Kevin Gordon

@dieworkwear Those checklist pages are so good

Love these scans of 1978 and '81 issues of Popeye, a Japanese menswear mag that popularized "City Boy" style, which is American Ivy, outdoor, and workwear remixed for cities. Popeye covered clothes, grooming, eating, exercise, and even cars (70s Chevrolet Blazer is very stylish!)

2y Treasury yield rising into the weekend to its highest since February 2025

@big818_s Many ways (including breakevens) the Fed looks at expectations

@KevRGordon whats the actual evidence expectations are unanchored though? breakeven rates look pretty stable to me

Fed’s Waller says “if I believe inflation expectations start to become unanchored, I would not hesitate to support an increase in the target range for the federal funds rate…”

Had a blast running around Central Park and chatting markets (doesn’t everyone just do that for fun?) with my friend, Rachel Full vid on @YouTube: youtu.be/IL_2DZO4OiA?si…

@lisaabramowicz1 This is one of the greatest things I’ve ever seen

Have a great weekend!!

Here’s the Main Street | Wall Street split in one pic

Crude inventories fell by a record 17.8M barrels last week, including a 9.9M barrel draw from the Strategic Petroleum Reserve. Thru May 20, the US has pulled about 50M barrels from the SPR. @economics

The batch of comments in the May Kansas City Fed Manufacturing survey is interesting … with one of the more blunt ones being: “sales have come to a stop”

The UMich Consumer Sentiment Survey was revised lower in May and continues to sit at a record low … so yes, this batch of consumers is saying today is worse than the financial crisis and 2020 pandemic shutdown

Yesterday was the best day of the month so far for the S&P 500’s advance-decline spread

The Cleveland Fed’s nowcast currently has CPI coming in at 4.18% y/y for May

Latest data from @uscensusbureau show that Americans in the 25-44-year-old cohort have the highest median household income in: Massachusetts: $123.2k Washington, D.C.: $122.9k New Jersey: $118.5k @VisualCap

US household ownership of corporate stocks and mutual funds now totals $58 trillion, which far exceeds real estate assets totaling $48 trillion @bespokeinvest

Looking at this blurb from @matt_levine’s note on SpaceX … the TAM of $28.5 trillion is larger than the U.S. economy in inflation-adjusted terms ($24.2 trillion)

@SamRo Don’t forget in the middle of the walkway in any airport

People who stop in doorways, stairwells, and other pedestrian chokepoints probably don’t understand why the Strait of Hormuz matters

@stevehou @Silicon_Data @carmenli Congrats Steve !

🚨 After six incredible years at Bloomberg building index products and portfolio solutions, I’m happy to announce I’m stepping into a new role as Head of Research @Silicon_Data. I’m honored to join my former colleague @carmenli—one of the sharpest and hardest-working humans I know—and an exceptionally talented team. We are bringing standard benchmarks and financial derivatives to the physical market of AI compute, which now numbers over a trillion $ in planned expenditures. Last week, Silicon Data and @CMEGroup announced plans to launch the first compute futures. The stakes are high and there are risks in being both too aggressive or too cautious, as evidenced recently by Anthropic’s compute constraints. This is exactly what financial derivatives were meant to do: help measure, transform, and manage capital risks. Silicon Data is systematically collecting a vast amount of data across the entire AI value chain around the globe: GPU rental prices, model token prices, usage and expenditures, utilization metrics, data center bottlenecks, and token economics, just to name a few. Traded financial derivatives on AI data leverage wisdom of the crowd, bring about liquidity and price discovery, and provide builders and users of AI compute the instruments with which they can price their risks and plan their capital allocation. If you’re building AI infrastructure, running data centers, or wrestling with compute allocation, let’s talk. I’m excited to help solve one of the biggest missing pieces in the AI ecosystem. Let’s go! 🚀

New cycle high for the prices received component in the Kansas City Fed Manufacturing Index in May

AAA tells @MattEganCNN that this month marks the first time since July 2022 that all 50 US states + DC are at or above $4 per gallon

Interesting dynamic unfolding here where manufacturing activity is looking stronger than services activity … in the past few years, we’ve been relying on the latter to be a driver/supporter of growth. As of now, that has flipped @SPGlobalPMI