Tyson Sinks, Walmart Falls After Trump Moves To Temporarily Lower Beef Import Tariffs
Tyson Foods and Walmart shares moved lower around noon in New York, while major Brazilian meatpacker Minerva Foods moved higher on a Wall Street Journal report that says the White House will temporarily cut beef import tariffs
According to the WSJ report, the plan would suspend the annual tariff-rate quota, which imposes higher duties once import limits are reached, allowing more foreign beef to flood the U.S. at lower tariff rates to suppress soaring prices.
The move comes as the U.S. cattle herd has fallen to a 75-year low, driving the latest USDA national average beef prices at supermarkets near $7 per pound, squeezing meat processors, and pushing consumers into trade-downs to cheaper proteins such as chicken and pork.
Walmart shares are down about 2.5% around noon.
Tyson Foods shares dropped about 4.5%.
Meanwhile, Brazilian meatpacker Minerva is up nearly 2%.
The move by the Trump administration to put a ceiling on ground beef and steak prices comes ahead of the midterm elections, as a race to make things more affordable in the wake of the energy price spike following the U.S.-Iran war becomes a central focus again.
We suspect U.S. ranchers won’t be too happy about foreign meats set to flood the U.S. in even greater quantities.
With partisan battle lines being drawn nationwide in a legal showdown over redistricting, Utah may be next in line after the judge who forcibly gerrymandered a congressional seat for Democrats stepped down in disgrace.
Diana Hagen, a justice on the Utah Supreme Court resigned Friday in a letter to Gov. Spencer Cox.
Utah News Dispatch: Utah Supreme Court Justice Diana Hagen announces her resignation from the court.
Hagen faced allegations she had a relationship with an attorney involved in a case about redistricting, which led to Utah getting a new congressional map. pic.twitter.com/aFQI3Uw8Lf
— Politics & Poll Tracker 📡 (@PollTracker2024) May 8, 2026
Although Utah’s map currently has Republicans representing all four seats, the courts said it must redraw the maps ahead of the 2026 election to create a Democrat-favorable district around Salt Lake City.
The case centered on a 2018 ballot initiative that sought to create an independent voting commission to draw the maps. The legislature later passed its own 2020 law that limited the commission to an advisory role, but the courts determined it lacked the authority to do so.
Hagen subsequently recused herself from the proceedings after her ex-husband leaked text messages showing that she had been conducting an affair with attorney David Reymann, who was representing the plaintiffs in the redistricting case.
Although an independent investigation by the Judicial Conduct Commission found the allegations against Hagen had “very little credibility,” she continued to face pressure to resign over the perceived conflict of interest.
In her letter of resignation, Hagen cited the extra scrutiny on her private life and the toll it had taken on her family.
“They do not deserve to have intensely personal details surrounding the painful dissolution of my thirty-year marriage subjected to public scrutiny,” she wrote.
In a terse press release acknowledging the resignation, Cox’s office said only that additional information about filling the vacancy would be forthcoming.
With previous rulings against the Utah legislature having been unanimous, it is unclear that Hagen’s departure will change the calculus.
Moreover, the seat’s current occupant, RINO Rep. Blake Moore, voiced support for Proposition 4, the ballot initiative that would turn his own seat blue.
Under the new maps, Moore will run in a different district, with Riley Owen, an Oxford-educated naval intelligence officer and CEO, running in the newly blue-leaning District 1.
Ben Sellers is a freelance authored writer and former editor of Headline USA. Follow him atx.com/realbensellers.
Trump: Iran’s Response A “Piece Of Garbage”, Puts Ceasefire “On Life Support”
Summary
US President blasts ‘piece of garbage’ Iran response, says ceasefire on ‘life support’.
Trump mulls restarting Project Freedom in Hormuz and says forcibly retrieving ‘nuclear dust’ is still on the table, oil jumps on headline.
Iran Foreign Ministry: “Everything we proposed in the text was reasonable and generous.” However, US officials insist on their “unreasonable demands.“
Saudi Arabia condemns Iran for its latest drone attacks targeting the UAE, Qatar and Kuwait on Sunday.
Qatari LNG tanker abruptly U-Turns In Hormuz chokepoint after earlier in weekend an initial one made it through – an unprecedented first for a Qatari tanker of the war.
Israeli reservist killed in Hezbollah drone attack on northern Israel as Lebanon war intensifies.
The latest from President Trump via Fox, who also said he sees a 1% chance of an Iran deal materializing and succeeding, as even the ceasefire is one of “the weakest, on life support“:
President Donald Trump called out the “piece of garbage” peace proposal from Iran on Monday from the Oval Office, saying only “stupid people” in Iran are questioning his resolve in guaranteeing Iran will never have a nuclear weapon.
The latest Iranian proposal reneged on a past vow to give up enriched uranium.
None of this bodes well for the prospect of the Strait of Hormuz opening up anytime soon. Oil prices have reflected general pessimism at the start of this week.
Trump Might Fully Restart Project Freedom
Fox News is reporting that President Trump is considering renewing Project Freedom, pushing oil up. According to the developing story:
President Donald Trump has stated in an interview with Fox News that he is considering renewing Project Freedom, a military operation originally launched to secure the passage of commercial vessels through the Strait of Hormuz. This operation, involving significant U.S. naval assets, had been paused amid diplomatic efforts with Iran. The initial pause was influenced by diplomatic progress mediated by Pakistan, although recent developments suggest a potential escalation.
However, the reality is that the de facto US naval blockade has remained in place. The Iranians last week fired on US warships which were escorting foreign vessels through the strait. Since then there’s been an uneasy calm amid stalled negotiations. There’s really no movement on either side. Trump indicated in the fresh comments that all of this could be part of a larger operation, and strangely a bit of a contradictory stance: he said of Iran’s “hardline leaders” that “they are going to fold” and that “I will deal with them until they make a deal”. Of course, the very label of ‘hardline’ would suggest the opposite.
The same Fox correspondent was told by Trump that forcibly retrieving Iran’s ‘nuclear dust’ is still on the table:
.@realDonaldTrump Also told me that Iranian negotiators told him the US will have to retrieve the “nuclear dust” at Iran’s destroyed facilities as Iran does not have the technology to do it. pic.twitter.com/2GgLVdQQoL
It is clear there remains a huge gap between the positions of Washington and Tehran, after the past days saw proposal and counterproposal submitted via Pakistan, with the White House issuing its final response over the weekend, as President Trump called it ‘unacceptable’.
