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Mon, 09 Mar 2026 16:45:00 +0000 Ending Iran War Will Be Mutual Decision With Israel, Trump Says
Ending Iran War Will Be Mutual Decision With Israel, Trump Says
Ending Iran War Will Be Mutual Decision With Israel, Trump Says
Authored by Victoria Freedman via The EPoch Times,
U.S. President Donald Trump on March 8 said the decision on when to end the Iran War will be a mutual one that he will make with input from Israel.
“I think it’s mutual ... a little bit. We’ve been talking. I’ll make a decision at the right time, but everything’s going to be taken into account,” Trump told The Times of Israel in a telephone interview.
Asked whether he thought it would be necessary for Israel to continue their campaign even after the United States decides to stop its airstrikes, the U.S. president said, “I don’t think it’s going to be necessary.”
Trump also said that Iran was “going to destroy Israel and everything else around it,” adding, “we’ve worked together [with Israel]. We’ve destroyed a country that wanted to destroy Israel.”
On Feb. 28, the United States and Israel jointly launched an attack on Iran, with the Islamic Republic’s leader, Ayatollah Ali Khamenei, being killed in the first salvo of the war.
On March 9, the Iranian regime chose Mojtaba Khamenei, the son of Ali Khamenei, as the next leader.
Israeli Defense Minister Israel Katz said in a March 4 post on X that whoever is appointed to replace the deceased Iranian leader “will be an unequivocal target for elimination.”
“[Prime Minister Benjamin Netanyahu] and I have instructed the [Israel Defense Forces] to prepare and act by all means to carry out the mission as an integral part of the objectives of Operation ‘Lion’s Roar,’” Katz said, using Israel’s term for the military offensive against Iran and its proxies.
Trump similarly told ABC News on March 8 that Iran’s next leader is “not going to last long” if he does not get approval from the United States.
No Expansion of Objectives
White House press secretary Karoline Leavitt said on March 6 that Washington expects Operation Epic Fury “to last four to six weeks” to achieve its objectives, “and we are well on our way to achieving those objectives.”
Leavitt told reporters during a press briefing outside the White House that, during the operation to date, more than 30 Iranian vessels and ships have been sunk and that the Iranian navy has “been deemed combat ineffective.”
She added that the United States has taken out the ballistic missile threat posed by Iran, and that in six days since the war started, “retaliatory ballistic missile strikes from Iran are now down 90 percent.”
“Ultimately, the president has made it very clear: He wants to take out the threat of Iran to the United States, and Operation Epic Fury as well on its way to doing that.”
Operation Epic Fury is the name for the United States’s offensive against Iran.
Last week, the Pentagon said there is no expansion of military objectives in Iran and that the operation was moving onto its next phase.
Adm. Brad Cooper, the head of U.S. Central Command, said on March 5 during a news briefing at U.S. Central Command headquarters in Tampa, Florida, that the next objective is to destroy Iran’s ballistic missile industrial base.
“We’re not just hitting what they have—we’re destroying their ability to rebuild,” Cooper said. “As we transition to the next phase of this operation, we will systemically dismantle Iran’s missile production capability for the future, and that’s absolutely in progress.”
Tyler Durden
Mon, 03/09/2026 - 12:45 Close
Mon, 09 Mar 2026 16:25:00 +0000 US Orders Americans Out Of Southeast Turkey After Reports Of CIA Arming Kurds
US Orders Americans Out Of Southeast Turkey After Reports Of CIA Arming Kurds
Within the opening days of the Iran-US-Israel war, the State Department urged Americans across 14 countries in the Middle East region to urgently depart.
Read more.....
US Orders Americans Out Of Southeast Turkey After Reports Of CIA Arming Kurds
Within the opening days of the Iran-US-Israel war, the State Department urged Americans across 14 countries in the Middle East region to urgently depart. There's since been an ongoing US government facilitated evacuation effort. Private tour groups have also been coordinating to get people out.
For example, stranded tourists in Israel have rushed south, across the Egyptian border on buses, where they can safely arrange flights from Cairo. For the first time of the war, Turkey has just been added to the list - a rarity given it has long been viewed as a place of stability and is a prime tourist destination.
via Duvar English
But the new State Department travel advisory has yet to be extended over the whole of the country, instead Americans are being warned not to visit southeast Turkey and for anyone currently there to depart immediately .
It warns of the potential terrorism, armed conflict, and arbitrary detentions, according to the advisory - at a moment bombs between Iran, Israel, the US and Gulf countries continue to fly. And importantly, a staff draw down :
Washington has advised non-essential staff to leave its consulate near the southern Turkish city of Adana near a key NATO base and ordered US citizens to leave “southeast Turkey,” the US embassy to Ankara said Monday.
There are American troops at several bases in Turkey, particularly at NATO's major Incirlik air base, near Adana
"On March 9, 2026, the Department of State ordered non-emergency US government employees and US government employee family members to leave Consulate General Adana due to the safety risks," the US embassy said on X.
It further declared that "Americans in southeast Turkey are strongly encouraged to depart now ."
Last week saw a couple of very serious developments which impact Turkey. First, a ballistic missile from Iran flew over the large Asia minor country and was intercepted by NATO defenses in the Mediterranean.
Also, days ago there was an avalanche of global headlines alleging the CIA was preparing Kurdish groups based in Iraq for a cross-border attack on Iran .
Some of these are the very groups Turkey has long been bombing just across its eastern border in northern Iraq. While Iraq as well as the Iraqi Kurdistan government of the north denied that this was happening - the alleged plan has the potential to destabilize part of southeast Turkey .
The State Dept alert could be alluding to the tense geopolitical situation with the Kurds in the following: "Terrorists may attack tourist locations, transportation hubs, markets, malls, hotels, and places of worship," the advisory warned.
