What were you doing Friday night at 9pm? A drinking game macro panel with ⁦@biancoresearch⁩ and ⁦@CameronDawson⁩

The Largest 10% of U.S. Stocks now account for 76% of U.S. Stock Market Capitalization, the highest concentration in history 🚨🚨🚨

*WALLER EMERGES AS FAVORITE FOR FED CHAIR AMONG TRUMP TEAM -- Waller is the green line. 10% y'day, 40% now. We are still expected to receive a nominee for Fed Governor within the next day or two. If it is Warsh or Hassett, they will be viewed as Powell's heir apparent, along with Waller. Are we going to have TWO "shadow" Fed Chairs?

Welcome to Season One of The Apprentice - Federal Reserve --- Betting to replace Jay Powell ... Kevin Hassett (red) and No announcement (black) are surging into the lead. This contract expires December 31st. So if Trump doesn't FORMALLY announce someone by December 31st, then "someone else/no announcement" wins, and everything else goes to zero. --- Kugler steps down on Friday. Her current term expires in January 2026. Trump suggested yesterday that he would appoint someone to finish out the term through January 2026. Presumably that would be Kevin Hassett. In other words, Hassett would have a five-month trial. If he passes, he'll be reappointed in January for the subsequent 14-year term, and concurrently nominated as Fed chairman. If Hassett fails, Trump will pick somebody else for the term starting in January and Fed Chairman (he could still pick Chris Waller, as he is already a Fed Governor).

Is this why Trump hates Powell? @biancoresearch

The average cost of building a new home in 2024 was $428,000. The largest portion of cost included: Interior Finishes (Insulation, drywall, interior trims, doors, mirrors, etc.) at $103,000.

Immigrants are leaving US workforce in mass. Remittance payments US→MX plummeting, down over -2 million from a year ago. Biggest decline by far in 30+ years - a period that includes a homebuilding depression and a 100-year financial crisis.

Bitcoin Has Been Co-Opted – @biancoresearch Warns The Fed Is Losing Control 0:00 Intro 0:50 Trump Vs The Fed 3:35 Shadow Fed Strategy 6:17 Broken Fed Structure 9:16 Why Rate Cuts Fail 12:12 Trump’s Real Estate Logic 15:34 Fiscal Dominance Explained 18:41 Housing Crisis Trap 21:44 Bitcoin As A Risk Asset 24:29 Bonds vs Stocks Outlook 27:22 Stablecoins And The Genius Act 30:48 Broken Payments System 33:34 TradFi Co-Opting Crypto 36:47 Tokenized Assets Debate 41:06 Bitcoin Co-Opted? 43:30 Solana’s Lost Mission 45:57 Crypto Maxis & FOMO 49:07 Trump’s Strategy Shift 50:42 Growing Out Of Debt 53:04 Only Bonds Can Stop It

Many do, ADP, UI Claims, and Employ surveys by ISM, NFIB, the Conf. Board, UMich, and regional FRBs. Some of the list above might be better than the BLS. Accuracy does not make money. It's replicating the flawed/incorrect inputs (the BLS!) that the Fed uses to move rates. Reverse engineering broken models is hard.

What a Whipsaw!