CNN: Justice Ketanji Brown Jackson offered a blistering critique Monday of the Supreme Court’s handling of a recent high-profile redistricting case, asserting that the court needed to be “really, really careful” in the churn of an election year to avoid appearing political and suggesting it had failed to do so in that case. “Courts are apolitical, not supposed to be issuing rulings that are in the political realm,” Jackson said at an event in Washington hosted by the American Law Institute. “We have to be scrupulous about sticking to the principles and the rules that we apply in every case and not look as though we’re doing something different in this kind of context.”

Bringing a stablecoin to market What should you do if you are issuing a stablecoin today? @wesarn_real, Co-Founder of @digitalasset says: 1. Focus on the backing assets 2. Build them to be natively onchain 3. Create 24/7 velocity creation/redemption mechanism 4. Focus on the stablecoin having the utility of going in and out of these two forms of money 🎙️ Listen to the latest episode on Tokenizedpod[dot]com

OPEN LETTER TO @POTUS ​An IRGC-affiliated media outlet has published targeted content tracking the daily movements of First Lady Melania Trump, identifying her locations, and explicitly calling for violence against her. ​At the end of the same video, a direct threat was issued to your son, Barron Trump, telling him to "be waiting for us." ​This goes beyond rhetoric—this is a state-linked media arm issuing open calls for violence against American civilians and members of the First Family. ​While federal law enforcement and the Secret Service actively manage these threats, the public must recognize the severity of state-sponsored intimidation directed at the United States.

🚨 INFURIATING: Democrat KY Gov. Andy Beshear is REFUSING to stop issuing driver licenses to illegals driving MULTI-TON TRUCKS with NO ABILITY to speak basic English INNOCENT AMERICANS ARE DYlNG. BLOOD IS ON YOUR HANDS, @AndyBeshearKY This guy wants to be elected PRESIDENT in 2028. CAN’T HAPPEN!

Israeli Prime Minister Benjamin Netanyahu is accusing New York City Mayor Zohran Mamdani of aligning with Hamas — issuing the fiery response just days after the democratic socialist mayor released a video calling him a "war criminal." The war of words comes as more than 12,000 people have signed a petition calling for Mamdani to be barred from attending the city's memorial service honoring 9/11 victims and their families. @CB_Cotton has the latest.

if you're wondering why the 10-year is down today even though CPI had a horrible print...which should be causing yields to go up because that means we have a higher chance of a rate hike due to more inflation... i *think* it's because the bond market wants to see the stock market go down. and not just stocks, but AI/semi/capex stocks in particular. the theory i've had over the past couple of weeks is that as we see more issuance of corporate debt in order to fuel capex...that is obviously competing with the long end of the curve for US treasuries i mean, one can even argue that bond yields we're going to go up regardless of the oil issues because those yields simply couldn't stay at 4% if meta/google/amzn/msft were offering 6-7% on their corporate debt so the obvious answer now could be for there to be LESS competition with the US 10-year...but the only way for that to happen is for their to be lower-yielding debt from the hyperscalers that are issuing bonds to fuel their capex spend well...the only way that happens is if the capex stops, slows down, or the cost to build these datacenters drop so that the borrowing costs drop which is why we have seen yields RISE every day over the past few weeks when semis go up and we are seeing them go down when semis go down...it's like the credit market is saying "we will only buy bonds if you guys stop buying semis" this doesn't mean that stocks writ-large have to go down, but it does mean that the credit markets are asking for something to break in the equity markets and its like they want semis to be the main culprit. if semis keep going to the moon, cool, but then so will yields and then maybe a 6% 10-year is what breaks everything? not sure if this theory is right but the objectively true part is the competition between US corp debt and treasuries, if all that corp debt is going to buy semis then when semis go down, it makes sense for treasuries to go up the easiest way to get SOME relief here is for Trump to end the war so gas/energy comes down and puts relief on inflation...but today's CPI showed the opposite and yields STILL went down because semis got hit it's a very, very weird time to understand how the bond market is navigating the AI trade

In the autumn of 1939, war broke out and the world braced for it to be total. Then for six months almost nothing happened. Historians ended up calling it the Phony War, mobilization without any real strike, a pause that got mistaken for calm. I think we just watched the financial version of that play out, except the run up wasn't quiet at all. The pressure had actually been building for weeks. 30-year yields grinding up to a 20-year high, real yields creeping higher in a way that felt less like normal supply digestion and more like the market starting to price in disorder. A genuine test of whether the government can keep issuing debt at this pace without something breaking. First, the Treasury blinked, ostensibly to support the $JPY. Then, overnight, the Treasury doubled the size and frequency of its long-bond buyback operations. On the surface it looks like a technical liquidity fix. But what it actually is, is the government increasingly stepping in to buy its own debt because the market was telling it pretty loudly that private demand alone couldn't keep clearing it. While it is the new paradigm, by 'normal' conventions its not routine. That's a response to real strain, and in its own way an admission that the fight over how this debt gets financed has already started . Hence why they indicated the buybacks could be increased. Here's the part that matters most though. It's small. A few tens of billions against a $739 billion quarterly borrowing need. It doesn't shrink the debt stock or change where it's heading. What it does is buy some time and calm some nerves. The market read it as resolution; yields fell, debasement assets; gold and Bitcoin (especially) bid. But putting a band-aid on a wound that's still bleeding doesn't mean the wound is gone. It just tells you the wound is real and acknowledged. Combined US federal and nonfinancial corporate debt is now near $48 trillion, up from roughly $36.4 trillion five years ago. That's not a chart that quietly resolves itself. Somebody has to finance it, and increasingly it looks like the buyback desk and eventually the Fed will be doing more of that work than the bond market itself. Markets relax when pressure eases, even temporarily. This doesn't feel like the end of that pressure to me, though, more like the months before it comes back in force. And history's a decent guide here. Don't wait for the next leg of stress to go looking for a store of value; position for it during the quiet instead. The market is telling us with the move in bitcoin:native and $GLD overnight. We haven't seen the big artillery yet. But the market just told us the war's already started.