Le Journal

Harry Styles is returning to the stage for the first time in four years as he announced a six-night London residency at Wembley Arena.

A major traffic nightmare was happening due to a police situation on I-80 westbound in Hercules; a multi-county chase ended in a police shooting Wednesday in San Jose; and SF's Compton's Cafeteria building goes before the Historic Preservation Commission.

Many believe her silence said it all.

Those who pay attention to politics have rightly been aghast at the stock market’s shameless depravity over the last year, as investors identified the very obvious existential risk to their ability to make money last April, and then they spent the following eight-plus months completely ignoring their own advice. The widespread crash after Trump announced tariffs far higher than the market had priced in was a cathartic moment for politics watchers, in that the bond market yet again proved that the Illuminati are real, and they helped pull TACO Trump back from the brink. Rationality had prevailed in the wake of stunning ignorance. In a logical world, one might assume that a singular event where one man wiped out trillions in wealth with one hastily thrown together Excel sheet would get traders to reconsider their outlook on the markets, but we don’t live in a logical world. We live in the zero date options YOLO Trump world, where tomorrow only matters insofar as to whether it will exist so you can exploit it for cash. The day after tomorrow is forever and a day away, and that old average of investors holding stocks for seven years before selling them feels like another universe. As I have written before, the stock market is this way because the marginal buyer in the stock market looks a lot like the marginal buyer in crypto. Logic is always something that can be put off for another day, because as the saying goes, the market can stay irrational longer than you can stay solvent. That is the short story of everyone’s losing Tesla shorts. So as Trump stripped the country for parts and rooted new inflationary pressures in the economy that we can already see in the data, the stock market rose to all-time highs last year. All while the bond market warped itself bouncing around trying to figure out whether inflation or deflation was its bigger concern (there’s a word for the middle of that conundrum!). Bonds are where politics intersect with markets, because bonds are how governments fund themselves, and the story that long-term interest rates are telling right now is harrowing. Trump’s War On The Price of Money As someone who dreaded all my bond market classes in my master’s program I took alongside Splinter‘s launch, I understand how confusingly opaque they can seem, but all you need to know is that a bond is just a loan. You give Apple or the United States government $100 right now, and they will pay it back to you in 10 years, plus regular payments at 4.279% interest, according to the 10-year Note as of this writing. The biggest buyers are typically the major players in the financial world, like pension funds, insurance companies, banks and hedge funds (hedge funds run a leverage scheme on top of them, which is a neat little risk to attach to what the financial world deems “risk-free” money). Treasury yields determine the interest rates you pay on your credit card, mortgage, and other debt. It is a striking commentary on our financial press that they focus so much on the stock market, and not the largest, most liquid market in the world that quite literally puts a price on money every day. Interest rates reflect the risk you need to be compensated for in order to loan someone money over a period of time, and if you are looking at this lunatic below and saying that you need a higher interest rate to compensate for the risk that he may not pay you back, you are not alone. Trump is now confusing Greenland and Iceland: “They’re not there for us on Iceland, that I can tell you. Our stock market took the first dip yesterday because of Iceland. So Iceland has already cost us a lot of money.” [image or embed] — Aaron Rupar (@atrupar.com) January 21, 2026 at 7:20 AM Trump has genuinely declared war on the very concept of interest rates. This man is not well, and the bond market knows it. The Federal Reserve cut the Fed Funds Rate by 25 bps (0.25%) on December 10th, a small example of what Trump wants to do on a grander and more…