The Capital Wave Report

After a lot of time and energy, we're going to turn our focus to what really drives markets: Momentum and liquidity.

Market outlook:

• Treasury yields climb with 10-year up 5bps to 4.30% as traders shift to riskier assets following reports of more targeted Trump tariffs

• Wall Street Journal reports Trump's tariff plans less severe than initially feared; narrower scope and exemptions to be included

• WTI posts second straight weekly gain, trading at 68.81 as traders weigh tighter supply from Iran sanctions against OPEC plans to proceed with production increases

• Fed posts second straight year of losses at $77.6B; central bank accumulates $216B "deferred asset" that delays future Treasury remittances until profitability returns

• Natural gas bullish positions drop to lowest in over a month; traders turn bearish as forecasts show above-normal temperatures across nearly the entire U.S.

• White House considering executive order on housing that may privatize Fannie Mae and Freddie Mac; Treasury Secretary Bessent suggests they could become part of Sovereign Wealth Fund

Dear Reader:

You’ll notice a slight change around here.…