Tyler Durden
Mon, 03/09/2026 - 12:25 Close
Mon, 09 Mar 2026 16:05:00 +0000 Gigantic US Error Or All Part Of A Plan?
Gigantic US Error Or All Part Of A Plan?
Via Rabobank,
Anybody thinking US payrolls, even at -92K, matters much in the current environment is probably at the head of the queue to be replaced by an AI soon.
Read more.....
Gigantic US Error Or All Part Of A Plan?
Via Rabobank,
Anybody thinking US payrolls, even at -92K, matters much in the current environment is probably at the head of the queue to be replaced by an AI soon. That data series is always volatile and 2.5m undocumented workers are estimated to have left the US since Trump was re-elected: 394K foreign-born workers lost their jobs in the reported month while the native-born series rose 877K, albeit after a shocking 2.5m drop of its own the month before. How can anyone take these numbers seriously even if the underlying signal is deadly serious?
This is eclipsed by Brent oil this morning trading over $110 with WTI at $107: both look to be going exponential, perhaps even opening up the $150 scenario the GCC warn of. Worse, that doesn’t account for more dramatic moves in diesel, jet fuel, fertilizer, key chemicals like sulphur, and gases like helium, without which not a lot moves in the industrial economy, grows in the agricultural economy, or is produced in terms of metals like copper and tech goods like chips.
In short, this is now starting to look like a potential combination of the 1973 post-Yom Kippur War oil shock, the 2022 Russia-Ukraine War commodity shock, and the 2020-21 Covid supply chain shock.
The longer this goes on, the more exponential the damage becomes in a domino effect, which is exactly what oil is now showing to a market that saw some takes last week that ‘things could be a lot worse.’ Well, now they are: and if we are still in the same position this time next week, things could be quite terrifying.
Yet while credible estimates today are that if all fighting were to suddenly cease, it would take two weeks to start to right the ship and a further two months to get back to normal, what we should call Gulf War 3 is showing many signs of widening its geography and escalating within it.
On geography: even if Trump is reportedly now against using the Kurds as a military wedge against Tehran (perhaps due to Turkish opposition), Azerbaijan, which was recently struck by Iran, is another matter. So is Pakistan, which has underlined its mutual defence pact with the Saudis. EU member Cyprus has reported that the drone which struck it was fired by Hezbollah in Lebanon, and was a Russian Shaheed model, not an Iranian one. Russia has also openly said that it isn’t neutral in this conflict, and favours Iran, alongside reports that it’s providing Tehran with data to help it strike its opponents. In Lebanon, Israeli actions are intensifying.
On escalation: after an apology to its neighbours from Iran’s president was rebuffed by the IRGC, the weekend saw strikes on energy facilities against both sides, where Iran came off worse. Moreover, we saw several reports of attacks on desalination plants: if those critical facilities were to go in the region, much of its population would have to as well. Trump is reportedly weighing the introduction of special forces ground troops into Iran, while a third carrier strike group is now on the way. Moreover, Tehran has appointed Mojtaba Khamenei, the son of the former Supreme Leader, to replace him. He is clearly unacceptable to both the US and Israel and reflects the hardest of lines from the regime rather than any possible compromise, Venezuela style.
It’s also time to take a deep breath and note energy expert Anas Alhajji is asking if this is a gigantic US error or part of a plan.
I’d flagged 2026, besides telling 2025 to “hold my beer”, was logically going to see the US use its military to disrupt upstream supply chains heading to China to counterbalance the downstream and rare-earths midstream (i.e., processing) dominance Beijing can coerce it with. The goal was cheap commodities for them and pricey ones for others.
Alhajji takes this further to note that the US is *relatively* less impacted by the tidal wave of economic and market chaos heading our way :
the US (with the Americas) is relatively energy self-sufficient : what if the US were to stop exporting oil, its historic policy norm, to bring WTI down sharply, for example? Could we, as others float, see $200 oil globally and $50 oil State-side?
Likewise, US LNG is now the lowest risk global choice : who will trust the Gulf as a secure provider again unless the entire region is brought under a true Pax Americana?
The US, with the Americas, is also self-sufficient in many commodities being choked off directly or indirectly via Hormuz. That includes fertilizer, which means US and LatAm food supplies could remain secure when others’ aren’t. It also includes helium, which allows for the manufacture of semiconductors, when others may be about to fall short.
By contrast, Europe is again in a bad position in this looming crisis, as are energy- and commodity-reliant Asian exporters already struggling with US tariffs.
China will have to rely on its stockpiles for a while, then Russia, which greatly strengthens Moscow’s hand in that relationship.
Perhaps this is paranoia or looking for a strategy in a geopolitical miscalculation; or it could have been a plan B if Iran didn’t ‘do a Venezuela’; or it might just be a happy coincidence the US can now take advantage of if it wishes.
Yet the Donroe Doctrine ‘Shield of the Americas’ project launched at the same time as Gulf War 3, the increased likelihood Cuba flips to the US camp, following the pressure on Greenland, and the evident lead set by US economic (and military) statecraft is quite the coincidence if this is all just random.
Indeed, it’s incredibly important to grasp that this *might* be the Great Game being played , because if it is, assuming “because markets” will bail us out (“Iran/Trump can’t let this happen”) could be false hope.
Oil vey, indeed.
Week ahead
Tuesday: sees more of Japan Q4 GDP, Aussie NAB business confidence, German trade data, Chinese trade data, and the US NFIB small business survey and existing home sales.
Wednesday: has US CPI. Again, irrelevant right now.
Thursday: it’s US trade data and initial claims, housing starts and building permits.
