News Summary

• Trump's new Fed Chair signaled to markets that he will do the opposite of what Trump has long wanted.
• The two-year Treasury yield, the one most sensitive to Fed policy, shot up more than any other over 3% on Friday as interest rates rose across the board.
• This really was a war waged by Trump to try to bring 0% interest rates back (ZIRP), and I think you can say that for now, he has lost it thanks to the bond market threatening to stage a revolt.