While volume hit a new record high, S&P Emini top of book depth dropped to just $2mm, the lowest on record: this was the widest gap between volume and liquidity in Goldman's data set.
People rush to throw our country under the bus the second someone shakes the precious, coddled economic snow globe they live in.
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"The knock-on effect is going to be enormous."

More teens are experiencing anxiety and depression, taking medication, and struggling with the fallout of drugs—problems that can carry into adulthood.
MAGA needs MACA: "Make America Cheap Again"
“We are not in an administered economy,” thunders the leader of an employers’ movement...
"OEMs will need to step in and absorb the tariffs for some suppliers... similar to the dynamics during COVID.”
Interoperability issues could make the US think twice about intervening in the EU’s support against Russia.
A quick and dirty visual guide to the post-Liberation day world, courtesy of Deutsche Bank
“I love searching for gold. It’s what we do,”
Happiness rankings in the Americas have seen notable shifts, with some smaller nations climbing while major economies have experienced steady declines...
Agriculture secretary declared 59 percent of national forests to be in an emergency situation due to high risk of wildfires and hazardous tree conditions...
Illegal workers are often exploited, but Washington Democrats seem fine with that—as long as they can use them to posture as champions of the marginalized.
After a tumultuous week in stocks (Nasdaq 100 down 10%, the S&P 500 down 9%, and the Russell 2000 down somewhere in between), it seems like a good time to get back to basics.