date," it said.

"For the current remaining models, the new import conditions will be partially reflected on pricing, up to a maximum 10 per cent increase, in coordination with our dealer network," the release said. 

Ferrari announced it will hold prices steady on vehicles imported before April 2. After that, pricing for the 296, SF90, and Roma models will remain unchanged, but its more in-demand models — including the Purosangue SUV, 12Cilindiri, and limited-edition F80 — will see hikes of up to 10%. That means an extra $43,000 on the $430,000 Purosangue and over $350,000 added to the $3.5 million F80, CNBC added. 

As we wrote this morning worries over tariffs hit markets on Wednesday, with the S&P 500 halting a three-day win streak to close down 1.1%. 

“Tariffs are front and center on people’s minds,” said Arun Sai, senior multi-asset strategist at Pictet Asset Management. “We all know that tariffs are stagflationary and markets have been trying to price that to different extents. What we don’t know yet is what’s the ultimate lasting impact.”

"If the European Union works with Canada in order to do economic harm to the USA, large-scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!" Trump wrote on his social media platform Trump wrote late Wednesday/early Thursday morning.

On Wednesday, Trump signed an order imposing a 25% tariff on all auto imports—a move he believes could reverse decades of disastrous industrial policy that have hollowed out the core of the country. The order takes effect next week, in addition to the 'reciprocal tariffs' set for April 2. 

Bloomberg reported earlier that the EU is preparing countermeasures. France has asked the European Commission to consider using the anti-coercion instrument to strike back against Trump's escalating trade war. 

In the Oval Office on Wednesday, Trump told reporters that reciprocal levies would be lower than expected: "We're going to make it all countries, and we're going to make it very lenient. I think people are going to be very surprised. It'll be, in many cases, less than the tariff that they've been charging us for decades."

For an in-depth look at how tariffs could effect the industry and markets across the global, premium subscribers can read this note that we published earlier this morning. 

Tyler Durden Fri, 03/28/2025 - 02:45

Peter Schiff: Printing Money Is Not the Cure for Cononavirus



In his most recent podcast, Peter Schiff talked about coronavirus and the impact that it is having on the markets. Earlier this month, Peter said he thought the virus was just an excuse for stock market woes. At the time he believed the market was poised to fall anyway. But as it turns out, coronavirus has actually helped the US stock market because it has led central banks to pump even more liquidity into the world financial system. All this means more liquidity — central banks easing. In fact, that is exactly what has already happened, except the new easing is taking place, for now, outside the United States, particularly in China.” Although the new money is primarily being created in China, it is flowing into dollars — the dollar index is up — and into US stocks. Last week, US stock markets once again made all-time record highs. In fact, I think but for the coronavirus, the US stock market would still be selling off. But because of the central bank stimulus that has been the result of fears over the coronavirus, that actually benefitted not only the US dollar, but the US stock market.” In the midst of all this, Peter raises a really good question. The primary economic concern is that coronavirus will slow down output and ultimately stunt economic growth. Practically speaking, the world would produce less stuff. If the virus continues to spread, there would be fewer goods and services produced in a market that is hunkered down. Why would the Federal Reserve respond, or why would any central bank respond to that by printing money? How does printing more money solve that problem? It doesn’t. In fact, it actually exacerbates it. But you know, everybody looks at central bankers as if they’ve got the solution to every problem. They don’t. They don’t have the magic wand. They just have a printing press. And all that creates is inflation.” Sometimes the illusion inflation creates can look like a magic wand. Printing money can paper over problems. But none of this is going to fundamentally fix the economy. In fact, if central bankers were really going to do the right thing, the appropriate response would be to drain liquidity from the markets, not supply even more.” Peter explained how the Fed was originally intended to create an “elastic” money supply that would expand or contract along with economic output. Today, the money supply only goes in one direction — that’s up. The economy is strong, print money. The economy is weak, print even more money.” Of course, the asset that’s doing the best right now is gold. The yellow metal pushed above $1,600 yesterday. Gold is up 5.5% on the year in dollar terms and has set record highs in other currencies. Because gold is rising even in an environment where the dollar is strengthening against other fiat currencies, that shows you that there is an underlying weakness in the dollar that is right now not being reflected in the Forex markets, but is being reflected in the gold markets. Because after all, why are people buying gold more aggressively than they’re buying dollars or more aggressively than they’re buying US Treasuries? Because they know that things are not as good for the dollar or the US economy as everybody likes to believe. So, more people are seeking out refuge in a better safe-haven and that is gold.” Peter also talked about the debate between Trump and Obama over who gets credit for the booming economy – which of course, is not booming.