Friday: sees UK industrial production and trade data, Canadian employment, US personal income and spending and the PCE deflator, durable goods, initial claims, JOLTS data, and Michigan inflation expectations.
Tyler Durden
Mon, 03/09/2026 - 12:05 Close
Mon, 09 Mar 2026 15:25:00 +0000 New York's Medicaid Program Under Federal Investigation For Alleged Fraud
New York's Medicaid Program Under Federal Investigation For Alleged Fraud
New York's Medicaid Program Under Federal Investigation For Alleged Fraud
Authored by Sylvia Xu via The Epoch Times (emphasis ours),
Dr. Mehmet Oz launched a federal investigation into New York’s Medicaid program on March 3 , citing the unusual spending trend in the state.
Dr. Mehmet Oz, administrator for the Center for Medicare and Medicaid Services, speaks at a press conference in the Library of the Eisenhower Executive Office Building in Washington on Feb. 25, 2026. Travis Gillmore/The Epoch Times
“Heart surgeons are trained to look at the numbers. When something doesn’t add up, you don’t ignore it; you investigate ,” Oz, administrator of the Centers for Medicare and Medicaid Services and a former heart surgeon, said in a video posted on X.
“Right now, the numbers coming out of New York’s Medicaid program don’t add up,” he said.
New York far outspends other states on its Medicaid program, both on a statewide and per beneficiary basis, according to Oz’s letter to New York Gov. Kathy Hochul.
Numbers
New York’s Medicaid program spends more than $90 billion a year, the second-highest total in the nation, Oz said. That’s roughly 10 percent of the nation’s $900 billion in Medicaid spending for 2024.
New York’s average spending on each beneficiary is more than $12,500, which is 36 percent higher than the national average. The state’s per-resident spending is the highest in the country, nearly 80 percent higher than the national average.
As of January, about one-third of New Yorkers—6.7 million individuals—have enrolled in Medicaid.
That is nearly 14 percentage points higher than the national average of 20 percent Medicaid enrollment, according to November data from the federal government.
“That alone demands scrutiny, but it gets worse,” Oz said in the video.
In addition to New York’s Medicaid enrollment size, Oz cited the workforce delivering long-term care, particularly home-based personal care services, as another driver of New York’s high Medicaid spending.
Between 2023 and 2024, 38 percent of job growth in New York was from the home health and personal care aide category.
“Now, New York has turned this [Medicaid] program to help our most vulnerable into a massive jobs program reimbursed by federal taxpayers,” Oz said.
Personal care services include daily living assistance such as eating, bathing, and dressing. Patients need such services due to aging, chronic illness, or disability.
From 2023 through mid-2025, New York state provided personal care services for nearly 75 percent of its Medicaid enrollees at a cost of $45 billion.
In fiscal year 2024, the state’s Medicaid spending on personal care services was $18.5 billion, nearly 70 percent more than other states’ combined spending on this item, according to The Epoch Times’ analysis of open data from the U.S. Department of Health and Human Services.
“That level of utilization is unheard of,” said Oz.
New York state allowed problems such as being “easily distracted” to qualify for a personal care system, making personal care services the number one occupation in the state, Oz said.
Demand for Documentation
He said officials must send documents on how they handle fraud, waste, and abuse, or their federal payments will be put on hold.
“We ask hard questions; we expect an honest answer,” Oz said.
On March 4, Gov. Hochul said the Trump administration was targeting New York for political reasons. She added that she would “show them the facts” to prove them wrong and promised to help fight any actual fraud, according to The Associated Press.
The federal government temporarily deferred $259 million in Medicaid payments to Minnesota over alleged fraud on Feb. 25.
Oz said the money would be released after Minnesota proposes and acts on a “comprehensive corrective action plan to solve the problem.”
Minnesota sued the federal government on March 2 to stop it from withholding funding. The state warned that freezing these funds could force cuts to medical care for low-income residents.
Tyler Durden
Mon, 03/09/2026 - 11:25 Close
Mon, 09 Mar 2026 15:05:00 +0000 "Let Them Keep Playing Games": Iran Warns Of $200 Crude Oil
"Let Them Keep Playing Games": Iran Warns Of $200 Crude Oil
G-7 finance ministers are holding an emergency meeting on Monday morning to discuss options to Read more.....
"Let Them Keep Playing Games": Iran Warns Of $200 Crude Oil
G-7 finance ministers are holding an emergency meeting on Monday morning to discuss options to cap skyrocketing energy prices , with Brent and WTI trading in triple-digit territory as the Middle East conflict threatens to unleash a global energy shock. As the U.S.-Iran conflict intensifies heading into the new week, the Islamic Revolutionary Guard Corps has warned of $200-a-barrel oil.
IRGC spokesman Ebrahim Zolfighari said on Monday that the U.S. has begun a new chapter in the conflict by targeting Iran's energy infrastructure.
"If they can afford the price of oil at $200 per barrel, let them keep playing this game ," Zolfighari said in a video message posted by Al Jazeera on X.
Over the weekend, Israeli strikes on major oil facilities around Tehran , combined with production shut-ins by major Gulf producers and IRGC retaliatory attacks on energy facilities across the Middle East, sparked panic in energy markets worldwide, with Brent crude briefly topping $119 per barrel in Asian trading .
On Friday, Goldman analyst Daan Struyven wrote four reasons why oil prices are moving higher:
Shipping has stopped. We estimate that shipments passing through the Strait of Hormuz are down 90% from normal, curtailing 18 mbpd from the global market (~18% of global oil).
Pipeline pressures. We estimate only about 25% of the theoretical redirection of oil in the Middle East through pipelines is currently being achieved, partly due to physical disruptions. We estimate only ~0.9 mbpd are incrementally coming to market through Middle East pipeline initiatives.
