President Trump told reporters in passing on the White House lawn Tuesday that Ukrainian President Volodymyr Zelensky “is going to have to make a deal” with Russia to end the the long-running war.

Last month’s historic Alaska Trump-Putin summit failed to produce or lead to anything substantial, other than perhaps an improvement of bilateral relations. Trump acknowledged in the fresh remarks that the Ukrainian and Russian leaders “hate each other,” and said “it looks like I have to sit in the room with them, because they can’t sit in a room together.”

“There’s great hatred there. But no, that meeting accomplished a lot,” he said in reference to the Alaska summit.

And yet the reality remains that Putin and Zelensky are at this point no closer to actually being in the same room together, much less the same venue, even if other mediators like Trump are there.

Trump also in his comments took the opportunity to apply more pressure on the European Union, saying it must stop all purchases of Russian oil “immediately”.

“They’ve got to stop immediately, not fair to us. They’re purchasing Russian oil, and we have to do this,” he said.

Ukraine’s Zelensky without doubt wants the next round of EU sanctions to hit Moscow, but has also appeared supportive of Trump calling out Europe’s oil and other energy imports.

“I’m sure the US can apply enough sanctions in order to hurt the Russian economy, plus Donald Trump has enough force to make Putin afraid of him,” Zelensky said.

Still, Kiev wants to see more and more robust sanctions leveled from Washington’s direction. “Europe has already introduced 18 sanctions packages against Russia. And all that’s lacking now is a strong sanctions package from the US,” Zelensky has said.

As for Trump admitting that Zelensky must make a deal, the big question remains whether Trump is willing to use the significant leverage the United States has over the Ukrainian leader.

🇺🇸🇺🇦 “Zelensky’s gonna have to make a deal!” – Trump pic.twitter.com/Ob2RL0kCF0

— DD Geopolitics (@DD_Geopolitics) September 16, 2025

So far Trump has not been willing. He could simply cut off the weapons and money flows to the Zelensky government if he wanted to – but he’s not even threatening to at this point. Such actions would result in huge pushback from Trump’s own Republicans. So for now, his urging Zelensky to the peace table appears to just be empty words, with no threat of repercussions. Meanwhile:

TRUMP ADMINISTRATION CLEARS FIRST UKRAINE ARMS AID PACKAGE PAID FOR BY ALLIES, SOURCES SAY

Currently, there are reports indicating that Trump and Zelensky might meet again next week. At this point, there’s no sign of a Putin-Zelensky meeting being anywhere on the horizon.

With a 25bps rate-cut fully priced in tomorrow, a mystery trader made a massive bet yesterday to hedge against the possibility of a much larger 50bps cut – very much against the consensus in the market.

After last week’s jobless claims and CPI/PPI malarkey, there has been some rotation in the market relating to The Fed’s rate-cut trajectory (with 2025 expectations declining and 2026 expectations increasing)…

The 2025 shift has seen September odds of a 50bps cut tumbled (from almost 20% to only around 4% now) while October’s odds of a 25bps cut are also falling…

So, despite that hawkish shift, Bloomberg’s Ed Bolingbroke reported an eventful morning session in the US yesterday for flows in the front-end of the curve included the largest ever block trade in fed funds futures.

The trade took place in the October fed funds, for an amount of 84,000 contracts which is equivalent to $3.5 million per basis point in risk.

As Bolingboke notes, the price and timing of the trade was consistent with a buyer, potentially indicating a hedge against a half-point rate cut at Wednesday’s policy meeting, given a quarter-point cut is now fully baked into the swaps market.

The CME confirmed this was the largest ever block trade in Fed Funds Futures…

The largest ever Fed Funds futures block trade was executed this morning (84,000 contracts, equivalent to $3.5m per basis point), underscoring the significant risk transfer enabled by CME Group’s deeply liquid markets. pic.twitter.com/eV3EsnUMKe

— CME Group Interest Rates (@Interest_Rates) September 15, 2025

Along with the massive fed funds futures flow, and perhaps reflecting the shift seen in the first chart above, there was also a huge SOFR spread trade via a September 2026/March 2027 steepener.

This position may reflect a wager on more front-loaded and deeper rate cuts vs. current policy pricing.