We are living in crazy times. I have a hard time believing that most of the general public is not awake, but in reality, they are. We've never seen anything like this; I mean not even under Obama during the worst part of the Great Recession." Now the Fed is desperately trying to keep interest rates from rising. The problem is that it's a much bigger debt bubble this time around , and the Fed is going to have to blow a lot more air into it to keep it inflated. The difference is this time it's not going to work." It looks like the Fed did another $104.15 billion of Not Q.E. in a single day. The Fed claims it's only temporary. But that is precisely what Bernanke claimed when the Fed started QE1. Milton Freedman once said, "Nothing is so permanent as a temporary government program." The same applies to Q.E., or whatever the Fed wants to pretend it's doing. Except this is not QE4, according to Powell. Right. Pumping so much money out, and they are accusing China of currency manipulation ? Wow! Seriously! Amazing! Dump the U.S. dollar while you still have a chance. Welcome to The Atlantis Report. And it is even worse than that, In addition to the $104.15 billion of "Not Q.E." this past Thursday; the FED added another $56.65 billion in liquidity to financial markets the next day on Friday. That's $160.8 billion in two days!!!! in just 48 hours. That is more than 2 TIMES the highest amount the FED has ever injected on a monthly basis under a Q.E. program (which was $80 billion per month) Since this isn't QE....it will be really scary on what they are going to call Q.E. Will it twice, three times, four times, five times what this injection per month ! It is going to be explosive since it takes about 60 to 90 days for prices to react to this, January should see significant inflation as prices soak up the excess liquidity. The question is, where will the inflation occur first . The spike in the repo rate might have a technical explanation: a misjudgment was made in the Fed's money market operations. Even so, two conclusions can be drawn: managing the money markets is becoming harder, and from now on, banks will be studying each other's creditworthiness to a greater degree than before. Those people, who struggle with the minutiae of money markets, and that includes most professionals, should focus on the causes and not the symptoms. Financial markets have recovered from each downturn since 1980 because interest rates have been cut to new lows. Post-2008, they were cut to near zero or below zero in all major economies. In response to a new financial crisis, they cannot go any lower. Central banks will look for new ways to replicate or broaden Q.E. (At some point, governments will simply see repression as an easier option). Then there is the problem of 'risk-free' assets becoming risky assets. Financial markets assume that the probability of major governments such as the U.S. or U.K. defaulting is zero. These governments are entering the next downturn with debt roughly twice the levels proportionate to GDP that was seen in 2008. The belief that the policy worked was completely predicated on the fact that it was temporary and that it was reversible, that the Fed was going to be able to normalize interest rates and shrink its balance sheet back down to pre-crisis levels. Well, when the balance sheet is five-trillion, six-trillion, seven-trillion when we're back at zero, when we're back in a recession, nobody is going to believe it is temporary. Nobody is going to believe that the Fed has this under control, that they can reverse this policy. And the dollar is going to crash. And when the dollar crashes, it's going to take the bond market with it, and we're going to have stagflation. We're going to have a deep recession with rising interest rates, and this whole thing is going to come imploding down. everything is temporary with the fed including remaining off the gold standard temporary in the Fed's eyes could mean at least 50 years This liquidity problem is a signal that trading desks are loaded up on inventory and can't get rid of it. Repo is done out of a need for cash. If you own all of your securities (i.e., a long-only, no leverage mutual fund) you have no need to "repo" your securities - you're earning interest every night so why would you want to 'repo' your securities where you are paying interest for that overnight loan (securities lending is another animal). So, it is those that 'lever-up' and need the cash for settlement purposes on securities they've bought with borrowed money that needs to utilize the repo desk. With this in mind, as we continue to see this need to obtain cash (again, needed to settle other securities purchases), it shows these firms don't have the capital to add more inventory to, what appears to be, a bloated inventory. Now comes the fun part: the Treasury is about to auction 3's, 10's, and 30-year bonds. If I am correct (again, I could be wrong), the Fed realizes securities firms don't have the shelf space to take down a good portion of these auctions. If there isn't enough retail/institutional demand, it will lead to not only a crappy sale but major concerns to the street that there is now no backstop, at all, to any sell-off. At which point, everyone will want to be the first one through the door and sell immediately, but to whom? If there isn't enough liquidity in the repo market to finance their positions, the firms would be unable to increase their inventory. We all saw repo shut down on the 2008 crisis. Wall St runs on money. . OVERNIGHT money. They lever up to inventory securities for trading. If they can't get overnight money, they can't purchase securities. And if they can't unload what they have, it means the buy-side isn't taking on more either. Accounts settle overnight. This includes things like payrolls and bill pay settlements. If a bank doesn't have enough cash to payout what its customers need to pay out, it borrows. At least one and probably more than one banks are insolvent. That's what's going on. First, it can't be one or two banks that are short. They'd simply call around until they found someone to lend. But they did that, and even at markedly elevated rates, still, NO ONE would lend them the money. That tells me that it's not a problem of a couple of borrowers, it's a problem of no lenders. And that means that there's no bank in the world left with any real liquidity. They are ALL maxed out. But as bad as that is, and that alone could be catastrophic, what it really signals is even worse. The lending rates are just the flip side of the coin of the value