SFRA

Your daily @Cubs-keep-winning stat pack: 6 straight wins 12 straight wins at Wrigley Field 16 wins in their last 19 games overall!

#SOFR M6M7 spread, +12bps today, has gained over 70bps since Feb 27. SR3M7, the tail wagging the spread, reflects a 91bp increase in expected SOFR over that period.

Breaking: JPY/USD futures see highest ever daily trading volume.

🇺🇸 Credit futures attracting institutional flows. Open interest just surpassed 15,000 contracts (~$1.65B), driven by deep screen liquidity and record-sized block trading in High Yield futures.

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Given everything that happened, you can be proud Chair Powell! Thank you for your service! We don't know how we had it until we have lost it.

Flying the flag at half mast today

the plumber does not concern itself with hyperscalers

the Powell paradox: staying on the board to preserve Fed independence thereby eroding independence but also preserving it

Serendipitously, Powell will not close the fkn door on his time at the Fed. Chef's kiss legend!

#SOFR Z6/M7/Z7 butterfly soars as inflation expectations fuel higher-for-longer trade.

🎪FOMC Convenes 😆

Fed Funds futures curve today vs. a week ago vs. a month ago.

This week, markets face a central bank gauntlet (featuring the FOMC) Mon: Auctions: T-Bills ($166B), 2-Yr ($69B), 5-Yr ($70B) Tue: 7-Yr Auction ($44B), BoJ Rate Decision Wed: BoC Rate Decision, #Fed Rate Decision Thu: ECB Rate Decision, BoE Rate Decision Fri: ISM Manufacturing

Fam. would appreciate a RT here as my megaphone has been taken down. 🙏

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

The S&P 500 is off to a strong start in Q2, but is now facing some resistance. What's your take on how the rest of the quarter plays out?

SEIYYYYAAAAA!!

Convexity remains elevated in #SOFR, indicating traders remain cautious of tail-risks, even with outright volatility levels cooling.

Silver rallied past $80/oz last week, driven by gold’s strength. Supply and demand dynamics are shifting: the supply deficit expected to narrow in 2026 due to increased recycling and long-term demand is increasing from industrial use. Express your view with Silver futures.