The news. The narrative. The timeline.
The tariff letters are not deal offers—they are unilateral rate notices from a government that completed exactly two bilateral frameworks, and the goods those rates will tax are already at sea.
The grid emergency doesn't remove AI data centers from the grid—it moves them to diesel backup, transferring the carbon and air-quality cost to mid-Atlantic communities.
FERC's 60-day ratepayer-protection deadline arrives in August while ratepayers on variable plans already pay $1,222/MWh during the PJM emergency—because the rules don't exist yet.
Warsh calls 4.2% inflation 'too high' while declining to signal any rate direction—his only institutional protection from removal is the Fed carve-out Slaughter didn't touch, yet.
Two credentialed institutions looking at the same CPI basket reach opposite conclusions—and which one is right determines whether the Fed needs to hike or hold through August.
The OBBBA front-loaded tax cuts and back-loaded spending reductions—the $1.9 trillion deficit is not a surprise; it is the sequencing working exactly as designed.