No quick shipping solutions. Our conversations highlight that most shippers are in a wait-and-see mode while physical risks in the SoH are high.
Demand destruction may be necessary. With no supply relief in sight, oil prices may need to go to demand-destruction levels even more quickly than history and simple models focusing on Persian Gulf exports alone suggest.
Goldman's Rich Privorotsky commented on the speculation of SPR dumps, indicating:
Such a release would buy time. If the disruption proves temporary, a coordinated SPR release makes sense. If the disruption persists for months, those reserves might arguably be more valuable at higher prices or in a more acute shortage.
Additionally, energy economist Anas Alhajji warned UBS analysts last week about SPR limitations:
"The impact of the U.S. SPR is limited. Saudi Arabia is completely out of the picture. All of that spare capacity in OPEC is out of the picture. So what do we do? We are then left relying on demand destruction to curb"
Related:
What's evident is that Operation Epic Fury, which initially focused on military, nuclear, missile, and IRGC sites, is now targeting economic high-value assets, with Iran's Kharg Island now in focus (read ).
Tyler Durden
Mon, 03/09/2026 - 11:05 Close
Mon, 09 Mar 2026 14:55:00 +0000 Key Events This Week: CPI, PCE, ADP, Durable Goods And More
Key Events This Week: CPI, PCE, ADP, Durable Goods And More
With the Fed in their self-imposed blackout period, the economic data will get a chance to do the talking ahead of the March 18th FOMC meeting. Of particular note will be t
Read more.....
Key Events This Week: CPI, PCE, ADP, Durable Goods And More
With the Fed in their self-imposed blackout period, the economic data will get a chance to do the talking ahead of the March 18th FOMC meeting. Of particular note will be the inflation data, namely Wednesday’s CPI report for February and Friday’s core PCE reading for January, but there will also be some scattered labor market data to help put context around last Friday’s disappointing February employment report. Of course, all of that assumes that traders can be dragged away from the latest Iran war headlines fro more than 5 minutes.
Turning to this week's main event, the February CPI report will get top billing . DB's expectations are for a 1.0% increase in energy prices to boost headline CPI (+0.27% forecast vs. +0.17% previous) relative to core (+0.24% vs. +0.30%). This translates to a year-over-year rate of 2.40% (vs. 2.39% previous), while the latter would tick down by 4bps to 2.46%. Within the CPI basket, DB looks for tariff-related strength in core goods, particularly apparel. In addition, recent gains in wholesale used car prices have the potential to begin adding to price pressures over the next couple of months. On the services side, expect more rental disinflation, though recent upward revisions to the repeat-rent indices suggest caution around the speed at which that can occur. Also look for payback from January’s particularly large increase in airfare prices, though recent moves in energy prices could add to airfares going forward.
Also of note on the inflation front this week will be Friday’s personal income (+0.4% forecast vs. +0.3% previous) and consumption (+0.1% vs. +0.4%) report for January, which will contain that month’s reading on core PCE, the Fed’s preferred inflation measure. Based on the January CPI and PPI data, DB is expecting a 0.42% increase (vs. +0.36%), which would take the year-over-year rate up a tenth to 3.1%. The Fed will have to wait until the morning of their March 18th meeting for the PPI data to get a more complete read on February’s core PCE. Based on our component-level CPI forecasts, our prior expectation is for a 0.18% February gain, which would have the year-over-year rate decline to 2.8%.
In terms of the labor market data, ADP’s weekly data on Tuesday covering the week of February 21st will provide an initial view on net hiring trends beyond February’s survey week. Similarly, Thursday’s jobless claims and Friday’s January JOLTs release will give additional context on gross labor market flows.
The remainder of the data this week will help forecasters sharpen their views on current quarter growth. Growth data will also feature. Revisions to the second estimate of fourth quarter GDP (Friday) will update the baseline from which to judge early 2026 momentum. Tuesday’s existing home sales (3.81mn vs. 3.91mn) for February and Thursday’s housing starts (1.325mn vs. 1.404mn) and permits (1.450 vs. 1.455mn) for January will provide an update on the residential sector. We will also get a preliminary look into the health of the factory sector with January’s durable goods orders (+0.4% vs. -1.4% headline / +0.4% vs. +0.8% core) on Friday as well.
Friday will also see the preliminary release of the University of Michigan survey for March. While DB expects a decline in sentiment (55.0 vs. 56.6), due to the recent hostilities in the Middle East, also important for the Fed will be consumers’ inflation expectations.
Over in Europe, the focus will be on the monthly GDP for January in the UK (Friday), German January factory orders and industrial production (today) and the trade balance (tomorrow), and February CPIs in Norway and Denmark (both tomorrow).
Rounding out with earnings, there will be reports from Oracle and Adobe in the US as well as Inditex, Rheinmetall, Volkswagen and BMW in Europe. Finally, the focus will be on the Saudi Aramco earnings tomorrow amidst the big rise in oil prices last week.
Fed reaction
The emergence of shale production in the US has helped to limit the impact of oil price spikes on the economy. Indeed, within the Fed’s FRB/US model, a $20/bbl increase in oil prices only increases unemployment by about 2bps and has almost no impact on core PCE inflation. However, with downside risks to the labor market while inflation has run above target for almost five years in a row, the response for the Fed to such a supply shock is not clear. Indeed, looking at the Fed’s prior responses to energy shocks does not yield a regular pattern (see “What does history tell us about the Fed's response to oil price shocks?”). Sometimes, the Fed emphasized the threat to the inflation side of their dual mandate while other times, it sought to protect against any deterioration in the labor market.
