Thursday morning #headlines recap

Fed hikes 25bp to 3.75%–4.00%, unanimous, first since July 2023. Meanwhile Trump demands a 300bp cut and threatens the EU over Canada. "Interest Rates in the United States should be 1%, or less" - which if implemented would constitute three times the largest single-meeting cut in US history. Trump also says the US will stop trading with Europe if Canada accepts associate membership. Trump seething and dilating to unprecedented levels.

Summary for those that like the TLDR: Treasury needs the front end lower to fund the deficit, the Fed needs it higher to fight inflation. 


Houthis down a Saudi F-15SA over Marib; Yanbu Aramco struck. Tail number 5529, two-seat, $110M+ airframe, two crew. Wreckage footage released and confirmed by multiple sources. Ansarallah separately claim dozens of ballistic missiles and drones on Aramco Yanbu and King Khalid Air Base. I think these are just confirmations from yesterday’s headlines, not new attacks.

Saudi Arabia says it can restore ~50% of East-West pipeline capacity within days, which knocked crude lower. The part they don’t mention: satellite imagery shows three stations hit, and the Houthis have deliberately not struck the line harder - "the real death knell will be getting it repaired to 95 percent, then striking again”. Other analysts note you can’t have “half a pipeline”, and that the damage repair is measured in months, not days.

US diesel is physically running out at some pumps. National average at a record $6.31/gal, prices up ~70% since the war began, inventories 13% below the five-year average with refineries at ~97% utilization. "OUT" signs photographed in North Texas; heating oil crack at the highest level in its history. United's CFO says December flights get cancelled if fuel stays here. Meanwhile Germany is showing as high as $12/gal at some stations and Russia threatens to make things worse by extending its diesel export ban through October as Ukrainian refinery strikes push Russian processing to two-decade lows. 



The House passed a measure requiring Trump to end the war with Iran while the CBO now pegs the war's cost at $38 billion. Vance hilariously stated that voters just needed to give GOP another chance. Lucy, football, etc. 



Hackers dumped the contents of a Flock camera: software explicitly detecting people rather than just plates, 1.6 million images logged in 21 days, and the decryption key stored on the device - contradicting the vendor's claims.

Long effortpost describes Anthropic’s somewhat erratic behavior as of late. TLDR they’re facing a pre-IPO audit and the shit is hitting the fan. Full post at x dot com/MatthewChang/status/2100000444810735899

Headline: Xi Jinping 'taken ill' during visit to India as health fears soar. Visiting a place that is literally coated with human waste will do that to a guy…



Headline: Rep. Mace Demands Public Execution For Lindsay Clancy. lulz. Mace so hungry for attention that she’ll say anything.

Editor’s note: I have avoided discussing the Ed Sheehan tour drama because I give zero fucks about the players involved. I will note, however, that it has once again served to increase noticing of who can be criticized and who cannot be…

Get out there and be a ray of sunshine to your frens today…