New tariffs 10% for all, chaotic / Iceland-EU / Further risk, AI disruption, Citrini / BTC 63K / Bessent 'checked' USDJPY

sc0172
16 hours ago
2 min read

#AI .. There’s an increasingly dystopian tone to commentary on AI. Fed Gov Waller today: “The thing with AI is it’s coming at us so fast….that it’s easy to start seeing jobs that may go away before you see the new jobs that are going to be created.” >>> IMHO, AI bubble will come with further big test, China is using a totally different approach to AI: - open source, mass scale, cheap vs The West approach to AI which is close source, private, profit driven, only the big Tech Bro's benefit...
Markets : trade tensions, volatile tariffs dynamics (chaotic!), AI disruption weighing on sentiment, Governments should tax AI to cushion the impact of sweeping job losses, Alap Shah, co-author of the Citrini report (indeed they should, and fast), FedEx sues for refund of Trump tariffs (the 1st of many, law firms the big winners!), Bessent initiated 'USDJPY check', Iceland to Fast-Track EU accession referendum to August, instead of the originally planned 2027 vote >>> USD picks up a little, EURUSD 1.19-1.20 top for now, USDJPY better big again (markets not worried about Bessent's check), risk overall remains a 'reduce' crowded tech/AI trade on rallies, BTC grinding lower still
Geopolitics : Trump said an Iran strike would be “easily won,” but he’d prefer a diplomatic deal, rebuffing reports that the Pentagon was concerned about a potential war. (BBG), Panama moves to occupy canal ports after court scraps CK Hutchison deal, Ukraine-Hungary dispute escalates over Russian oil flows
Jamie Dimon said rival banks are doing “dumb things” to boost income as he noted similarities to the pre-2008 crisis era. He told investors the credit cycle will sour again. He sees JPMorgan as a winner in the AI race