As we noted earlier, and bearing in mind these new large positions, Goldman believes the main near-term risk to equity markets would be an unwind of Fed cutting expectations, particularly for some of the lower quality pockets of the market that have benefited from a more ‘goldilocks’ backdrop.

By Russell Clark of the Capital Flows and Asset Markets substack

In a recent post, I wondered if the Trump administration was going to force the Federal Reserve out of the “QE Business” – or in other words ban them from buying assets, and get them to focus solely on interest rate markets.

This could be a huge issue for markets. Whenever asset markets have threatened to unwind, central banks have stepped in as buyers. The UK gilt market is good example, where the Truss budget was a shock, that caused initial margins on gilt trading to rise which caused the market to have no bidders and yields to surge. It required the BOE to restart QE to bail out basis traders.

When looking at basis trades (typically buying physical treasuries and then selling interest rate futures or derivatives) there are two different market to look at. LCH owned by the LSE Group and has dominant market share in interest rates derivatives and European bonds. CME dominates Treasury trading, and JSCC dominates JGB trading. We are mainly concerned with treasuries here, so we will look at date from LCH and CME. Looking at variation and initial margin data, there is a cyclicality to this. Spikes in variation and initial margins SHOULD be correlated.

As of the most recent data point, q2 2025, margins look low at LCH.

CME data is more interesting. Q2 data shows much more of a spike in both variation and initial margins, more inline with the air pocket we saw in Treasuries during the “Liberation Day” tariff sell off.

More surprising was the lack of margin breaches at LCH

Something we also saw at CME.

Having studied clearinghouses for a while, this would match up with market moves. The MOVE Index (a measure of bond volatility) tends to match initial margins, and spikes from low levels to high levels tend to march up with margin breaches. So 2020, and 2022 saw margin breaches, but since 2023, the MOVE index has tended to be moving lower.

Generally speaking, clearinghouses tend to cause trend following to work well. So when things are going well, for example the MOVE Index is going lower, then initial margins will fall, and asset markets will behave. It is only a problem when volatility inflects higher. So generally speaking, IF the Fed gets out of the bond buying business, AND the Trump administration delivers inflationary fiscal policy or we get an oil shock, then we will have a problem. But the data above suggests that will be more likely a 2026 or 2027 problem. The only data point that I found particularly bearish was a huge drop in KCCP – which determines the capital charge for trading with LCH.

This fall in capital charge is very good for basis traders and other users of the clearinghouse, as it allows less capital to be put aside. The fall was driven by a regulatory change, which in essence allows the clearinghouse to net trades. But netting is the key issue with clearinghouses. Netting is the fundamental driver of basis trade, and leverage. LCH reports initial margin numbers on a total and net basis. As I understand it, the net number is purely hypothetical. Is the amount of initial margin LCH calculates would be necessary if all trades could be netted.

Theoretically this should be fine. But analysis suggests that we are ending up with a bifurcated market, with hedge funds all one side, and banks all the other side. As an old report form the BIS noted, all US banks have become a net lender to the repo market.

Putting it all together, conditions are nearly perfect for a clearinghouse blow up – but not yet. A sustained period of the MOVE index trading in the 50 to 60 range should allow sufficient leverage to build for a blowout move. I still think long dated government bond yields go higher. But an air pocket move like we saw in gilts in 2022, or treasuries earlier this year looks unlikely until 2026.

Authored by Matt Margolis via PJ Media,

FBI Director Kash Patel faces questions during a Senate Judiciary Committee hearing Tuesday morning, during which Sen. Chuck Grassley (R-Iowa) revealed that whistleblower revelations showed that Joe Biden’s FBI targeted not just Donald Trump, but a wide swath of Republican organizations — including Charlie Kirk’s Turning Point USA.

Grassley reminded Patel of the FBI’s recent history of political weaponization, pointing directly to an operation known as “Arctic Frost.”

“At your nomination hearing, I made public records that whistleblowers provide me about Arctic Frost,” Grassley said. “Arctic Frost was the FBI case opened and approved by anti-Trump FBI Agent Thibeau. Arctic Frost then became Jack Smith’s elector case against then-citizen Trump and now-President Trump.”

According to Grassley, newly obtained records show that the Arctic Frost probe was far broader than previously known. “The case was expanded to Republican organizations,” Grassley explained. “Some examples of the group that Wray and FBI sought to place under political investigation included the Republican National Committee, Republican Attorney General’s Association, and various Trump political groups.”

