Oil inventories were up 7M barrels. Apparently, the US has enough oil.
Treasury Secretary Bessent discussed having the Treasury tighten oversight of the Fed, similar to how the UK does it.
German consumer sentiment hit lows not seen since 2024 on Middle East concerns, at -28 vs exp. -26.5.
War concerns continue to pressure risk assets, though even Iran is considering having talks in Pakistan, according to Reuters.
I forgot to mention the very weak 2Y T auction on Tuesday, but we followed it up with a poor 5Y T auction, yesterday. Nobody wants to pick bottoms on shorter-term Treasuries, I guess.
GOOG came out with TurboQuant, a system to reduce memory needs for AI. That hit memory stocks, taking something like Micron (MU) down -6% between yesterday and today.
MSFT is now down over -30% from its October peak.
Jobless Claims and four Fed heads talking.
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