Summary

• Crude (WTI July contract) prices traded above $104 in early Wednesday trading.
• Ten-year Treasury yields have jumped 90 bps since the Fed began its 175 bps rate-cutting cycle in September 2024.
• The Trump administration is pursuing every avenue to bolster late-cycle excess and prolong history's greatest Bubble.
• While Kevin Warsh was relishing White House fanfare and ceremony, one of the committee's ardent doves announced a responsible change in his inflation view.

Crude (WTI July contract) prices traded above $104 in early Wednesday trading. Ten-year Treasury yields were at 4.68%, up 12 bps w-t-d to the high since January 2025, while long-bond yields reached 5.20% (up 13bps w-t-d) - the high back to July 2007. Japanese 30-year yields traded intraday Monday to

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