The scope was staggering. “In total, 92 Republican targets, including Republican groups and Republican-linked individuals, were placed under investigative scope of Arctic Frost,” Grassley said. “On that political list was one of Charlie Kirk’s groups, Turning Point USA.”

Grassley argued that the evidence proves that Arctic Frost was more than just an anti-Trump operation. It was actually about crippling the Republican political infrastructure. 

“In other words, Arctic Frost wasn’t just a case to politically investigate Trump,” Grassley declared. “It was the vehicle by which partisan FBI agents and Department of Justice prosecutors could achieve their partisan ends and improperly investigate the entire Republican political apparatus.”

“So today, Sen. Johnson and I are making these records public for the entire country to see, and I hope a lot of people are interested in seeing what government can do when various agencies have a political agenda,” Grassley said.

Grassley also connected the dots to the politically charged prosecution of former Trump adviser Peter Navarro. “My investigative work has also exposed the political way in which Peter Navarro was investigated and prosecuted,” he said, noting one FBI agent’s reaction to Navarro’s charges: “When FBI Agent Thibeau found out that Biden’s DOJ would prosecute Navarro, he said, ‘Wow, great.’ That’s a quote-unquote.”

🚨BREAKING: Senator Chuck Grassley just announced that a FBI whistleblower revealed to him an FBI project called “Artic Frost” that targeted groups like Charlie Kirks TPUSA!

This is a BOMBSHELL!

He says that they are releasing those documents TODAY!

“In total, 92 Republican… pic.twitter.com/FLEpkrtlsZ

— Gunther Eagleman™ (@GuntherEagleman) September 16, 2025

The exposed weaponization of the FBI isn’t just a matter for Washington insiders; it’s a direct assault on the very foundation of our republic. Americans must demand full transparency and accountability before our institutions become irreparably politicized. 

This scandal isn’t some partisan gripe; it’s a glaring threat to the democratic process that affects every voter and every election ahead. And let’s not forget, Biden himself set the tone by labeling Trump supporters as enemies of the state. That rhetoric, coupled with a weaponized FBI, created the toxic political climate that ultimately led to Kirk’s assassination.

If this scandal enrages you, join the club. PJ Media calls out the FBI’s corruption while legacy outlets will no doubt look away. Help us keep exposing what the Left wants hidden—subscribe to PJ Media VIP with code FIGHT for 60% off. Exclusive content, ad-free! browsing, and comment privileges! Rally now—your voice matters more than ever.

A New York state judge just moments ago dismissed terrorism charges against Luigi Mangione in the state’s case over the late 2024 killing of UnitedHealthcare CEO Brian Thompson, but kept second-degree murder charges in place. 

Luigi Mangione has arrived for his New York State Court Hearing. pic.twitter.com/xoOhziXAhb

— prosper (@prosperluigi) September 16, 2025

New York Judge Gregory Carro ruled that although Mangione’s actions were ideologically motivated, New York law requires proof of intent to intimidate or coerce a civilian population for terrorism charges, which prosecutors failed to present.

Carro ruled that prosecutors presented “legally sufficient evidence of all other counts, including Murder in the Second Degree.” Mangione has pleaded not guilty to the rest of the charges.  

This was the first time in five months that Mangione, a 27-year-old Ivy League graduate from Baltimore, Maryland, returned to a Manhattan courtroom.  

Mangione’s “intentions were obvious from his acts, but his writings serve to make those intentions explicit,” prosecutors wrote in a recent filing, adding that the writings “convey one clear message: that the murder of Brian Thompson was intended to bring about revolutionary change to the healthcare industry.”

Law enforcement indicates the words “delay,” “deny,” and “depose” that were etched into the bullet casings, echoing a phrase commonly used to describe how major insurance companies avoid paying claims.

Mangione has remained in custody at a Brooklyn jail since his arrest, about five days after the December 4 killing of Thompson.

Mangione has developed a cult-like following within the Democratic Party, which conservative activists such as Charlie Kirk have long warned is a symptom of normalizing and spreading “assassination culture.”

🚨 NOW: People are cheering and hugging in reaction to Luigi Mangione having his terrorism charges dropped. The murder count will stand.

“Free Luigi!”