In the current episode, with inflation expected to be on a downward trajectory, the market could give the Fed some leeway to “look through” another supply-side shock. That said, inflation has been too high for too long, and the latest data calls into question how much disinflation can reasonably be expected, especially if there are increases in measures of inflation expectations (e.g., Friday’s Michigan data). On the flipside, growth looks strong but there are concerns on a forward-looking basis, for example, due to the potential for AI to disrupt the labor market.
In summary, the February jobs report, as well as January’s, makes it clear that one month’s data should never be taken in isolation. San Francisco Fed President Daly made this point in the wake of last Friday’s release, noting that while February’s data gives her some concern, all the moving parts like the strike and the change in population controls make it harder to interpret.
While the more dovish members will likely point to the February employment report as justification for more policy support, the Committee, as a whole, will likely need more data to ascertain the underlying state of the labor market. We continue to expect the Fed to cut rates only once this year, should disinflationary pressures become clear in the second half of 2026. However, if February’s weakness is confirmed in subsequent months (not our base case), that could open a path to an earlier reduction
Courtesy of DB, here is a day-by-day calendar of events:
Monday March 9
Data: US February NY Fed 1-yr inflation expectations, China February CPI, PPI, Japan February Economy Watchers survey, bank lending, January labor cash earnings, BoP current account, trade balance, leading index, coincident index, Germany January factory orders, industrial production
Central banks: ECB’s Elderson speaks
Earnings: CATL, Constellation Software, HPE
Tuesday March 10
Data: US February NFIB small business optimism, existing home sales, China February trade balance, Japan February PPI, machine tool orders, M2, M3, January household spending, Germany January trade balance, France January trade balance, current account balance, Italy January PPI, Sweden January GDP indicator, Norway February CPI, Denmark February CPI
Central banks: ECB’s Simkus and Muller speak
Earnings: Saudi Arabian Oil, Oracle, Volkswagen, Partners Group
Auctions: US 3-yr Notes ($58bn)
Wednesday March 11
Data: US February CPI, federal budget balance
Central banks: Fed’s Bowman speaks, ECB’s Guindos and Schnabel speak
Earnings: Inditex, Rheinmetall, Telecom Italia
Auctions: US 10-yr Notes (reopening, $39bn)
Thursday March 12
Data: US January trade balance, housing starts, building permits, Q4 household change in net worth, initial jobless claims, UK February RICS house price balance, Canada January international merchandise trade, building permits
Central banks: Fed’s Bowman speaks, ECB’s Villeroy speaks
Earnings: Adobe, Generali, BMW, RWE, Dollar General
Auctions: US 30-yr Bond (reopening, $22bn)
Friday March 13
Data : US January PCE, personal income, personal spending, durable goods orders, JOLTS report, March University of Michigan survey, UK January monthly GDP, Germany February wholesale price index, January current account balance, Italy January industrial production, Canada January manufacturing sales, February labour force survey
Central banks: BoE inflation attitudes survey
Focusing on just the US, Goldman writes that the key economic data releases this week are the CPI report on Wednesday and the durable goods and core PCE reports on Friday. Fed officials are not expected to comment on monetary policy this week, reflecting the blackout period ahead of the March FOMC meeting.
Monday, March 9
No major economic data releases scheduled.
Tuesday, March 10
10:00 AM Existing home sales, February (GS +0.5%, consensus -0.8%, last -8.4%)
Wednesday, March 11
08:30 AM CPI (MoM), February (GS +0.18%, consensus +0.3%, last +0.2%); Core CPI (MoM), February (GS +0.17%, consensus +0.2%, last +0.3%); CPI (YoY), February (GS +2.34%, consensus +2.4%, last +2.4%); Core CPI (YoY), February (GS +2.42%, consensus +2.5%, last +2.5%): We estimate a 0.17% increase in February core CPI (month-over-month SA), which would lower the year-over-year rate by 0.1pp to 2.4% on a rounded basis. We expect softer autos inflation, reflecting a 0.5% decline in used car prices, a slight increase in new car prices (+0.2%), and a decline in the car insurance category (-0.3%). We expect a smaller contribution from travel services inflation (airfares: flat vs. +6.5% in January; hotels: +0.5% vs. -0.5% in January), reflecting signals from alternative price data. We forecast a benign increase in the shelter categories (rent: +0.22%, OER: +0.22%), reflecting a continued slowdown in their underlying trend. We expect unchanged medical services prices, reflecting a continued decline in medical insurance prices (-1.0%). We expect upward pressure from tariffs on categories that are particularly exposed (such as recreation) worth +0.05pp. We estimate a 0.18% rise in headline CPI, reflecting higher food (+0.1%) and energy (+0.5%) prices.
Thursday, March 12
08:30 AM Trade balance, January (GS -$63.0bn, consensus -$66.0bn, last -$70.3bn)
08:30 AM Initial jobless claims, week ended March 7 (GS 215k, consensus 215k, last 213k) ; Continuing jobless claims, week ended February 28 (consensus 1,850k, last 1,868k)
08:30 AM Housing starts, January (GS -2.0%, consensus -4.6%, last +6.2%)
Friday, March 13
08:30 AM Personal income, January (GS +0.6%, consensus +0.5%, last +0.3%); Personal spending, January (GS +0.3%, consensus +0.3%, last +0.4%); Core PCE price index, January (GS +0.39%, consensus +0.4%, last +0.4%); Core PCE price index (YoY), January (GS +3.07%, consensus +3.1%, last +3.0%); PCE price index, January (GS +0.30%, consensus +0.3%, last +0.4%); PCE price index (YoY), January (GS +2.85%, consensus +2.9%, last +2.9%): We estimate that personal income and spending increased by 0.6% and 0.3%, respectively, in January. We estimate that the core PCE price index rose 0.39% in January, corresponding to a year-over-year rate of +3.07%. Additionally, we expect that the headline PCE price index increased 0.30% in January, or increased 2.85% from a year earlier.
