Good Thursday, AM. From your hometown lender,

I am reaching for information to share, as there is almost nothing new on the economy and almost no economic data to share. The Big Beautiful Bill made it through the House in the wee hours of the morning. Markets knew it would and have been pricing this in, which is why bonds have been on a fire sale for the past four sessions.

I am heartbroken about the two Israelis killed in Washington last night. This is not the forum to discuss this deeper, this madness needs to end.

Reaching for content, Matt Graham did a succinct job of sharing today’s headlines.

The most significant development of the overnight session was the early morning passage of the spending bill in the House. This resulted in only a modest extension of losses in stocks/bonds, mostly because stocks/bonds (mostly bonds) have been pricing this in throughout the week. Yields actually managed to recover into positive territory before the 9:45am ET econ data, and haven’t changed much since then. All in all, an exceptionally underwhelming level of volatility given the news and the fact that this is our only real morning of econ data this week.

Next week is busier after the Memorial Day holiday.

We should see some rebound in bonds, or at least we have that opportunity.

Stay safe and make today great!