They want him to be released, and view him as a hero. We have massive issues as a country. pic.twitter.com/6OQlv8cEKo

— Eric Daugherty (@EricLDaugh) September 16, 2025

Kirk was assassinated last week by what appears to be a “radical left, Antifa-adjacent creep” who also etched revolutionary terminology into bullet casings, including the word “Fascists.”

The radicalization timeline of Mangione should be scrutinized, including whether the Baltimore-based Gilman School or the University of Pennsylvania played any role in shaping his leftist ideology.

By Michael Every of Rabobank

From a “because markets” perspective, the key story today is President Trump saying he would like the US to shift from quarterly to biannual corporate reporting: “This will save money, and allow managers to focus on properly running their companies… Did you ever hear the statement that, ‘China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!” One can hear the wails of those in the ouroboros of 3-monthly higher/lower games. Yet from an economic statecraft perspective, is this wrong?

Agree there and you have to ask why US firms are supposed to fixate on short-term returns to shareholders rather than a long-run vision. The Chinese EVs sweeping all before them –and cementing control of key supply chains– are losing money hand over fist; does that matter if they can keep it up longer than western markets would allow? Neomercantilism says yes. Accept that, and you quickly turn to what quarterly GDP is and isn’t measuring and is and isn’t “for”.

That is starting to happen, as a quick round-up of geopolitics underlines:

• “America risks making frenemies of old allies”, argues the FT: what did Machiavelli say about being feared vs loved?

• ŸThe US struck a second alleged drug boat from Venezuela, as the State Department approved a possible sale of F-16s to Peru.

• The US announced that it will broaden its anti-narcotics strikes to land and named Afghanistan, the Bahamas, Belize, Bolivia, Burma, China, Colombia, Costa Rica, the Dominican republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, India, Jamaica, Laos, Mexico, Nicaragua, Pakistan, Panama, Peru, and Venezuela as countries with drug production inputs, facilities, or key transit channels. Monroe Doctrine, anyone?

• The US struck a second alleged drug boat from Venezuela, as the State Department approved a possible sale of F-16s to Peru.

• ŸIsrael’s invasion of Gaza City has begun for real, with the region in turmoil over that and the recent Israeli strike on Qatar, which sources say Trump was informed of in advance. Negotiations are apparently also taking place behind the scenes to try to avoid a full  invasion.

• Australia’s Papua New Guinea defence treaty will require both to ‘act’ if either is attacked, though it’s still unsigned, Vanuatu hasn’t signed the same deal, and PM Albanese is now aiming for Fiji as whispers are of Chinese regional counter-lobbying.

• ŸIn Europe, Denmark will bypass more than 20 laws and regulations to allow Ukraine’s Fire Point to build a solid rocket fuel plant near a Danish airbase.  

Geoeconomics makes the same point:

• Poland closing its border with Belarus has frozen €25bn in EU-China rail trade.

• ŸChina threatened “decisive countermeasures” should Europe and the US impose secondary sanction tariffs on it for buying Russian oil.

• Reuters underlines China and Russia are using bilateral barter to avoid the US dollar.  

• Ÿ‘China’s curbs on defence metal germanium create ‘desperate’ supply squeeze’ (FT): prices are at a 14-year high for the crucial input a GDP-and-P/E-focus saw China gain total control of.

• China says Nvidia violated anti-monopoly laws, escalating tensions with the US, though the two have reached a TikTok “consensus’, perhaps setting up a Trump-Xi call, as Treasury Secretary Bessent underlined China is making “aggressive asks.”

• Australia has unveiled plans to boost its exports to China even as it suffered economic coercion on that front in recent years, and as it tries to sign defence treaties with Pacific nations which could risk that happening all over again.

• ŸAn India-EU trade deal has been hit by a basmati rice dispute as Pakistan says the vaunted grains are theirs, leaving Brussels to play for time. It certainly symbolises how the usual “grain-ular” EU approach on free trade doesn’t work in a geopolitical world.

• Indeed, Israeli PM Netanyahu stated his country is economically isolated and will need to become self-reliant for the weapons it needs: he even mentioned “autarky”.