According to new Monday words from Iran’s Foreign Ministry Spokesman, Esmail Baghaei, “Everything we proposed in the text was reasonable and generous.” However, US officials continue to insist on their “unreasonable demands,” Baghaei stressed. He described that Iran’s demands for the war to stop, for the US to lift its blockade, and the release Iran’s frozen assets, remain legitimate. Further, Tehran is demanding safe passage through the Strait of Hormuz, along with establishing security in the region and in Lebanon.
Senior Iranian military official Mohsen Rezaee to Tasnim: There Is No Clear Prospect for a Political Agreement With the United States
“Unfortunately, the US continues to insist on its one-sided view,” Baghaei added of the “reasonable, generous offer” built around Iran’s national interests. Iran has strongly suggested that the US is actually too influenced by driving Israeli interests, not American priorities.
But per WSJ, Washington’s focus remains on the nuclear issue, which Iran considers a non-starter in negotiations: “The president on Sunday said a multipage response that Iran sent to the U.S. proposal to end the war, which didn’t include commitments about Tehran’s nuclear program, was unacceptable,” the publication writes.
Iran’s FM Spokesperson Esmail Baghaei:
Iran has proven to be a responsible power in the region, and at the same time, we are not bullies — rather, we are anti-bullies. Just look at our conduct.
Were we the ones who launched a military campaign against America thousands of miles… pic.twitter.com/q6fz3fi75A
Saudi Arabia has condemned and blasted Iran for its latest drone attacks targeting the UAE, Qatar and Kuwait on Sunday, according to a new Foreign Ministry statement. The UAE had intercepted two drones coming from Iran, while Qatar said a drone attack hit a cargo ship coming from Abu Dhabi in its waters. Kuwait in turn also said its air defenses had engaged hostile drones that entered its airspace. Kuwait, which borders Iran, has become a kind of front line for Iranian attacks and drone activity.
The Saudi Foreign Ministry reiterated its support and backing of all measures taken by Gulf states to protect their security and stability, saying, “The Kingdom demands an immediate halt to the blatant attacks on the territories and territorial waters of Gulf states, and to any attempt to close the Strait of Hormuz or disrupt international waterways.”
“It emphasizes the importance of adhering to the protection of international maritime routes in accordance with relevant international laws,” the ministry added.
Qatari LNG Tanker Abruptly U-Turns In Hormuz Chokepoint After Weekend Transit Breakthrough
Sunday’s response by Trump to Iran’s counterproposal pushed WTI crude futures nearly 3% higher to $98 a barrel as traders raised the war-risk premium tied to a prolonged disruption in the Strait of Hormuz.
Iran’s counterproposal dominated attention over the weekend, but shipping activity in the region also drew focus after Bloomberg reporter Stephen Stapczynski cited vessel-tracking data showing that an LNG tanker successfully passed through the Strait of Hormuz without incident.
The shipment marked the first time Qatar exported LNG through the strait since the war began ten weeks earlier. The tanker later docked in Pakistan. By Monday morning, Stapczynski reported that another fully loaded LNG tanker, “Mihzem,” was approaching the waterway. “Another Qatar LNG shipment is nearing the Strait of Hormuz, bound for Pakistan,” Stapczynski wrote on X. He added, “Pakistan is dealing with a gas shortage, and has negotiated with Iran for several LNG shipments. If successful, this would be the second LNG cargo to transit Hormuz for Pakistan in a few days.”
Stapczynski’s X post and report about the second Qatar LNG tanker attempting to transit the maritime chokepoint came early Monday. By 0700 ET, new ship-tracking data showed that the Mihzem abruptly reversed course roughly 20 miles before reaching Hormuz Island.
Tanker Leaking
There is a large oil tanker in the Strait of Hormuz spotted leaking a trail of oil, after a potential hostile strike. The incident, picked up by satellite monitoring, comes also amid reports of a large oil slick near Kharg Island; however, the Iranians have denied that the Kharg incident is a large-scale leak or oil slick.
Here’s what Tanker Trackers has commented on the below open sources satellite data and imagery (first struck on May 4):
The VLCC supertanker you see in the video below is BARAKAH (9902615). She is owned by UAE’s Abu Dhabi National Oil Company (ADNOC); the country’s state-owned oil & gas producer. BARAKAH was struck by Iranian drones on 2026-05-04, which is when we found her in this state on satellite imagery for clients. She’s empty of oil cargo following a secret transfer she had to conduct east of UAE to another tanker. She was struck once heading back west to fetch more oil. ADNOC condemned the attacks.
Satellite imagery appears to show a large oil tanker in the Strait of Hormuz leaking a trail of oil following a possible strike. Intense small speedboat activity can also be seen nearby.
Prime Minister Benjamin Netanyahu is convening a high level security meeting in his office in Jerusalem on Monday, according to The Times of Israel. The meeting comes after President Trump rejected Iran’s response to his ceasefire proposal, and ahead of direct Israel-Lebanon talks in Washington later this week. The Lebanon front has intensified, and IDF warplanes have heavily bombed not only southern Lebanon but the Beirut suburbs over the last days. Hezbollah drone attacks have become increasingly deadly in the meantime, with many serious injuries but also this latest:
An IDF reservist was killed in a Hezbollah drone attack in northern Israel, the Israel Defense Forces said on Monday. The slain soldier was named as Warrant Officer (res.) Alexander Glovanyov, 47, a driver in the Transport Center’s 6924th Battalion, from Petah Tikva.
The attack took place around 4 p.m. on Sunday, when several explosive-laden drones launched by Hezbollah struck in Israeli territory near Manara, close to the border with Lebanon. One of the drones killed Glovanyov, according to an IDF probe.
Iran Still Wants Comprehensive Deal to Include Lebanon
Responsible Statecraftwrites, “No new developments on the Lebanese front give reason for optimism that this round will yield an agreement that two prior rounds did not. The Trump administration, however, has an incentive to push for an agreement because of President Trump’s need to extract himself and the United States from the impasse involving the Strait of Hormuz.”
“The fighting on the Lebanese front since then has been as one-sided in the resulting death and destruction as Israeli combat with Palestinians,” the publication observes. “The Israeli assault has killed 2,700 people in Lebanon, while Israeli fatalities have been 18 military personnel and two civilians. At the height of the offensive, more than a million people — about a fifth of Lebanon’s population — were displaced, and most remain so. Israeli forces have destroyed entire villages in southern Lebanon.”
