Good morning, you're tuned in to Markets Desk.
The Supreme Court handed the Federal Reserve a critical shield on Monday, ruling that Fed Governor Lisa Cook may keep her seat while she contests President Trump's attempt to remove her. The justices otherwise broadly expanded executive power over independent agencies, but carved out the Fed as a distinct exception, a distinction that matters enormously for monetary policy independence and market confidence.
Shifting to crypto, Strategy is executing a significant pivot, announcing it may liquidate up to one point two five billion dollars in Bitcoin to shore up cash reserves, fund investor payouts, and support stock buybacks. This is a sharp reversal for a firm that built its entire identity around accumulating Bitcoin, and it signals real pressure on the balance sheet beneath the headline holdings.
On the technology front, AI skeptic Gary Marcus is warning that hyperscalers are heading toward an airline-style trap, enormous capital expenditure, razor-thin margins, and no durable competitive moat. His argument is that the relentless buildout of computing infrastructure has failed to eliminate model errors while simultaneously triggering price wars that erode any advantage the spending was meant to create.
That's the tape. Markets Desk, signing off the floor.
