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WATCH# | Thiruvananthapuram, Keralam: 19-year-old Kaziah Liz Mejo to represent India at the 75th Miss Universe pageant.
Kaziah Liz Mejo says, "This is an amazing journey. I've been working toward this for the past three years. This has been the one thing that I've always wanted: the title of Miss Universe. Now I stand here as the first Malayali who has won this title. Now, I get to represent not just Kerala, but 1.4 billion people—the majority of the world, the majority of the universe—and once again, I am promising that the Miss Universe crown is ours. I've always been ambitious ever since I was a kid. I've never thought that the sky was the limit; I thought there was a whole universe beyond that. I value my education because I believe education is really the light of tomorrow. With my law education, I believe I will be able to bring forward my advocacy, my purpose, and actual substantial change in the world..."
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Tomorrow, President Trump is awarding Elon Musk (and a few others) the National Medal of Science, the nation’s highest honor for scientific and technological achievement, marking Trump’s first time presenting this award.
"The Trump administration is grateful for the contributions of these incredible leaders in science and technology. These recipients are helping ensure America keeps leading the world in innovation," White House spokesperson Liz Huston said.
Trump will award the National Medal of Science to Elon Musk, Google co-founder Sergey Brin, Nvidia CEO Jensen Huang and AMD CEO Lisa Su, while Dell Technologies CEO Michael Dell and Microsoft CEO Satya Nadella will receive the National Medal of Technology and Innovation during the summit.
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Japan's 30 year bond just crossed 4% for the first time in history and it could collapse the biggest free money trade on the planet
For 25 years, Japan has been the world's ATM, you borrow yen at near zero, convert it to dollars, buy US Treasuries, US stocks, EM bonds, real estate or crypto, then pocket the spread between them
Morgan Stanley estimates there's currently $500 billion in active yen carry positions and this single trade has funded global asset prices for an entire generation
The math is now breaking, at 0.25% borrowing cost the trade still prints money, but at 0.75% short term and 4% plus long term the spread collapses
When the trade breaks, the capital reverses, the yen gets pulled back to Japan and every asset bought with cheap yen loses a major bid
Japan holds roughly $1.2 trillion in US Treasuries today, making it the single largest foreign creditor to the US government
For decades, Japanese pensions and insurers were forced buyers of US debt because they could earn nothing at home, but now they're able to earn 4% in their own currency with zero risk
TD Economics data already shows Japanese investors have sold $25 billion in foreign securities since January 2026 and that selling will only accelerate from here
The US Treasury needs to fund a $2 trillion annual deficit while its biggest foreign buyer is walking away, which forces US yields higher to attract replacement demand
Higher US yields mean higher mortgage rates, higher corporate borrowing costs and tighter financial conditions across the entire US economy
Japan's debt to GDP ratio sits at 236%, the highest of any developed economy on earth
That was sustainable when borrowing cost was zero, but at 4% on the 30 year the interest payments mathematically start eating the entire budget
Prime Minister Sanae Takaichi just pledged tax cuts and higher defense spending, completely abandoning budget cuts, and the bond market is pricing the consequences in real time
The closest comparison is the UK back in 2022, when PM Liz Truss promised tax cuts she couldn't pay for, the bond market turned on her overnight, the British currency crashed and she was forced out as Prime Minister in just 49 days, and Japan is sitting on an economy several times larger than the UK
When the BOJ hiked to 0.75% in December 2025, Bitcoin dropped 2.8% in two hours and Ethereum dropped nearly 4%
Today's move is significantly bigger and the assets most exposed are crypto, US mega cap tech, leveraged equities and emerging market bonds
There are two scenarios from here
In the first one, Japanese yields rise gradually, the carry trade collapses over 12 to 24 months, US yields stay persistently higher and risk assets face pressure but no actual crash, this is the most likely outcome
In the second one, a currency shock or money panic sets off a fast collapse, forced selling rips through every asset class at once, this was the August 2024 mini version scaled up, low probability but massive impact
The fact that the 30 year broke 4% in a single session today suggests scenario one is already in motion and the market is now testing for scenario two
The yen carry trade is the single largest source of liquidity in global markets and it is now collapsing in slow motion
Gold up 60% in 2025, silver up 119% and central bank buying at record levels, none of these are coincidences
The smart money is already positioning for a world where Japan stops financing everyone else's deficits
The 30 year crossing 4% is the line in the sand, the chart that printed today will be in macro textbooks in 10 years and almost nobody on CT is even watching it
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𝐋𝐈𝐙 𝐁𝐄𝐍𝐈𝐂𝐇𝐎𝐔: 𝐓𝐇𝐄 𝐌𝐈𝐂𝐇𝐈𝐆𝐀𝐍 𝐒𝐓𝐔𝐃𝐄𝐍𝐓 𝐖𝐇𝐎 𝐒𝐇𝐎𝐕𝐄𝐃 𝐇𝐄𝐑 𝐀𝐍𝐃 𝐓𝐇𝐑𝐄𝐀𝐓𝐄𝐍𝐄𝐃 𝐓𝐎 𝐊!𝐋𝐋 𝐇𝐄𝐑 𝐈𝐒 𝐖𝐀𝐋𝐊𝐈𝐍𝐆 𝐅𝐑𝐄𝐄 𝐎𝐍 𝐂𝐀𝐌𝐏𝐔𝐒
After a University of Michigan student knocked her to the ground and screamed that she should have k!lled her, Liz Benichou went on Laura Ingraham (
@IngrahamAngle)’s show to say what happened next.