Iran continues to insist that any broader Iran war truce must encompass Lebanon as the conflict there flows out of the one in the Persian Gulf region. Al Jazeera meanwhile reports of the latest Monday: “Israel’s bombardment of Lebanon continues as Hezbollah claims more attacks on Israeli troops. The Lebanese Health Ministry says Israeli attacks in the past 24 hours have killed 51 people, including two medical workers.”
ASP Isotopes Subsidiary Signs MOU With European Nuclear Technology Company For Fuel Supply
ASP Isotopes said its subsidiary Quantum Leap Energy LLC has signed a non-binding memorandum of understanding with an unnamed European nuclear technology company to explore a potential long-term partnership to supply fuel for advanced nuclear reactors, according to a company press release Monday morning.
The agreement focuses on high-assay low-enriched uranium (HALEU), a type of nuclear fuel enriched to more than 10% uranium-235 that is expected to play a key role in powering next-generation reactors. Under the proposed arrangement, the European company would provide uranium feedstock to Quantum Leap Energy’s planned conversion and enrichment facilities, where it would be processed into HALEU and potentially deconverted before being delivered back to the partner.
The PR says that the companies said they will conduct technical and economic assessments to determine whether a long-term commercial partnership is viable. Those evaluations will examine production scalability, operational requirements, costs, and potential business models.
The memorandum runs through Dec. 31, 2030, though either party can terminate it earlier. It also includes preliminary estimates for HALEU supply volumes, with potential deliveries beginning in 2028 and increasing through 2036 in line with the European company’s reactor development schedule.
The deal comes as governments and nuclear developers race to secure new sources of HALEU amid concerns over limited global supply and geopolitical risks tied to existing nuclear fuel supply chains. Industry leaders have warned that expanding enrichment capacity — particularly in the U.S. and allied markets — will be critical to supporting the rollout of advanced nuclear technologies.
Recall we wrote last month that ASPI was working to provide timely relief for the global helium shortage.
In a research note from Canaccord Genuity analyst George Gianarikas last month, he highlighted the company’s Virginia Gas Project in South Africa as a potential new source of supply just as Qatar’s helium exports face major disruption.
The warning came shortly after we reported on Qatar’s Ras Laffan complex damage and the closure of the Strait of Hormuz, which together threaten roughly one-third of global helium output. Helium remains essential for semiconductor manufacturing, MRI machines, aerospace systems, and quantum computing. It has no practical substitute in chip fabrication, where it cools wafers and detects microscopic leaks.
ASP Isotopes’ Virginia Gas Project stands out because of its unusually high helium concentrations. The 1,870 sq. km deposit averages 3.4% helium, with peaks reaching 12%. That compares with Qatar’s typical 0.01% and the U.S. average of 0.35%.
As we discussed last month, Phase 1 drilling wrapped up four months ahead of schedule in March 2026. Production is scheduled to begin in late 2026, delivering 58 MCF per day of helium alongside LNG.
Phase 2, targeted for completion around 2030, would scale output to 895 MCF per day. Using conservative pricing of $380 per MCF, Canaccord estimates Phase 1 revenue near $20 million annually and Phase 2 above $285 million.
The project benefits from U.S. International Development Finance Corporation backing and is located in a geopolitically neutral jurisdiction.
ASP Isotopes now faces the standard execution challenges of moving from drilling to full commercial output, but the asset positions the company as one of the few near-term Western-aligned sources capable of adding meaningful new supply.
The parabolic semiconductor rally crossed a line this week. SOXX, the iShares Semiconductor ETF, closed Friday at $509.77 after touching a fresh intraday high of $511.68. That’s a gain of roughly 244% from the April 2025 low of $148.31. Most of that move has been compressed into the last two months alone. Since mid-March, SOXX has tacked on another 58%. The chart is now textbook parabolic. And parabolic charts almost never end politely.
If you wanted a real-time stress test of how fragile this move is, you got one this week. Semiconductors took a -2.86% hit on Thursday on softer Iran headlines, with Broadcom and Micron dragging. By Friday’s open, the dip was already being bought aggressively. A stronger-than-expected April jobs report (115,000 vs. 65,000 expected) and renewed peace-deal optimism sent the Nasdaq up 1.71% on the day, with SOXX printing a new intraday high before the close. That’s not a market digesting risk. That’s a market refusing to take “no” for an answer.
I’ve watched this movie before. After 30 years of cycles, the ending is rarely a surprise. The setup, however, is almost always sold as “this time is different.” It isn’t. In fact, every parabolic semiconductor rally in modern memory has ended the same way, and there’s no reason to expect a kinder math this round.
Where The Parabolic Semiconductor Rally Stands Today
Start with the math, because it’s doing the talking. SOXX is currently trading 62% above its 200-day moving average and 34% above its 50-day. Readings that stretched are the back end of a move, not the middle. The slope of the advance has steepened in each successive month. That is the signature of a momentum trade pulling in late buyers, not of fundamentals catching up to price.
Look across the complex, and the dispersion is striking. Micron is up nearly 1,000% off its April 2025 low. AMD is up roughly 450%. Nvidia, the index’s anchor, is up “only” 140%. Notably, the stocks that crashed hardest a year ago have rallied the most in the recovery. That’s exactly how late-cycle chase trades behave. The trash leads the way up because it has the largest short position to cover and the most leverage to a narrative. In other words, this parabolic semiconductor rally is now being driven by the names with the worst fundamentals, not the best.
Notice in the chart above how the slope of the advance has steepened in each successive month. The early move off the April low was a recovery. The middle was a trend. What we have now is something else.
Real Demand Or A Speculative Frenzy?
I get the bull case. AI capex is real. Hyperscaler orders are real. Foundry utilization is real. Nvidia, Broadcom, and TSMC are delivering numbers that justify premium multiples. So far, so good. The shortage narrative around HBM memory and leading-node capacity has actual data to back it up, and that’s the part of the story bulls keep pointing to.
However, here is the problem with the current setup. A real fundamental story doesn’t require a parabolic chart to validate it. In fact, fundamentals tend to drag prices up the trend line, not push them through the ceiling. When a “shortage” narrative arrives at the same moment that the worst-quality names in the sector are leading the index higher, that’s not fundamentals at work. That’s the narrative being recycled to justify a move that has already happened. Indeed, the parabolic semiconductor rally we’re seeing right now bears almost none of the hallmarks of a fundamentals-led advance.
