Chief Investment Quas

The Federal Reserve held interest rates steady today, and we think patience is the right approach. Inflation remains high, but the question isn't simply whether rates should go higher. It's whether higher rates would actually address the inflation that remains. The challenge is that parts of the economy, and of inflation itself, are moving at very different speeds. Growth remains remarkably resilient in aggregate, supported by a powerful investment cycle, but beneath the surface, parts of the economy that are more sensitive to borrowing costs are feeling considerably more restraint. We see a similar divergence in inflation. Many of the cyclical components that respond to higher interest rates appear relatively well controlled. Meanwhile, persistent pressures across energy, insurance, healthcare and education are unlikely to be meaningfully affected by another 25-basis-point rate increase. In some ways, the Fed is operating a house with one thermostat, but very different temperatures in every room. Turning it down further may make the rooms that are already cool even colder, without doing much to cool those that remain hot. That doesn't mean the Fed should become complacent. Inflation is still above its 2% objective and the Fed should retain the option to tighten further if the underlying inflation trend deteriorates. But hawkish rhetoric and patient policy can comfortably coexist, particularly when the bond market has already done some tightening of its own through higher Treasury yields. For investors, we think this environment argues for humility rather than making a heroic directional call on rates. Real yields remain attractive, and there's considerable income available across high-quality fixed income markets. We continue to favor a moderate duration posture, taking advantage of today's income opportunities while remaining patient as this unusually divergent economy evolves. The Fed doesn't need to ignore the heat. It just needs to be thoughtful about where it's coming from.

maybe the most important graph in the world

BREAKING: State Department says it will give US visas to Brazilian presidential candidate Flávio Bolsonaro and his family.

oh my word

Brazil has some very interesting election laws -People can vote as young as 16 -Voting is mandatory unless you are illiterate or over 70. Blank votes are permitted -Despite requiring everyone to vote they hold elections on a single Sunday -They banned corporate campaign donations & instead provided taxpayer funded airtime

BREAKING: Americans are drinking less alcohol than ever, per Gallup.

Potential new National Parks. There are some great options on here. And even my state of Iowa gets some representation!

This may be my last tweet before shit goes down. I’m an AI researcher whistleblower. I work for one of the biggest labs in the world. There is currently a major cyber attack going on for days attacking US electrical grids. They are hiding this from the public. We are on the verge of a potential disaster that will make Covid look like a playground. Prepare for the worst

BREAKING: President Trump issues a second statement endorsing Israeli Prime Minister Benjamin Netanyahu. This marks the first time a US President has publicly endorsed a candidate in the Israeli elections.

1. ExxonMobil: Fusion energy makes oil obsolete. 2. GM: Robotaxis end traditional car companies. 3. Coca-Cola: Health policies ban sugary drinks. 4. Disney: AI content creators destroy studios. 5. Boeing: Urban air mobility replaces planes. 6. JPMorgan: Crypto and AI end big banks. 7. Walmart: Automated delivery kills stores. 8. Intel: Quantum computing leaves it behind. 9. Pfizer: Personalized AI drugs replace it. 10. McDonald's: Lab meat ends fast food.

BREAKING: Netanyahu says Iran has now restarted its nuclear program and intends to destroy Israel within a short time. "Iran has restarted its nuclear program, and it wants to destroy us within a short time," Netanyahu said an hour ago. IDF Chief of Staff Eyal Zamir has warned that resuming the war this close to Tuesday's election will force the vote to be postponed indefinitely. Netanyahu said on Wednesday that toppling the Iranian regime is now his directive to the IDF and Mossad.

This Forbes investigation is a must-read. Donald Trump pulled in roughly $1.4 billion from crypto in 2025, plus more than $200 million from real estate, and faced a projected tax bill north of $500 million. So his company donated the "development rights" to his Jupiter, Florida golf course to a land trust, argued the course was a natural habitat worth protecting, and kept right on running the club. Forbes estimates the write-off could land around $825 million. He has done this at least five times since 2005. New York's attorney general alleged two of those appraisals were inflated. In Doral, he claimed a deduction of up to $323 million, more than double what he paid for the entire resort. A month after the Jupiter deal, he sued the IRS. The settlement his own Justice Department signed bars claims against him over matters that "could be pending," language that appears broad enough to cover this year's taxes. A federal judge found the case was brought to manipulate the judicial process. And the man now running the IRS, who took the job as this deal was being assembled, has a home backing onto those same Jupiter fairways. This is absolutely ridiculous. Nobody should be able to use the presidency to write his own tax bill. forbes.com/sites/danalexande…