2025, day 13

Good morning from Asia.

The market is talking 5% yields and a surging $….& a global tax war as well as tariff war; 👀 on Russia’s economic statecraft to fund its war; & how the U.S. will use statecraft to fund *its* military; as LA burns, the FBI warns of potentially far worse risks from China; and UK Chancellor flags a £600m deal (yes, million), over 5 years, from recent make-nice trip there.

Not so much about “Rate cuts.”