Political news also flows away from a business-as-usual focus on GDP and quarterly earnings:

• Politico argues ‘Why Macron thinks Lecornu can save France from the abyss’

• ŸThe AfD tripled its vote share in a key western state in Germany

• A Tory MP defected to Reform UK as a poll has the party 16 points ahead of Labour and the Conservatives; “Labour MPs talk openly about replacing PM, as third senior ally in two weeks departs after publication of messages”

• ŸThe White House says it will crack down on the political left

• ŸThe Wall Street Journal notes “fascist” has been normalised as an insult by all in US politics

• ŸA US free speech lobby group poll of Harvard students has 32% backing violence to stop political voices they oppose on campus.

In markets, an appeals court ruled Trump can’t fire Governor Cook before the next Fed meeting, so how will Cook vote – unless the Supreme Court quickly steps in? That’s as Trump appointee Miran won confirmation to the Fed, which Bloomberg calls a “Watershed policy moment”. The current trend suggests a lot higher watersheds than that to come.

Meanwhile, Thailand is weighing taxes on physical gold trading as the metal is dragging THB higher as the struggling economy needs a lower exchange rate; and the Bank of England proposes strict limits on stablecoin ownership – that’s one way to avoid the threat of dollar stablecoins, but I doubt the US will stand for it. Does either move say, “because markets” or “expect further changes to the global architecture”?

To summarize all of the above, just looking at the usual numbers in the usual “because markets” ways at times like these risks seeing you hung, drawn, and quartered.

“Gaza is burning,” Israeli Defense Minister Israel Katz declared Tuesday. “We will not relent and we will not go back – until the completion of the mission.”

The Israeli military launched the mainstay of its ground offensive in Gaza City on Tuesday, advancing slowly into the densely populated urban center, which has already suffered immense destruction due to airstrikes. Residents are being told to immediately evacuate to the south. Huge lines of vehicles packed with families’ belongings could be seen scrambling to get out of the war-ravaged city.

Gaza City residents told Al Jazeera they are subject to “heavy, relentless” bombardment – and least 68 people have been killed by Israeli air strikes across Gaza since dawn. Videos also showed huge explosions rocking the city on Tuesday, with large bombs concentrated Tal al-Hawa, a neighborhood in the south of Gaza City.

Currently, many Arab and Islamic leaders are gathered in the Qatari capital of Doha, where they condemned the new IDF military’s push deeper into Gaza City, decrying it as a “cowardly” attack and pronouncing it as “genocide”.

Also in Qatar is Secretary of State Marco Rubio, who interestingly after expressing ironclad commitment to Israel, still said: “We have a very short window of time in which a deal can happen,” and that extended warfare could “deepen the humanitarian crisis in Gaza.” He further declared that “The only thing worse than a war is a protracted one.”

He added, “At some point, this has to end. At some point, Hamas has to be defanged, and we hope it can happen through a negotiation. But I think time, unfortunately, is running out.” He had expressed while in Israel Monday that peace for Gaza may not be possible.

As for Israel, it has called up 60,000 more reservists to accomplish the new “expanded ground operations” in Gaza City. This is already after putting the country on alert.

The past week has seen Israel pull down several high-rise buildings in the area of fighting, leaving them rubble, alleging they were used by Hamas…

There is an obvious 🇮🇱 plan to make the present Gaza city uninhabitable. All major buildings are being erased. There should be nothing for Palestinians to come back to. pic.twitter.com/zGKRjkk8yF

— Carl Bildt (@carlbildt) September 15, 2025

The Gaza City assault is expected to worsen the Strip’s already horrific internal refugee crisis and food crisis, after the UN and various monitoring groups have confirmed famine in some sectors. Dozens if not hundreds of civilians have already died of starvation.

Interestingly, amid anti-Netanyahu protests in major cities and even near his personal residence, some Israeli reservists are revolting, intentionally failing to report for duty. Haaretz earlier this month reported that some 350 Israeli reservists signed a statement opposing the takeover of Gaza City and renewed military assault there.

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Immigration and Customs Enforcement (ICE) has lodged a detainer for an illegal immigrant from Cuba who was accused of beheading a victim in Texas with a machete.

In a statement, the Department of Homeland Security (DHS) said that Yordanis Cobos-Martinez, who has a lengthy rap sheet, is accused of committing the murder at a Dallas motel on Sept. 10.

The suspect “allegedly used a machete to behead a merchant he had an argument [with] in front of the merchant’s spouse and child,” DHS stated.

ICE has since filed a request for Cobos-Martinez to be detained for federal arrest and removal with the Dallas County Jail, where he is being held, the agency confirmed.

