Fed hikes 25bp to 3.75%–4.00%, unanimous, first since July 2023. Meanwhile Trump demands a 300bp cut and threatens the EU over Canada. "Interest Rates in the United States should be 1%, or less" - which if implemented would constitute three times the largest single-meeting cut in US history. Trump also says the US will stop trading with Europe if Canada accepts associate membership. *Trump seething and dilating to unprecedented levels. *
Summary for those that like the TLDR: Treasury needs the front end lower to fund the deficit, the Fed needs it higher to fight inflation.
Houthis down a Saudi F-15SA over Marib; Yanbu Aramco struck. Tail number 5529, two-seat, $110M+ airframe, two crew. Wreckage footage released and confirmed by multiple sources. Ansarallah separately claim dozens of ballistic missiles and drones on Aramco Yanbu and King Khalid Air Base. *I think these are just confirmations from yesterday’s headlines, not new attacks. *
Saudi Arabia says it can restore ~50% of East-West pipeline capacity within days, which knocked crude lower. The part they don’t mention: satellite imagery shows three stations hit, and the Houthis have deliberately not struck the line harder - "the real death knell will be getting it repaired to 95 percent, then striking again”. Other analysts note you can’t have “half a pipeline”, and that the damage repair is measured in months, not days.
US diesel is physically running out at some pumps. National average at a record $6.31/gal, prices up ~70% since the war began, inventories 13% below the five-year average with refineries at ~97% utilization. "OUT" signs photographed in North Texas; heating oil crack at the highest level in its history. United's CFO says December flights get cancelled if fuel stays here. Meanwhile Germany is showing as high as $12/gal at some stations and Russia threatens to make things worse by extending its diesel export ban through October as Ukrainian refinery strikes push Russian processing to two-decade lows.
The House passed a measure requiring Trump to end the war with Iran while the CBO now pegs the war's cost at $38 billion. Vance hilariously stated that voters just needed to give GOP another chance. *Lucy, football, etc.*
Hackers dumped the contents of a Flock camera: software explicitly detecting people rather than just plates, 1.6 million images logged in 21 days, and the decryption key stored on the device - contradicting the vendor's claims.
Long effortpost describes Anthropic’s somewhat erratic behavior as of late. TLDR they’re facing a pre-IPO audit and the shit is hitting the fan. *Full post at x dot com/MatthewChang/status/2100000444810735899*
Headline: Xi Jinping 'taken ill' during visit to India as health fears soar. *Visiting a place that is literally coated with human waste will do that to a guy…*
Headline: Rep. Mace Demands Public Execution For Lindsay Clancy. *lulz. Mace so hungry for attention that she’ll say anything.*
*Editor’s note: I have avoided discussing the Ed Sheehan tour drama because I give zero fucks about the players involved. I will note, however, that it has once again served to increase noticing of who can be criticized and who cannot be… *
***Get out there and be a ray of sunshine to your frens today…***