08:30 AM Durable goods orders, January preliminary (GS +1.0%, consensus +1.1%, last -1.4%); Durable goods orders ex-transportation, January preliminary (GS +0.5%, consensus +0.5%, last +1.0%); Core capital goods orders, January preliminary (GS +0.5%, consensus +0.5%, last +0.8%); Core capital goods shipments, January preliminary (GS +0.6%, consensus +0.5%, last +1.0%): We estimate that durable goods orders increased by 1% in the preliminary January report (month-over-month, seasonally adjusted), reflecting an increase in commercial aircraft orders. We forecast a 0.5% increase in core capital goods orders and a 0.6% increase in core capital goods shipments—the latter reflecting the increase in orders in the prior month.
08:30 AM GDP, Q4 second release (GS +1.6%, consensus +1.4%, last +1.4%); Personal consumption, Q4 second release (GS +2.4%, consensus +2.4%, last +2.4%): We estimate a 0.2pp upward revision to Q4 GDP growth to +1.6% (quarter-over-quarter annualized). Our forecast reflects a downward revision to business fixed investment growth based on softer software spending details in the quarterly services survey (QSS) that is more than offset by upward revisions to residential fixed investment and inventory accumulation. We estimate a modest upward revision to consumer spending that leaves the rounded Q4 growth rate unchanged at 2.4%.
10:00 AM University of Michigan consumer sentiment, March preliminary (GS 54.5, consensus 55.3, last 56.6): University of Michigan 5-10-year inflation expectations, March preliminary (GS 3.5%, last 3.3%)
10:00 AM JOLTS job openings, January (GS 7,000k, consensus 6,750k, last 6,542k)
Source: DB, Goldman
Tyler Durden
Mon, 03/09/2026 - 10:55 Close
Mon, 09 Mar 2026 14:55:00 +0000 G-7 Leaders Reject SPR Release Plan, But 'Stand Ready' After Initial Jawbone Efforts Fade
G-7 Leaders Reject SPR Release Plan, But 'Stand Ready' After Initial Jawbone Efforts Fade
Update (1055ET):
G-7 finance ministers used headlines in Asia, including calls for a meeting to discuss an S
Read more.....
G-7 Leaders Reject SPR Release Plan, But 'Stand Ready' After Initial Jawbone Efforts Fade
Update (1055ET):
G-7 finance ministers used headlines in Asia, including calls for a meeting to discuss an SPR release, as a purely performative attempt to calm chaotic energy markets.
Now that the emergency meeting is over, the group of leaders failed to agree on releasing crude supplies. Those headlines briefly hit Brent down from around $119/bbl to near $100, but once again, it appears to have been little more than a circus act as world leaders stare directly into what could become an energy shock.
France said the G-7 is not yet prepared to move forward with a coordinated release of SPR in response to Operation Epic Fury, which has unleashed chaos across the Middle East.
French Finance Minister Roland Lescure told the other ministers that the group stands ready to take whatever steps are necessary to stabilize conditions and is closely monitoring developments, including the possible use of the SPR.
"We agreed on following the situation very closely, we are ready to take all necessary measures including using strategic reserves to stabilize the market," Lescure said after the meeting, quoted by Bloomberg.
Bloomberg commodities analyst Javier Blas said on X that the G-7 stopped short of authorizing an SPR release and instead opted to continue monitoring energy markets. He added that Japan cited an IEA recommendation urging G-7 leaders to consider tapping reserves to contain the oil price spike.
The Financial Times reports:
G-7 finance ministers are poised to release a joint statement saying the countries "stand ready to take necessary measures, including to support global energy supply, such as a stockpile release," according to people familiar with the situation.
A virtual meeting on Monday included the heads of the IEA, IMF, World Bank, and OECD, according to those people.
"We discussed the current conflict in the Middle East, its impact on regional stability, global economic conditions, and financial markets, and the importance of secure trading routes," the ministers are expected to say in the statement.
How G-7 leaders jawboned energy markets today:
This desperate circus act by G-7 leaders suggests that the energy shock rippling through the system could be historic, especially as an IRGC spokesperson warned of $200/bbl crude prices.
At what price does the G7, in fact, release SPRs?
* * *
Asian and European equities traded lower, while U.S. equity futures fell 1% as Brent and WTI futures traded in triple-digit territory following the weekend escalation in Middle East tensions. The energy shock we have been warning about for the past week, citing top institutional desks from JPMorgan, UBS, Goldman, and others, is now staring G-7 leaders directly in the face as energy market panic erupts.
You know conditions are deteriorating very quickly when the Financial Times reports that G-7 finance ministers are set to hold an 8:30 a.m. New York time call to discuss a possible coordinated release of strategic oil reserves to combat runaway crude prices, as Brent crude hit $119/bbl overnight. Such a move to dump SPR on global markets shows just how afraid policymakers are that the oil shock could crush consumer sentiment and, in turn, hit economic growth.
There have been five coordinated SPR dumps onto the global market with the International Energy Agency. The last two occurred in 2022, in the early days of the Russian invasion of Ukraine, which sent energy prices through the roof. However, as we must note, dumping SPRs in 2022 did not work so well, and the market will likely look beyond current flows and focus on overall stockpiles being drained (read: here & here ).
The scramble by G-7 leaders comes as Brent crude hit $119/bbl in Asia, up from about $72 before Operation Epic Fury kicked off more than a week ago, now in its second week. With the Strait of Hormuz effectively closed and Gulf producers cutting output as storage fills up, the worst-case scenario appears to be unfolding: an energy shock.