of the assets lent against. If the rates go up, the value goes down. And with rates spiking to 10%, how far does the value fall? Enormously! And if banks had to actually mark down the value of the assets to reflect 10% interest rates, then my god, every bank in the world is insolvent overnight. Everyone's capital ratios are in the toilet, and they'd have to liquidate. We're talking about the simultaneous insolvency of every bank on the planet. Bank runs. No money in ATMs, Branches closed. Safe deposit boxes confiscated. The whole nine yards, It's actually here. The scenario has tended to guide toward for years and years is actually happening RIGHT NOW! And people are still trying to say it's under control. Every bank in the world is currently insolvent. The only thing keeping it going is printing billions of dollars every day. Financial Armageddon isn't some far off future risk. It's here. Prepare accordingly. This fiat system has reached the end of the line, and it's not correct that fiat currencies fail by design. The problem is corruption and manipulation. It is corruption and cheating that erodes trust and faith until the entire system becomes a gigantic fraud. Banks and governments everywhere ARE the problem and simply have to be removed. They have lost all trust and respect, and all they have left is war and mayhem. As long as we continue to have a majority of braindead asleep imbeciles following orders from these psychopaths, nothing will change. Fiat currency is not just thievery. Fiat currency is SLAVERY. Ultimately the most harmful effect of using debt of undefined value as money (i.e., fiat currencies) is the de facto legalization of a caste system based on voluntary slavery. The bankers have a charter, or the legal *right*, to create money out of nothing. You, you don't. Therefore you and the bankers do not have the same standing before the law. The law of the land says that you will go to jail if you do the same thing (creating money out of thin air) that the banker does in full legality. You and the banker are not equal before the law. ALL the countries of the world; Islamic or secular, Jewish or Arab, democracy or dictatorship; all of them place the bankers ABOVE you. And all of you accept that only whining about fiat money going down in exchange value over time (price inflation which is not the same as monetary inflation). Actually, price inflation itself is mainly due to the greed and stupidity of the bankers who could keep fiat money's exchange value reasonably stable, only if they wanted to. Witness the crash of silver and gold prices which the bankers of the world; Russian, American, Chinese, Jewish, Indian, Arab, all of them collaborated to engineer through the suppression and stagnation of precious metals' prices to levels around the metals' production costs, or what it costs to dig gold and silver out of the ground. The bankers of the world could also collaborate to keep nominal prices steady (as they do in the case of the suppression of precious metals prices). After all, the ability to create fiat money and force its usage is a far more excellent source of power and wealth than that which is afforded simply by stealing it through inflation. The bankers' greed and stupidity blind them to this fact. They want it all, and they want it now. In conclusion, The bankers can create money out of nothing and buy your goods and services with this worthless fiat money, effectively for free. You, you can't. You, you have to lead miserable existences for the most of you and WORK in order to obtain that effectively nonexistent, worthless credit money (whose purchasing/exchange value is not even DEFINED thus rendering all contracts based on the null and void!) that the banker effortlessly creates out of thin air with a few strokes of the computer keyboard, and which he doesn't even bother to print on paper anymore, electing to keep it in its pure quantum uncertain form instead, as electrons whizzing about inside computer chips which will become mute and turn silent refusing to tell you how many fiat dollars or euros there are in which account, in the absence of electricity. No electricity, no fiat, nor crypto money. It would appear that trust is deteriorating as it did when Lehman blew up . Something really big happened that set off this chain reaction in the repo markets. Whatever that something is, we aren't be informed. They're trying to cover it up, paper it over with conjured cash injections, play it cool in front of the cameras while sweating profusely under the 5 thousands dollar suits. I'm guessing that the final high-speed plunge into global economic collapse has begun. All we see here is the ripples and whitewater churning the surface, but beneath the surface, there is an enormous beast thrashing desperately in its death throws. Now is probably the time to start tying up loose ends with the long-running prep projects, just saying. In other words, prepare accordingly, and Get your money out of the banks. I don't care if you don't believe me about Bitcoin. Get your money out of the banks. Don't keep any more money in a bank than you need to pay your bills and can afford to lose.











The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more













The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

The FBI released a summary of its file from the Hillary Clinton email investigation on Friday, showing details of Clinton's explanation of her use of a private email server to handle classified communications. The release comes nearly two months after FBI Director James Comey announced that although Clinton's handling of classified information was "extremely careless," it did not rise to the level of a prosecutable offense. Attorney General Loretta Lynch announced the next day that she would not pursue charges in the matter. "We are making these materials available to the public in the interest of transparency and in response to numerous Freedom of Information Act (FOIA) requests," the FBI noted in a statement sent to reporters with links to the documents. The documents include notes from Clinton's July 2 interview with agents, as well as a "factual summary of the FBI's investigation into this matter," according to the FBI release. Throughout her interview with agents, Clinton repeatedly said she relied on the career professionals she worked with to handle classified information correctly. The agents asked about a series of specific emails, and in each case Clinton said she wasn't worried about the particular material being discussed on a nonclassified channel.