"What the f**k is the USAF testing now." 

Silver: The rally pulled everyone in. Now it’s letting go.

Fed holds rates as expected, Miran sole dissenter; Powell leans hawkish in presser; Hot US PPI; Iran's South Pars gas field was attacked, to retaliate on several energy facilities across the Gulf; QatarEnergy confirms Ras Laffan Industrial City has been subject to extensive damage from attacks; Iran confirms Security Chief Larijani was killed; BoC holds rates as expected;  EIA crude stocks unexpectedly build; Multiple Chinese companies said to have received approval to buy NVDA H200 AI chips.

The Morgan Stanley Risk Signal has turned positive, exiting the risk-off signal reading it has held since Feb 27th.

Questions over the integrity of the 2020 election continue to linger after revelation that analysts inside US intel community sought to conceal evidence of Chinese interference from then-President Trump...

Coming to a gas station near you….

...“the implications of developments in the Middle East for the US economy are uncertain.”

The Sun Belt continued to see notably lower rents, fueled by a boom in multifamily construction, Realtor.com said.

Major overnight domestic operation by the Intelligence Ministry...

...also included were now-EPA Administrator Lee Zeldin, who was then a GOP lawmaker, and former Reps. Mo Brooks, Matt Gaetz, Paul Gosar, Louie Gohmert and Jody Hice...

"this is a “neutral” statement from the FOMC.The statement tweaks are an attempt at trying to avoid sending any signals while conveying they are on guard for any growth shocks and inflation spillover from the Middle East Conflict.”

..."monitoring developments"

Speculation abounds over the precise cause...

...it’s no longer about reducing net-leverage but probably de-grossing as not even your winners save you if we need to rewrite (for a short amount of time until things resolve) global power markets. 

...urging Americans to dial back personal attacks on judges and to show respect for the judiciary.

Things got spicy...

Shipments from Yanbu have averaged about 4.19 million barrels a day over the past five days, a significant share of the roughly 7mm bls/day the kingdom was exporting in before the war...

Despite the ongoing conflict (resulting elevated oil prices and tighter financial conditions), most risk asset markets have (so far) not priced in much durable additional risk premium...