What set the student off, she said, was one point about Iran: “𝘐 𝘴𝘢𝘪𝘥 𝘵𝘰 𝘩𝘦𝘳 𝘵𝘩𝘢𝘵 𝘴𝘩𝘦 𝘸𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘢𝘣𝘭𝘦 𝘵𝘰 𝘥𝘰 𝘵𝘩𝘪𝘴 𝘪𝘧 𝘴𝘩𝘦 𝘸𝘦𝘳𝘦 𝘪𝘯 𝘐𝘳𝘢𝘯.”
Benichou says she has no whiplash, but she did go to the University of Michigan Hospital, where staff told her something she found worse: “𝘵𝘩𝘦𝘺 𝘥𝘪𝘥 𝘵𝘦𝘭𝘭 𝘮𝘦 𝘵𝘩𝘢𝘵 𝘢𝘴𝘴𝘢𝘶𝘭𝘵 𝘪𝘴 𝘢𝘤𝘵𝘶𝘢𝘭𝘭𝘺 𝘷𝘦𝘳𝘺 𝘤𝘰𝘮𝘮𝘰𝘯 𝘰𝘯 𝘤𝘢𝘮𝘱𝘶𝘴, 𝘸𝘩𝘪𝘤𝘩 𝘪𝘴 𝘵𝘦𝘳𝘳𝘪𝘧𝘺𝘪𝘯𝘨.”
And the woman who attacked her? “𝘚𝘩𝘦’𝘴 𝘢 𝘴𝘵𝘶𝘥𝘦𝘯𝘵. 𝘚𝘩𝘦’𝘴 𝘢𝘯 𝘢𝘤𝘵𝘶𝘢𝘭 𝘴𝘵𝘶𝘥𝘦𝘯𝘵 𝘢𝘵 𝘵𝘩𝘦 𝘶𝘯𝘪𝘷𝘦𝘳𝘴𝘪𝘵𝘺.” Benichou says she is “𝐰𝐚𝐥𝐤𝐢𝐧𝐠 𝐟𝐫𝐞𝐞𝐥𝐲 𝐚𝐫𝐨𝐮𝐧𝐝 𝐜𝐚𝐦𝐩𝐮𝐬 𝐨𝐧𝐜𝐞 𝐚𝐠𝐚𝐢𝐧” because of 𝐬𝐨𝐟𝐭-𝐨𝐧-𝐜𝐫𝐢𝐦𝐞 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬.
Campus police say the student was 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐝 𝐚𝐧𝐝 𝐫𝐞𝐥𝐞𝐚𝐬𝐞𝐝 𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐚 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐨𝐧 𝐜𝐫𝐢𝐦𝐢𝐧𝐚𝐥 𝐜𝐡𝐚𝐫𝐠𝐞𝐬. She has not been publicly named. Benichou says she will press charges.
𝐒𝐡𝐞 𝐦𝐚𝐝𝐞 𝐨𝐧𝐞 𝐩𝐨𝐢𝐧𝐭 𝐚𝐛𝐨𝐮𝐭 𝐈𝐫𝐚𝐧 𝐚𝐧𝐝 𝐞𝐧𝐝𝐞𝐝 𝐮𝐩 𝐚𝐭 𝐭𝐡𝐞 𝐡𝐨𝐬𝐩𝐢𝐭𝐚𝐥. 𝐓𝐡𝐞 𝐰𝐨𝐦𝐚𝐧 𝐰𝐡𝐨 𝐩𝐮𝐭 𝐡𝐞𝐫 𝐭𝐡𝐞𝐫𝐞 𝐢𝐬 𝐬𝐭𝐢𝐥𝐥 𝐰𝐚𝐢𝐭𝐢𝐧𝐠 𝐭𝐨 𝐟𝐢𝐧𝐝 𝐨𝐮𝐭 𝐢𝐟 𝐬𝐡𝐞’𝐥𝐥 𝐞𝐯𝐞𝐧 𝐛𝐞 𝐜𝐡𝐚𝐫𝐠𝐞𝐝.
Source: Facebook
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Top Overnight News
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Bond traders have piled into bearish positions ahead of Wednesday’s Federal Reserve meeting, betting that the Treasury selloff driving yields to their highest in almost two decades will continue: BBG
Saudis pound Yemen as Houthis solidify gains in new theatre of Middle East war: RTRS
U.S. Is Burning Through Its Supply of Interceptors to Counter Iran’s Attacks: WSJ
European Commission President Ursula von der Leyen proposed Canada becoming the first associate member of the European Union: BBG
OpenAI Considers Pre-IPO Funding Round at More Than $1.2 Trillion Valuation: WSJ
OpenAI's rogue agents probed Hugging Face two months before major hack: RTRS
Apple Finally Built a Smarter Siri. It Still Hasn’t Caught Up in the AI Race: WSJ
Even as Donald Trump blasts Anthropic PBC’s Dario Amodei over his call to hit the brakes on AI development, the two agree on the need to prevent China from catching the US. But doing that remains difficult in practice: BBG
The UK’s strategy to prop up its long-maturity debt by selling less in the wake of the Liz Truss-era crash is failing to pay off.
American Businesses Have No Idea How to Set Prices Right Now: WSJ
Deep in Trump country, a revolt against corporate money could reshape political spending: RTRS
Former Kosovo president Thaci sentenced to 25 years for war crimes: RTRS
Support acts quit Ed Sheeran tour in solidarity with pro-Palestinian rapper: RTRS
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