Look at the dispersion again. If this were a shortage-driven, fundamentals-led rally, the leaders would be the names with the cleanest demand visibility. Instead, the laggards from a year ago are the runaway winners. Micron up 1,000%. AMD up 450%. Nvidia, the company that actually owns the AI capex story, up “only” 140%. Quality is being left behind because the chase is no longer about earnings. It’s about beta.
Here’s the part that should bother bulls the most. SOXX is trading at multiples that already reflect strong 2026 earnings. The current rally has likely already fully priced in 2026 earnings. From here, you are paying for 2027 and 2028 growth in a sector where the cycle has not been repealed. Semiconductors are still cyclical. Always have been. The day the AI capex cycle hiccups, even briefly, is the day this chart breaks.
Make no mistake, the rally has been spectacular. The exit will be too. Importantly, we have decades of data on what happens when speculative momentum compresses years of expected returns into months. The pattern is remarkably consistent across asset classes and across decades. As a result, the path forward for this parabolic semiconductor rally is not a mystery, even if the timing is.
The consistent thread is that parabolic charts don’t unwind through gentle rotation. They snap. The exit is faster than the entry, and the stocks that led the rally on the way up tend to lead the carnage on the way down. The investors most hurt are not the ones who avoided the move entirely. They’re the ones who showed up late, on the back of the same shortage narratives that are now circulating around semiconductors.
Recovery time is the part most investors underestimate. Cisco, the poster child of the dot-com semiconductor adjacency, only reclaimed its March 2000 peak on December 10, 2025. That’s 25 years, 8 months, and 13 days from peak to recovery. The business kept growing throughout. Earnings kept compounding. Revenues nearly quintupled. The stock simply paid forward too many years of growth at the top, and the math demanded a quarter century to absorb the excess.
Anyone who bought at the 2000 peak earned a nominal break-even after factoring in dividends, but lost meaningfully to inflation along the way. That’s not a recovery story. That’s a generational opportunity cost. ARKK, which ran +360% into its 2021 peak, still trades below it five years later. Different decades, different assets, but the pattern holds. Speculative tops resolve through painful, prolonged drawdowns, not graceful rotations.
The Risk Management Playbook
So what do you actually do? Of course, the answer depends on whether you’ve ridden this rally or you’re staring at the chart wondering if it’s too late to participate. Honestly, the answer for most investors is the same in either case. You don’t have to be all-in or all-out. You just can’t let the position size make the decision for you.
Here is the playbook we’re using for clients right now. First, five points if you’re already invested. Then, two if you’re not.
The Bottom Line
The semiconductor rally has been one of the most extraordinary moves of the post-COVID era. The fundamentals supporting the early stages of the move were real. The fundamentals supporting the most recent leg are increasingly imaginary. SOXX has likely fully priced in 2026 earnings already, and the stocks leading the index higher are no longer the ones with the cleanest demand stories.
Of course, parabolic charts rarely give back gracefully. Cisco, oil, silver, and ARKK all showed that exits come faster than entries, and recovery can take years to decades. The parabolic semiconductor rally has been spectacular. The exit will be too. The question isn’t whether the chart cools off. The question is whether you’ve prepared your portfolio for it before it does.
“Friendly Local Assassin” Suspect In White House Correspondents’ Dinner Shooting Pleads Not Guilty
In a federal courtroom in Washington this morning, 31-year-old Cole Tomas Allen entered a not guilty plea to charges stemming from the April 25 shooting incident at the White House Correspondents’ Association (WHCA) Dinner. The plea sets the stage for a high-profile trial that could determine whether Allen faces life in prison for what authorities describe as an attempted assassination of President Donald Trump.
Allen was tackled by Secret Service after gunfire erupted just outside the ballroom packed with roughly 2,600 attendees – including the President, First Lady Melania Trump, Vice President JD Vance, and numerous Cabinet officials and journalists.
The night of April 25…
Around 8:36 p.m. EDT, as dinner service was underway, Allen – armed with a 12-gauge Maverick shotgun, an Armscor Precision .38 semi-automatic pistol, and multiple knives – rushed past a security checkpoint on an upper level of the hotel. He fired at least one shot (reports indicate possible additional rounds) in the direction of law enforcement before being tackled by Secret Service agents and other officers.
One Secret Service agent was struck in his bulletproof vest by buckshot; he was treated and released from the hospital. Allen sustained a knee injury after tripping during the confrontation but was not shot. No bystanders or attendees were injured or killed. President Trump was quickly surrounded by agents and evacuated – 10 seconds after JD Vance, and the dinner was halted and later rescheduled.
Surveillance footage captured the rapid sequence: Allen sprinting with weapons visible, the sound of gunfire, and swift law enforcement response. Allen had checked into the hotel as a guest days earlier, traveling by Amtrak from his home in Torrance, California.
Today, we are releasing video already provided to U.S. District Court showing Cole Allen shoot a U.S. Secret Service officer during his attempt to assassinate the President at the White House Correspondents’ Dinner.
Born April 11, 1995, Allen is a California native with an extensive academic background – earning a bachelor’s degree in mechanical engineering from the California Institute of Technology (Caltech) in 2017 and a master’s in computer science from California State University, Dominguez Hills in 2025. He interned at NASA, worked part-time as a tutor at C2 Education in Torrance (named “Teacher of the Month” in December 2024), and developed video games, including a ‘non-violent fighting game’ (lol) called Bohrdom that was later removed from Steam following his arrest.
Acquaintances and family described him as highly intelligent, polite, inquisitive, and generally “gentle” or “super stable,” with no prior criminal history. He lived with his parents and siblings, regularly practiced at shooting ranges, and had expressed anti-Trump political views online and in person—including a small donation to Kamala Harris’s 2024 campaign and attendance at protests.
The Manifesto and Alleged Motive
Approximately 10 minutes before the attack, Allen emailed a lengthy note titled “Apology and Explanation” to family members. In it, he apologized for “abusing” their trust and stated he did not expect forgiveness. He exhibited deep hatred of Trump, referring to himself in one passage as the “Friendly Federal Assassin” and outlining an intent to target “administration officials (not including Mr. Patel)” – widely interpreted as sparing FBI Director Kash Patel – from highest-ranking to lowest.