Previously, he was convicted of child sex abuse, grand theft of a motor vehicle, false imprisonment, and carjacking, DHS stated.

“This vile monster beheaded this man in front of his wife and child,” DHS Assistant Secretary Tricia McLaughlin said in a statement. “This gruesome, savage slaying of a victim at a motel by Yordanis Cobos-Martinez was completely preventable if this criminal illegal alien was not released into our country by the Biden Administration since Cuba would not take him back.”

She added that the incident is “exactly why” the department is removing criminal illegal aliens to third countries.

“If you come to our country illegally, you could end up in Eswatini, Uganda, South Sudan, or CECOT,” she said.

CECOT refers to the large prison facility in El Salvador used to house prisoners convicted of murder as well as members of MS-13, which was declared a foreign terrorist organization by the Trump administration earlier this year.

The department added that Cobos-Martinez was held in ICE custody but was released on Jan. 13, 2025, adding that Cuba refused to accept him back because of his criminal history.

“Yordanis Cobos-Martinez has a past final order of removal to Cuba. He was most recently in ICE Dallas custody at the Bluebonnet Detention Center until he was released on an Order of Supervision on Jan. 13, 2025—under the Biden administration,” the DHS stated. “This barbaric criminal was released because Cuba would not accept him because of his criminal history.”

The murder comes as the Trump administration has highlighted crimes committed by illegal immigrants in a bid to deport large numbers of people from the United States.

Last week, ICE was sent to carry out operations to remove illegal immigrants in Chicago, officials said. On Sept. 12, during those operations, an illegal immigrant was shot in the Chicago area by an ICE official after dragging the officer with his vehicle, according to DHS.

The ICE agent was “fearing for his own life” after the individual drove his car at the agent, who then fired his weapon at the individual, the department stated.

US Industrial production rose 0.1% MoM in August (better than the small 0.1% MoM decline expected) and a modest rebound from July’s weakness. YoY growth in production dipped to 0.9%…

Source: Bloomberg

On the Manufacturing side, data also surprised to the upside with a 0.2% MoM gain versus expectations of a 0.2% decline.

Source: Bloomberg

Mining output grew 0.9 percent in August after falling 1.5 percent in July.

In August, the index for utilities decreased 2.0 percent, as a 2.3 percent decline in the output of electric utilities more than offset a 0.2 percent increase in the output of natural gas utilities…

Source: Bloomberg

We have a question though… if AI is so successful (as proxied by the stock prices of AI companies), then why isn’t demand for electricity (from Utilities) soaring?

Source: Bloomberg

But,on the darker side of the ledger, Capacity Utilization continues to trend lower…

Source: Bloomberg

So much for the tariff terror’s impact on American manufacturing…

The best bang for the buck in the grocery store protein aisle this year hasn’t been beef, it’s been eggs. Prices have plummeted thanks to President Trump’s swift action to fix the Biden-Harris regime’s botched bird flu culling disaster. By contrast, ground beef has surged to a record $6.32 per pound, squeezed by the smallest US cattle herd in decades, with a bleak outlook despite some signs of a rebuilding phase nearing. 

Here’s more from Bloomberg: 

For more than a year, egg prices have served as the poster child for the higher cost of living in the US. That distinction may soon move over to the beef market, said Darin Parker, president of global meat trader Parker-Migliorini International Llc. Parker warns that Americans will keep paying more for burgers as restrictions on Brazilian imports further squeeze already tight domestic supplies. Indeed, one measure of US retail prices shows that ground beef has climbed more than 10% since January, while eggs dropped nearly 30%.

Beef inflation is sticky, while egg prices have cooled.

Egg prices are back to pre-crisis levels. 

Meanwhile.

Related:

• 12-Year Cattle Cycle Bottoms: Tyson CEO Predicts Rebuild Phase Beginning Next Year

• Tyson Foods Confirms Protein Switching Underway Amid Record High Beef Prices

• Got Beef? 12-Year Cycle Signals “Cyclical Low”

• Cattle Herd Rebuild Begins Just As Consumers Get Slaughtered By Record Beef Prices

The next cattle herd rebuild cycle must bring small, family-run ranchers back into the fold if America wants a resilient domestic beef supply.

Supporting independent journalism goes hand in hand with supporting independent ranchers – both make this nation stronger.