From Lehman to Liberation, Don’t Trust First Takes: John Authers

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Today’s Points:

• Liberation Day is here! Why does it feel as ominous as Lehman Weekend?
• US manufacturers arrive with massive inventories and a dearth of orders.
• DOGE is beginning to show up in jobs numbers.
• Don’t rely on the dollar’s surprising weakness to last.
• The biggest fortune in the world can’t buy a Supreme Court seat in Wisconsin.
• AND: All you need to sustain any argument about tariffs.

Liberation Day Minus One

It’s been a while since a moment quite this extreme ...