The document criticized specific actions such as federal operations against alleged drug boats and highlighted what Allen perceived as lax security at the hotel and event. Also for some reason FBI Director Kash Patel was not a target.
Authorities have described the note and related materials recovered from his devices and hotel room as a manifesto reflecting political grievances and a belief that it was his “duty” to act. Investigators are still examining the full scope of his radicalization, but preliminary findings point to targeted political violence rather than random or personal animus.
#WHCD#TRUMP
**Here is the full text of Cole Allen’s manifesto**, as published by the New York Post (1,052 words, signed “Cole ‘coldForce’ ‘Friendly Federal Assassin’ Allen”).
Part: 1/2
—
Hello everybody!
So I may have given a lot of people a surprise today. Let me start off… pic.twitter.com/6brCsHjHoJ
Allen was charged days after the incident with attempting to assassinate the president, assaulting a federal officer with a deadly weapon, and multiple firearms violations (including interstate transportation of a firearm with intent to commit a felony and discharging a firearm during a crime of violence). A federal grand jury later returned a four-count indictment.
He has remained in federal custody in Washington. Early proceedings included concerns over his detention conditions – initially on suicide watch, later removed – prompting a federal magistrate judge to express alarm about his treatment, including reports of five-point restraints, and to demand explanations from jail officials (poor baby!). Allen’s defense team has filed motions, including one seeking the recusal of U.S. Attorney for D.C. Jeanine Pirro, and has highlighted what they describe as unusually harsh conditions compared to other high-profile detainees.
Today’s arraignment before Judge Trevor McFadden was the first formal opportunity for Allen to enter a plea on the indicted charges. With the not guilty plea entered, the case now proceeds toward trial, discovery, and potential pre-trial motions. If convicted on the lead count, Allen could face life imprisonment.
Key Events This Week: CPI, PPI, Retail Sales, Trump-Xi Summit
As DB’s Jim Reid tallies overnight, it has now been 73 days since the war in Iran began, with the past 32 marked by a stalemate characterized by a mix of truce and ongoing ceasefire. The absence of any meaningful kinetic activity for over a month suggests a firm US preference for reaching a deal. However, a counterpoint is that uncertainty over who holds negotiating authority in Iran may be complicating progress and delaying more difficult times ahead. It remains an unusual conflict with little action now for a month. In simple terms though, as long as the Strait of Hormuz stays closed, markets remain on a knife edge. Polymarket currently assigns a 39% probability to it fully reopening by 30 June.
The latest is that oil and yields are up again this morning as President Trump has posted that “I have just read the response from Iran’s so called ‘Representatives'” which he went on to call “TOTALLY UNACCEPTABLE”. This was based on a WSJ report that suggested Iran was offering to transfer some of highly enriched uranium to another country but wouldn’t dismantle its nuclear facilities. Iran’s official news agency has disputed the report anyway. Brent is up +4.23% and 10yr US yields are up +3.5bps. However, US and European equity futures are largely flat and Asian equities are largely higher on the AI trade. The KOSPI is on fire again with the index up +4.0% as semiconductors surge again. The index has crossed +85% YTD.
This comes ahead of the planned mid-to end week meeting between US President Donald Trump and China’s President Xi Jinping in Beijing. It’ll be interesting to see whether this meeting does anything to shape negotiations in the war. Both leaders would clearly like to show their influence on the world stage. So certainly the biggest headline event of the week (full preview here).
Before that, the new week arrives with markets still processing last Friday’s US payrolls report, which came in broadly firm and reinforced the view that labor market conditions remain resilient. While not strong enough to decisively alter the policy outlook, the release did little to ease concerns that underlying inflation pressures could persist, especially given still-solid wage dynamics. Against this backdrop, outside of the Iran War developments which will of course take center stage, the coming week will remain centered on the US, with a dense run of data and policy developments.
This week’s focal point will be tomorrow’s April CPI report. DB economists expect headline inflation to rise by +0.58% month-on-month, moderating from March’s +0.9%, but still relatively firm. In contrast, the core measure is projected to accelerate to +0.39% MoM from +0.2%, suggesting underlying price pressures remain sticky even as energy-related effects fade. The YoY rates would move from 3.3% to 3.8% for the former and from 2.6% to 2.8% for the latter.
Producer price data follows on Wednesday and then the remainder of the week shifts towards activity indicators. DB economists expect retail sales to decline by -0.3% MoM after March’s strong +1.7% increase, pointing to some payback in consumer spending. Meanwhile, industrial production is forecast to rise modestly by +0.2% MoM following a -0.5% drop previously, suggesting a tentative stabilization in manufacturing output.
Policy and politics will also be important. A Senate vote on Kevin Warsh’s nomination as Fed Chair is scheduled for today, just days before Jerome Powell’s term is set to expire at the end of the week. It’s possible the vote could get pushed back a day or so due to other Senate business but by the end of the week you would expect Warsh to have taken Miran’s seat on the board with Powell staying on the committee.
In Europe, inflation readings from Denmark and Norway today are followed with Germany’s ZEW survey tomorrow with sentiment darkening even with the nation’s extraordinary fiscal package. Later in the week, the ECB’s economic bulletin may offer additional context on the central bank’s assessment of inflation and activity trends.
In the UK, attention will be split between politics and macro. The State Opening of Parliament and the King’s Speech on Wednesday will outline the government’s legislative agenda for the year ahead. With PM Starmer under tremendous pressure following the very poor (but broadly as expected) local election results on Thursday there is talk of a leadership challenge as soon as today. Backbench MP Catherine West has said she will stand, which would be a stalking horse nomination. However, many left-wing MPs (as she is) have urged her not to as their preferred candidate Andy Burnham is not currently an MP. They fear an election now might be a bit too early and may allow a more moderate candidate like Wes Streeting to prevail. So timing tactics could prolong Starmer’s reign. A reminder that in September last year, Mr Burnham said that the UK should no longer be “in hock to the bond markets”. This caused a spike in Gilt yields and although he subsequently downplayed the remarks, this is something to watch carefully as we navigate the politics of the next few days and weeks. On the data side, Q1 UK GDP on Thursday will offer up the latest state of play growth wise.
In Asia, Japan’s schedule includes household spending data tomorrow, alongside the Economy Watchers survey and bank lending figures on Wednesday. In addition, the Bank of Japan will publish its summary of opinions from the April meeting, which should provide greater insight into policymakers’ thinking and any emerging shifts in the policy stance.