To cushion the shock, potentially bridging some of the supply gap of a short-term war (but definitely not a longer term or wider disruption) FT sources said world leaders could release 300 million to 400 million barrels, or about 25% to 30% of the 1.2 billion-barrel reserve.
Given the extreme moves, any announcement is likely to move prices (and indeed is already being somewhat discounted) but the question remain of whether that will actually impact the cost of pump prices in America (which are set to soar to $5 a gallon, however briefly, on a lagged response to WTI and RBOB price surges currently).
As Goldman's Rich Privorotsky noted:
Such a release would buy time. If the disruption proves temporary, a coordinated SPR release makes sense. If the disruption persists for months, those reserves might arguably be more valuable at higher prices or in a more acute shortage
WTI is down $20 from its overnight highs on the report of the coordinated SPR release...
Late last week, JPMorgan's top commodity strategist, Natasha Kaneva, did the 'Hormuz Math ' and warned that production shut-ins were imminent - hence the weekend production cuts by major Gulf states and Brent crude spiking into triple-digit territory.
Additionally, energy economist Anas Alhajji warned UBS analysts last week about SPR limitations:
"The impact of the U.S. SPR is limited. Saudi Arabia is completely out of the picture. All of that spare capacity in OPEC is out of the picture. So what do we do? We are then left relying on demand destruction to curb prices. And because of the panic buying, prices would go above $100 easily in this scenario."
Even if the conflict in the Middle East ended today, Alhajji explained that returning Gulf oil and gas production to a 'normal state' would take two months because of logistical and technical issues. This only implies that an energy shock has begun. Deutsche Bank warned in recent days that this was an "existential threat" to airlines, and next could very well be a shock to consumers. The only question now is whether the shock is big enough to cause a financial blow to countries that are among the largest importers of crude from the Gulf region, such as China and other Asian countries.
Tyler Durden
Mon, 03/09/2026 - 10:55 Close
Mon, 09 Mar 2026 14:20:00 +0000 Trump Cabinet Members Allegedly Buying Nuclear Bunkers
Trump Cabinet Members Allegedly Buying Nuclear Bunkers
Trump Cabinet Members Allegedly Buying Nuclear Bunkers
Via Modernity.news,
The Iran conflict has ignited a massive surge in demand for nuclear-proof bunkers across America , with even top Trump administration officials securing their own underground fortresses amid whispers of World War Three.
As The Telegraph reports, Ron Hubbard, owner of Atlas Survival Shelters, reports being “inundated with calls” since the conflict erupted, with enquiries spiking “tenfold.”
The Texas-based company, which builds everything from $20,000 basic shelters to multimillion-dollar compounds, is reaping a harvest from the heightened tensions.
Hubbard revealed that two senior Trump Cabinet members are new customers.
“One of them texted me yesterday, asking me: ‘When will my bunker be ready?’” he said.
These bunkers boast hardened steel construction, armoured blast doors, air purification systems, and luxuries like cinemas, pools, and gun ranges—designed to withstand drone strikes or worse.
Yet Hubbard is blunt about limits:
“No bunker in the world is designed to withstand a bunker buster from an American bomber. I’m sorry you just can’t make a bunker strong enough.”
He added: “If the Americans want you dead, you’re dead. I don’t think any bunker in the world can protect you from an American that wants to kill you.”
The boom extends globally, with Hubbard’s new Dubai office fielding urgent requests after Iranian missiles hit the city.
“They thought they’d never see bombs fall. But now [they’re getting the s— bombed out of them],” he noted of local clients.
VIDEO
Atlas averaged $2 million in monthly sales this year but expects $50 million next month.
“Bunker building is like being a farmer. When it’s time for harvest, you have to reap all you can,” Hubbard explained. “Now that they’ve been bombed, they’re all going to want shelters. It’s just a fact of life.”
Hubbard has built for tech moguls like Mark Zuckerberg and even Andrew Tate, underscoring how elites are hedging against chaos.
Tyler Durden
Mon, 03/09/2026 - 10:20 Close
Mon, 09 Mar 2026 14:05:00 +0000 Oklo And Centrus Signal Progress On America's Nuclear Fuel-Chain Bottleneck
Oklo And Centrus Signal Progress On America's Nuclear Fuel-Chain Bottleneck
Oklo And Centrus Signal Progress On America's Nuclear Fuel-Chain Bottleneck
Oklo and Centrus Energy announced they have agreed to pursue a joint venture focused on deconversion services for high-assay low-enriched uranium (HALEU) and the advancement of related fuel-cycle technologies and supply chains.
The JV would operate at Centrus’ Piketon site in Ohio, co-located with the existing enrichment facility and adjacent to Oklo’s planned 1.2 GW power campus . Centrus also recently started expansion efforts at their site and was awarded $900 million to support their HALEU project.
The language being used by company leadership to describe the goals of the JV points to their intentions of pursuing the establishment of a Nuclear Lifecycle Innovation Campus (NLIC) in Ohio .
CEO and co-founder of Oklo Jacob DeWitte stated:
“This framework supports deeper discussions with Centrus on potential pathways to expand deconversion capacity, strengthen domestic supply chains, and advance a more efficient fuel-cycle model that operates from the same location .”
The NLIC program is a push by the DOE to incentivize state governments to host the various stages of the nuclear fuel chain within their borders. States like Texas, Tennessee, and Ohio are getting the message. Other anti-nuclear waste states like New Mexico and California will continue denying their residents the extra tax revenue and high paying job opportunities …
Deconversion transforms enriched uranium hexafluoride (UF6) into forms such as uranium metal or oxide suitable for fabricating fuel assemblies in next-generation reactors. A centralized facility could eliminate the need for individual developers to establish their own deconversion capabilities.
