Moment of truth, thanks to another unsupported social media declaration…

…that sent CL tumbling by over 6%.

Perhaps the bigger development is the extraordinary intervention in the Japanese yen. Reuters captured this snapshot of Scott Bessent’s To-Do list at Camp David the other day:

There is some confusion as to how the purchase was financed – with dollars or euros. And, there’s plenty of doubt as to whether the yen strength will last given Japan’s negative real interest rates. But, the USDJPY’s breakdown…

…was mirrored by a breakdown in the DXY. Such declines have been beneficial to stocks of late.