There are multiple appearances from Fed, ECB, BoE and BoJ officials throughout the week, and on the corporate front, earnings continue at a steadier pace. In the US, Cisco and Applied Materials are among the key names, while internationally the focus includes major firms such as Tencent, Alibaba, Siemens and Bayer. See the day-by-day calendar at the end as usual for a fuller week ahead preview.
Other: US Senate vote on Kevin Warsh’s nomination for Fed Chair
Tuesday May 12
Data: US April CPI, federal budget balance, NFIB small business optimism, Japan March household spending, leading index, coincident index, Germany May Zew survey, Italy March industrial production, Eurozone May Zew survey
Central banks: Fed’s Goolsbee speaks, ECB’s Dolenc speaks, BoJ Summary of Opinions April MPM
Earnings: Siemens Energy, Mitsubishi Heavy Industries, MunichRe, Bayer, Vodafone, Venture Global, On Holding, thyssenkrupp
Auctions: US 10-yr Notes ($42bn)
Wednesday May 13
Data: US April PPI, Japan April bank lending, Economy Watchers survey, March BoP current account balance, BoP trade balance, Germany April wholesale price index, March current account balance, Eurozone March industrial production, Q1 employment
Central banks: Fed’s Collins and Kashkari speak, ECB’s Lagarde, Lane and Radev speak, BoE’s Mann speaks
Other: UK King’s Speech and the State Opening of Parliament
Thursday May 14
Data: US April retail sales, import price index, export price index, March business inventories, initial jobless claims, UK April RICS house price balance, Q1 GDP, Japan April M2, M3, Canada April existing home sales, March wholesale sales ex petroleum
Central banks: Fed’s Hammack and Barr speak, BoJ’s Masu speaks, BoE’s Pill speaks
Earnings: Applied Materials, National Grid, Figma
Other: US President Trump travels to China (through May 15)
Friday May 15
Data: US May Empire manufacturing index, April industrial production, capacity utilisation, Japan April PPI, April machine tool orders, Italy March general government debt, Canada April housing starts, March international securities transactions, manufacturing sales
Central banks: Fed Chair Powell’s term ends, ECB’s economic bulletin
Finally, looking at just the US, the key economic data releases this week are the CPI report on Tuesday and the retail sales report on Thursday. There are several speaking engagements by Fed officials this week, including events with Presidents Williams, Goolsbee, Collins, Kashkari, Schmid, and Hammack and Governor Barr on Thursday.
Monday, May 11
10:00 AM Existing home sales, April (GS +3.0%, consensus +2.0%, last -3.6%)
Tuesday, May 12
03:15 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will participate in a monetary policy panel at a conference jointly organized by the Swiss National Bank and the International Monetary Fund in Zurich, Switzerland. A Q&A session is expected. On May 4, Williams said, “The elevated levels of inflation, mixed signals from the labor market, and heightened uncertainty from the Middle East conflict present an unusual set of circumstances, but the current stance of monetary policy is well positioned to balance the risks to our maximum employment and price stability goals.”
08:30 AM CPI (MoM), April (GS +0.58%, consensus +0.6%, last +0.9%); Core CPI (MoM), April (GS +0.31%, consensus +0.3%, last +0.2%); CPI (YoY), April (GS +3.68%, consensus +3.7%, last +3.3%); Core CPI (YoY), April (GS +2.67%, consensus +2.7%, last +2.6%): We estimate a 0.31% increase in April core CPI (month-over-month SA), which would raise the year-over-year rate to 2.67%. We expect mixed autos inflation, reflecting a 0.4% decline in used car prices, a 0.1% increase in new car prices, and a 0.4% increase in the car insurance category. We forecast a jump in the shelter categories—a 0.50% increase in the OER category and a 0.44% increase in the rent category—reflecting the unwind of the downward bias in the index level from missed data collection during the government shutdown. The panel group that should have been sampled in October will be sampled in April and compared to prices from twelve months prior (i.e. April will effectively show two months’ worth of increases). We expect mixed readings for the travel services categories (airfares: +3%; hotels: flat), reflecting signals from alternative price data. We expect diminishing upward pressure from tariffs on categories that are particularly exposed (such as recreation) worth +0.04pp. We estimate a 0.58% rise in headline CPI—reflecting higher food prices (+0.3%) and sharply higher energy prices (+4.6%)—which would raise the year-over-year rate to +3.68% from +3.26%. Our forecast consists of a 0.26% monthly increase in the core PCE price index in April.
01:00 PM Chicago Fed President Goolsbee (FOMC non-voter) speaks: Chicago Fed President Austan Goolsbee will speak at the Greater Rockford Chamber of Commerce Luncheon in Rockford, Illinois. A Q&A session is expected. On May 8, during an interview in which he was asked whether inflation is the main danger now given that the labor market appears to have stabilized, Goolsbee responded, “I am optimistic that rates can go down, if we get some progress on inflation, [showing] we are headed back to the 2% inflation, [but] we just haven’t had [progress on inflation] for some time, and that makes me less optimistic.” When asked about the easing bias in the April FOMC statement, Goolsbee responded, “I was always skeptical of the value and appropriateness of using forward guidance [on things] that the committee doesn’t think it is going to do for some number of months or committing to actions well in the future.”
Wednesday, May 13
08:30 AM PPI final demand, April (GS +0.6%, consensus +0.5%, last +0.5%); PPI ex-food and energy, April (GS +0.5%, consensus +0.3%, last +0.1%); PPI ex-food, energy, and trade, April (GS +0.3%, consensus +0.3%, last +0.2%);
11:30 AM Boston Fed President Collins (FOMC non-voter) speaks: Boston Fed President Susan Collins will give remarks and participate in a fireside chat at the Boston Economic Club. Speech text and Q&A are expected. On May 7, Collins said she preferred to adjust the text of the post-meeting statement to “not be as closely aligned with language that has been associated with the presumption that the next move will be a cut.” She also added, “I do think that there are scenarios in which it would be important to strongly consider a hike.”
01:15 PM Minneapolis Fed President Kashkari (FOMC voter) speaks: Minneapolis Fed President Neel Kashkari will participate in a moderated discussion at a St. Paul Area Chamber event. A Q&A session is expected. On May 7, Kashkari said, “We voted against the forward guidance because we just didn’t want to signal that the next move was likely down.” He also added, “We cannot let elevated inflation be the new normal.”