This announcement advances a longstanding partnership. The companies first collaborated via a 2021 letter of intent and expanded ties with a 2023 memorandum of understanding that included HALEU supply from Centrus, component manufacturing, power procurement from Oklo’s plants, and plans for deconversion and fuel fabrication.
As we have been pounding the table for months now, it seems like more companies are getting serious about finally addressing the shortcomings in the American nuclear fuel chain .
Tyler Durden
Mon, 03/09/2026 - 10:05 Close
Mon, 09 Mar 2026 13:45:07 +0000 Dem Leaders Can't Explain Past Support For Unilateral Presidential War Powers
Dem Leaders Can't Explain Past Support For Unilateral Presidential War Powers
Dem Leaders Can't Explain Past Support For Unilateral Presidential War Powers
Authored by Jonathan Turley,
In Rage and the Republic , I quote former Rep. Jaamal Bowman (D., N.Y.) as capturing the essence of an age of rage when a colleague asked him to stop yelling outside of the House floor. Bowman responded, “I was screaming before you interrupted me.”
Bowman’s statement came to mind this week when Democratic members were miffed when they were interrupted in tirades over war powers with questions about their prior support for unilateral attacks by Democratic presidents. Leaders like Rep. Nancy Pelosi (D., Cal.) and Sen. Adam Schiff (D., Cal.) struggled to explain their prior support for President Barack Obama in doing precisely that in Libya with embarrassing results.
The greatest face plant may have been Schiff’s appearance on “Real Time” with host Bill Maher.
After Schiff denounced any attack without prior congressional approval, Maher read “This statement from the administration: ‘The president had the constitutional authority to direct the use of military force because he could reasonably determine that such use of force was in the national interest.’”
He then asked Schiff, “That’s too vague for you?”
Schiff responded, “Totally vague…”
Mayer than dropped the H bomb: “Okay. Because that’s from Obama about Libya.”
The moment laid bare the towering hypocrisy of democrats who continued to support Obama after he attacked Libya without any suggested imminent threat to the United States and an open strategy of regime change.
I represented members of Congress opposing that war over the absence of a declaration of war; most of the senior Democrats today refused to join that litigation.
Pelosi is especially hypocritical on the issue.
She expressly declared that Obama did not need congressional authorization to launch unilateral attacks on Libya seeking regime change. She stated unequivocally that ”I’m satisfied that the president has the authority to go ahead. I say that as one very protective of Congressional prerogative and consultation all along the way.”
Reporters then followed up and pressed her if she really believed that a president could not only launch an unprovoked war but could also continue combat operations without congressional approval. Pelosi answered “yes.”
This week, she made a ham-fisted effort to spin the contradiction. She told the media that the Iran and Libyan wars are “two completely different things. They’re not at all alike.”
Pelosi added, “What Obama did was limited military force. This is beyond that. It was limited military force.” In signature fashion, she then struck out at pesky reporters asking about her past position: “Do your homework. Read the law. We have lost people in war already… I just think if you read the law, you will see the difference.”
While not challenged on the spin, it is historically and legally nonsensical.
The Libyan War was not limited. The Obama Administration attacked the capital city of a country that was posing no imminent threat to the United States. It also took out columns of Libyan military units. It did so with the overt strategy of producing regime change. Figures like then-Secretary of State Hillary Clinton supported the action, which led to years of violence and instability in the country.
More importantly, it is immaterial how the two major operations stack up. The question is whether a president can launch large-scale military operations against another country based on their inherent Article II powers. Both Obama and Trump maintained that they could do so and we lost the challenge to the Libyan War.
Moreover, while there are good-faith objections to the need for the attack, presidents have successfully claimed the right to initiate combat operations without congressional authorization. That has boxed in Congress since the Jefferson administration.
Even though both Democratic and Republican presidents have questioned the constitutionality of the War Powers Act, Trump has actually complied with the requirements to notify and consult with Congress. The law requires presidents to inform Congress within 48 hours if U.S. forces are introduced into hostilities and requires congressional authorization for engagements that last more than 60 days.
Moreover, both houses have now voted and rejected any limits on Trump’s authority to prosecute this war.
They are, of course, not alone in this hypocrisy.
In 2011, Sen. Richard Blumenthal praised Obama’s unilateral attack on Libya as a “prudent, decisive action.” This year, he denounced Trump’s attack on Iran as a “unilateral action without accountability…engaging in a war of choice that rejects opportunities for diplomacy.”
These glaring contradictions mean little today in our post-truth political environment. These politicians know that their base does not care as long as they oppose Trump. The obvious misrepresentation of their positions in the past would ordinarily be viewed as raw contempt for the intelligence of the voters. However, they know their base and the license of rage. They also know that the media will not press particularly hard on their flip-flop.
It is that rage that is giving Democrats the courage to vote virtually unanimously to end all combat operations in the midst of an existential battle over Iran. It is the same assurance that is evident in continuing the government shutdown by denying funding to the Department of Homeland Security.
The vote not to fund Homeland Security during a fight with the leading state sponsor of terrorism may stand as the single most reckless, irresponsible vote since Congress authorized the payment of “tribute” to the Barbary Pirates.
The important thing is that, now that these members simply denied that there is any contradiction with their positions from prior Democratic Administrations, they can now avoid further interruptions in this rage rave.
Jonathan Turley is a law professor and the author of the New York Times bestselling “Rage and the Republic : The Unfinished Story of the American Revolution.”
Tyler Durden
Mon, 03/09/2026 - 09:45 Close