What's Happening Here...

This seems to be the onset of a "Sound Money" movement. While it may work, the consequences include popping the 30+ year bubble of unproductive investment, which has many on edge.

Market outlook:

• Futures Mixed: S&P +18bps, Nasdaq -3bps, Russell -13bps

• Treasury yields slip ahead of this morning’s PCE data; 10-year Treasury at 4.25

• Bitcoin tumbles 7% to $80,653 in its worst monthly slide since 2022, down 27% from its peak

• Oil drops to $69.34 as trade tensions weigh on demand outlook; WTI headed for monthly loss

• Trump announces an additional 10% tariff on China effective March 4 alongside scheduled 25% tariffs on Mexico and Canada

• Walgreens (WBA) buyout would trigger a three-way breakup; Sycamore plans to separate US pharmacy in $9.5B deal

• CFPB abandons $2B Capital One lawsuit amid agency overhaul; five major cases dropped as Trump nominee McKernan testifies before Senate

• Nvidia (NVDA) sheds $273B after earnings with an 8% drop; trader places 300,000 put option betting NVDA hits $115 by March 7

• Pending home sales crash to the lowest level on record in January despite mortgage rates easing six straight weeks

Dear Reader:

This selloff feels a lot larger than it is.

The S&P 500 …