Thursday, May 14
08:30 AM Import price index, April (consensus +1.0%, last +0.8%); Export price index, April (consensus +1.1%, last +1.6%)
08:30 AM Initial jobless claims, week ended May 9 (GS 205k, consensus 205k, last 200k); Continuing jobless claims, week ended May 2 (consensus 1,785k, last 1,766k)
08:30 AM Retail sales, April (GS +0.2%, consensus +0.6%, last +1.7%); Retail sales ex-auto, April (GS +0.3%, consensus +0.6%, last +1.9%); Retail sales ex-auto & gas, April (GS +0.1%, consensus +0.4%, last +0.6%); Core retail sales, April (GS +0.2%, consensus +0.4%, last +0.7%): We estimate core retail sales increased 0.2% in April (ex-autos, gasoline, and building materials; month-over-month SA), reflecting mixed alternative data and a headwind from potential residual seasonality. We estimate headline retail sales increased 0.2%, reflecting higher gasoline prices but lower auto and food services sales.
10:15 AM Kansas City Fed President Schmid (FOMC non-voter) speaks: Kansas City Fed President Jeff Schmid will speak on payments innovation and community banking at the Future of Banking Conference hosted by the Federal Reserve Bank of Kansas City. Speech text and Q&A are expected. On April 1, Schmid said, “With inflation already running hot, now is not the time to assume that the inflation from higher oil prices will be transitory.” He also added, “We must remain focused on our headline inflation objective, otherwise, I believe there is a real risk that inflation will get stuck closer to 3 percent than 2 percent in the long run.”
01:00 PM Cleveland Fed President Hammack (FOMC voter) speaks: Cleveland Fed President Beth Hammack will deliver opening remarks at the Cleveland Fed Conversations on Central Banking event. On May 7, Hammack said, “The statement that we put out is that interest rates were on hold, but we have the signal in there that it’s more likely that the next move will be down, [and] I thought that was a little bit misleading, just given my view of where the economy is.” She also added that her “baseline outlook is that interest rates will be on hold for quite some time.”
05:30 PM Fed Governor Barr speaks: Fed Governor Michael Barr will deliver remarks at an event organized by the Money Marketeers of New York University. Speech text and Q&A are expected. On May 5, Barr said, “The duration of the conflict matters a lot, and the longer it goes on, the greater the risk that the inflation we are seeing in these prices becomes embedded in the economy.”
05:45 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will participate in a moderated discussion at a conference organized by Moody’s. A Q&A session is expected.
Friday, May 15
08:30 AM Empire State manufacturing index, April (consensus +7.5, last +11.0)
09:15 AM Industrial production, April (GS +0.4%, consensus +0.2%, last -0.5%); Manufacturing production, April (GS +0.1%, consensus +0.2%, last -0.1%); Capacity utilization, April (GS 75.8%, consensus 75.8%, last 75.7%): We estimate industrial production increased 0.4% in April, largely reflecting strong natural gas and oil production. We estimate capacity utilization edged up to 75.8%.
Iran’s Supreme Leader Mojtaba Khamenei has ordered the country’s forces to continue military operations against the US and Israel, according to a report by Iranian public broadcaster IRIB released Sunday.
The order came during a meeting between Khamenei and Major General Ali Abdollahi, the commander of the Iranian army’s Khatam al-Anbiya Headquarters. “During this meeting, the Supreme Commander-in-Chief, His Eminence Ayatollah Sayyed Mojtaba Hosseini Khamenei, while expressing appreciation for the brave and valiant fighters and the country’s powerful armed forces, issued new directives and guidance for continuing operations and confronting enemies decisively,” the report said.
Abdollahi also “presented a report on the readiness of the armed forces” during the meeting, IRIB added. The report comes after two months of speculation and unverified media claims about the Supreme Leader’s status.
Western news outlets like The Guardian and The Times had claimed earlier in the war that Khamenei was in a coma following the US-Israeli strikes that assassinated his father. Reports also claimed that he fled to Russia.
Mazaher Hosseini, head of protocol in the office of Iran’s supreme leader, recently stated that Khamenei was healing from minor injuries he sustained and “is now in complete health.”
“Thank God, he is in good health. The enemy is spreading all kinds of rumors and false claims. They want to see him and find him, but people should be patient and not rush. He will speak to you when the time is right,” the Iranian official stated.
The IRIB report came a day after CNN cited US intelligence as saying that Khamenei “is playing a critical role in shaping war strategy alongside senior Iranian officials.“
It also comes days after Iran’s President Masoud Pezeshkian said he met with the supreme leader. “What struck me most during this meeting was the vision and the humble and sincere approach of the supreme leader of the Islamic Revolution,” he said.
Tehran has sent out its response to a new US proposal for a ceasefire via Pakistan, according to state media. The US has maintained an illegal blockade of Iranian ports since the ceasefire began.
Washington violated the truce days ago by bombing Iran’s coast and attacking two vessels. Iranian forces targeted two US military vessels in response. The next day, skirmishes broke out between Iranian and US forces in the Strait of Hormuz.
Spokesperson for the Iranian parliament’s Foreign Policy and National Security Committee, Ebrahim Rezaei, said on Sunday that Tehran will strike US military bases and vessels in response to any new violations from Washington – stressing that “restraint has come to an end.”
‘Starmer Out’ Odds (& Gilt Yields) Rise As Embattled UK PM Vows To ‘Prove Doubters Wrong’
UK Prime Minister Keir Starmer vowed this morning to fight any bid to topple him, insisting he is “not going to walk away” and claiming that the country would never forgive Labour if it indulged in the “chaos” of a leadership contest.
“I know that people are frustrated by the state of Britain, frustrated by politics, and some people frustrated with me,” Starmer said in London on Monday.
“I know I have my doubters, and I know I need to prove them wrong.”
Starmer is fighting to stay in 10 Downing St. after a drubbing in local election results triggered a wave of Labour MPs to call for his departure.
He had a brief moment of respite on Monday when a former minister, Catherine West, withdrew her threat to force an immediate leadership contest, though she said she’d still push for a timetable for Starmer’s exit.
“I have listened to the prime minister’s speech this morning,” she told the BBC.
“I welcome the renewed energy and ideas. However, I have reluctantly concluded that this morning’s speech was too little too late.”
Starmer’s speech was light on new policy. The prime minister announced the government would legislate to take full ownership of British Steel, which is already under temporary government control. He also announced more investment in education programs like apprenticeships, technical colleges and in special educational needs.
