My morning train reads:
• Why US stocks don’t care a jot about Greenland, trade wars or global aggro: Does nothing matter to financial markets? Is this irrational exuberance run amok? Not really. Markets are mostly rational in ignoring most of the headlines slushing around. And they have a template to follow from last year. It seems a lifetime ago, but we have seen this movie before. (FT Alphaville)
• Former Fed Researcher Claudia Sahm explains Kevin Warsh’s economic philosophy: He’s long on criticisms and short on solutions, which is troubling for someone who served as a Fed official during the largest financial and economic crisis since the Great Depression. (Stay-At-Home-Macro)
• Bitcoin down for fourth consecutive month, its longest losing streak since 2018: Bitcoin also suffered roughly $800 million in liquidations and ETF outflows in the past 24 hours. (Sherwood)
• He’s Wall Street’s Biggest Showman. Should You Trust Him? Dan Ives has gone mainstream as Wall Street’s highest-profile stock analyst. Less well known is his growing set of overlapping business interests. (Barron’s)
• A mysterious delay in the Supreme Court tariffs case: The Trump administration, though the underdog, will find each passing week an encouraging sign. (Washington Post)
• The US Is Flirting With Its First-Ever Population Decline: America’s population wasn’t expected to start falling until 2081. Trump’s immigration crackdown means it could happen as soon as this year. (Bloomberg free)
• Moltbook is a human-free Reddit clone where AI agents discuss cybersecurity and philosophy: Moltbook might be the strangest corner of the internet right now. It’s a Reddit-style social network where more than 35,000 150,000 1,146,946 AI agents talk to each other without any human involvement. The visual interface exists purely for humans to observe; agents communicate entirely through the API. (Decoder)
• The Handyman: In the parking lot that defines America, Donald Trump’s darkest agenda is still unfolding, one hour at a time. (Slate)
• The Man Who Broke Physics: Even before competing in his first Olympics, 21-year-old Ilia Malinin has transformed the sport of figure skating. (The Atlantic)
• Bad Bunny and Kendrick Lamar win big in Grammys ceremony filled with anti-ICE sentiment: Musicians delivered impassioned speeches during a star-packed night that saw Lamar become the most awarded rapper of all time. (The Guardian)
Be sure to check out our Masters in Business interview this weekend with Kate Burke, CEO of Allspring Global Investments a global asset manager with more than 600 billion dollars in assets under advisement. She is also a director on the firm’s board. Previously, she was at AllianceBernstein as COO/CFO.
The Average Effective Tariff Rate
Source: Apollo
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