📈Ithaca Protocol Market Update 

► ‘ Trump / Musk relationship is fraying ’, this is just ‘ get popcorn at the ready ’, has even geopolitical implications; which side on Russia / Ukraine Misk lands?

► Circle IPO 25x oversubscribed, what a journey this has been for the team ( which mirrors crypto in many ways )

► ISM and ADP have provided a gloomy outlook for payrolls tomorrow; bonds caught a proper bid. ADP a poor predictor payrolls but ISM services below 50, prices paid too high, new orders too low
   
► 2 main risks here; US / China ( and market sees China having a bit of the upper hand, but not ready to wield yet aggressively, rare earths issue subtle but painful ), OBBBA pushing yields beyond the 5% resistance
 
► Section 899 will be a focus every day for some time for everyone globally, capital flows impact will be meaningful and will play to dollar weakness