Good afternoon and welcome to Markets Desk.
Cloudflare is turning heads after reporting thirty-four percent revenue growth and landing its largest contract in company history, a signal that enterprise demand for AI-native network infrastructure is accelerating fast. Average contract values are climbing, and heading into two thousand twenty-six, the bulls have a compelling case to make.
Shifting to fixed income, Wall Street primary dealers have built their Treasury holdings to the highest level since two thousand seven, and the regulatory backdrop is driving it. The Trump administration's push to ease bank capital rules is giving big dealers the balance sheet room to intermediate more government debt, a structural shift that could meaningfully deepen liquidity in the Treasury market at a moment when supply is running heavy.
And on the macro front, the Financial Times is drawing a direct line between the Trump administration's military engagement with Iran and a worsening affordability picture at home. Oil, food, and housing costs are all feeding the pressure, and with the Fed already navigating a stubborn inflation baseline, the geopolitical premium now layered into energy prices gives policymakers very little room to maneuver.
That's the tape. Markets Desk, signing off the floor.