Starmer sharpened his rhetoric against the populist parties who made strong gains at last week’s elections, warning that the country risks going down a “dark path,” as he stood behind a podium that read “Stronger Fairer Britain.”
“We are not just facing dangerous times but dangerous opponents,” he said, name-checking both Reform UK leader Nigel Farage and the Greens’ Zack Polanski.
“If we don’t get this right our country will go down a very dark path.”
Gilts fell, with the 10-year yield rising as much as 8 basis points to the day’s high of 5.00%, while the pound eased against the dollar and the euro.
Meanwhile, despite his vows, Polymarket odds of Starmer being gone by year-end are on the rise…
The call for a September leadership election, which would put it around the same time as Labour’s annual conference in Liverpool, puts pressure on Starmer’s health secretary, Wes Streeting, to decide whether to challenge his boss for the job before other candidates emerge.
Streeting, who is seen as a standard-bearer for the right of the party, is said to be weighing his options.
Starmer explicitly said he would fight to remain in office if a Labour colleague sparks a leadership contest, vowing: “I’m not going to walk away.”
Asked if he would stand if a race was triggered, he said: “Yes.”
Pennsylvania Democrat Sen. John Fetterman has reiterated that he is done with the insanity gripping his party. In a series of raw appearances on Bill Maher’s show and a new Washington Post op-ed, Fetterman is torching the reflexive anti-Trump obsession, the normalization of radical left ideas once dismissed as smears, and the sloppy 24-hour news cycle that turns opinions into “news.”
Fetterman made clear he refuses to play along with the extremes. “My colleagues and people that are running, whether for the Senate where the House, they are literally running on f*ck Trump,” he said.
“I mean, that’s literally—they have campaign commercials with that. It’s absurd,” he noted, adding “And we are getting to that point and I refuse to engage in that extreme, those terms. And we have to find a better way forward.”
Sen. John Fetterman (D-PA): “My colleagues and people that are running, whether for the Senate where the House, they are literally running on f*ck Trump.”
“I mean, that’s literally—they have campaign commercials with that. It’s absurd.”
Fetterman repeated the sentiments in an op-ed in The Washington Post, titled “I Haven’t Changed. Here’s What Has,” writing “My party cannot simply be the opposite of whatever President Donald Trump says.”
He stresses, “Working across the aisle is the only way forward” and calls “pointless pile-ons and attacks” unproductive. Fetterman highlights once-mainstream Democratic positions on border security, support for Israel, and avoiding government shutdowns that have now become “toxic” to the party’s fringe base.
He declares, “Someone who comes here illegally and commits a violent crime should be deported. Full stop.”
“It doesn’t matter if my colleague is in my party or across the aisle,” Sen. @JohnFetterman writes.
“My focus remains on working together to find wins and deliver for my constituents.” https://t.co/d0g5KorSXj
— Washington Post Opinions (@PostOpinions) May 7, 2026
Fetterman also backed practical security measures that even some on the left are now acknowledging make sense. Discussing President Trump’s plans for a new White House ballroom, Fetterman revealed he had a clear view of the latest assassination attempt at the White House Correspondents’ Dinner.
“I was two tables away at the White House Correspondent’s Dinner. I witnessed this,” he said. When Maher asked if he meant two tables from the attempt, Fetterman replied, “Yeah. I had to see that. Like the entire line of succession was right there and realized that we’ve put, there’s real danger there. We got really lucky there, for a lot of reasons. We need to have a more secure place to do these kinds of events.”
He added bluntly, “I don’t care about the ballroom.” Maher agreed, telling his audience, “I don’t either. Yeah. I mean, it’s like so stupid. It’s such a Rorschach test of whether you just hate. We saw with the assassination attempt a couple of weeks ago. America probably does need [it]… This is America and we don’t want people sitting in tents to have dinner.” The liberal crowd actually applauded.
Even Bill Maher’s liberal audience is now APPLAUDING after he says Trump’s ballroom plans actually make sense.
John Fetterman was two tables away from the latest assassination attempt, and he says he saw the “entire line of succession” flashing before his eyes.
Fetterman didn’t stop there. He went after the left’s embrace of ideas that were once political poison. “People who are proud to be labeled as a socialist, that was like a smear… They are MORONS if they think that socialism is the answer,” he declared.
Maher noted that even “communist” is no longer viewed as a dirty word on the left, pointing to a New York official tweeting “elect more communists” and referencing Graham Platner.
Fetterman concurred, “Yeah, it’s not a slur if I refer to him as a communist. That’s his own term that he used for himself.” Maher called it “a watershed mark, a moment in American history where we should pay attention.”
Bill Maher and John Fetterman share growing concerns that “communist” is no longer viewed as a smear on the left.
FETTERMAN: “People who are proud to be labeled as a socialist, that was like a smear… They are MORONS if they think that socialism is the answer.”
The senator saved some of his sharpest fire for the media itself. Fired up in a way viewers rarely see from him, Fetterman ripped the 24-hour news cycle for turning opinions into facts. “Opinions have become actual real news [now]… Opinions are NOT NEWS,” he said.
“There are so many shitty takes out there in the world now. Like, why? Why are people still talking about Tucker Carlson or any of these people? Even Alex Jones is back. I have to see that asshole my feed. You know why? Because they are criticizing Trump.”
“I’m so tired opinions have become news, and now there’s countless, countless ones, and it’s all become sloppy,” he urged.
Maher also noted the legacy of CNN co-founder Ted Turner and the rise of nonstop “breaking news” even when there is none.
John Fetterman gets surprisingly passionate as he criticizes the 24-hour news cycle turning opinions into “news.”
It’s not often you see Fetterman this fired up. You can tell Fetterman had been holding this in for a while.
Fetterman remains a Democrat who says he is “strongly pro-choice, pro-weed, pro-LGBT, pro-SNAP, pro-labor” and would make a “terrible Republican” who still votes overwhelmingly with his party. Yet he keeps delivering bipartisan results—backing a border bill to stop an “influx the size of Pittsburgh,” the Laken Riley Act, infrastructure deals, and efforts against fentanyl and for Israel. His willingness to call out the party’s shift toward the fringe shows how far some Democrats have drifted from what used to be common sense.
Even as the left doubles down on rage and radicalism, Fetterman’s blunt admissions reveal the growing cracks. Americans are tired of the circus. They want secure borders, and real results.
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