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    - Tyler Durden

    WTI Extends Gains AFter Biggest Crude Build In 3 Months Oil prices leaked lower overnight after a three-day advance as traders assess the fallout from Ukrainian attacks on Russian energy infrastructure and a Federal Reserve interest rate decision later Wednesday. WTI was trading around  $64.50 a barrel after gaining 3.2% in the previous three sessions. Ukraine attacked the Saratov refinery in its latest strike on Russian energy facilities - which have helped cut the OPEC+ member’s production to its lowest post-pandemic level, according to Goldman Sachs. A big crude draw reported by API overnight will prompt some buying pressure if confirmed by the official EOA data. API Crude -3.42mm (-1.6mm exp) Cushing Gasoline -691k Distillates +1.9mm DOE Crude -9.285mm - biggest build since June Cushing -296k Gasoline -2.347mm Distillates +4.046mm US crude stocks plunged over 9 million barrels last week (far greater than expected and the biggest draw since June). Gasoline inventories also saw a drawdown while distillates stocks rose for the 3rd straight week... Source: Bloomberg Even accounting for the 504k barrel addition to the SPR, total US commercial crude stocks saw their second biggest weekly decline in 15 months... Source: Bloomberg US crude production remains near record highs as the decline the rig count has finally stalled... Source: Bloomberg The recent gains haven’t been enough to push oil out of the $5 band it has been in for most of the past month-and-a-half, buffeted between geopolitical tensions and bearish fundamentals. The accelerated return of OPEC+ supply has boosted predictions that a glut will form later in the year, while surging oil tanker earnings are offering a sign of higher output. WTI has extended its gains from overnight weakness and is trading just in the green on the day... Oil markets are focused on Ukrainian attacks on Russian energy infrastructure, as well as the wider risk of escalation following a drone incursion into Poland last week, said Emily Ashford, head of energy research at Standard Chartered Plc. “We think a 25 basis-point Fed cut is priced in, but a 50 basis-point surprise would be further risk-on for markets,” Ashford said in reference to the imminent Fed decision. Oil's implied volatility was subdued after it fell to the lowest in more than three weeks on Monday, as outright prices remain firmly stuck within the narrow range seen since early August. Tyler Durden Wed, 09/17/2025 - 10:37

    - Tyler Durden

    Bank Of Canada Resumes Rate Cuts After 6 Month Pause The Bank of Canada cuts rates by 25bp to 2.50%, as expected. This was the 8th consecutive rate cut since the easing cycle started one year ago, and took place after the bank paused following its last rate cut in March, 6 months ago. Governor Tiff Macklem said that while "considerable uncertainty remains", there was a "clear consensus" within the committee for the first rate cut since March, as slowing population gains and a weak labor market were a drag on consumption while the economy was weaker and there was "less upside risk to inflation." The BoC head explained that the "Governing Council judged that a reduction in the policy rate was appropriate to better balance the risks going forward." Additionally, he noted the upward pressure on CPI has diminished. The BoC removed the language from the prior statement which said, "if a weakening economy puts further downward pressure on inflation and the upward price pressures from the trade disruptions are contained, there may be a need for a reduction in the policy interest rate". Some more highlights from the report:  Trade Through the recent period of trade upheaval. Governing Council has been proceeding carefully, paying particular attention to the risks and uncertainties facing the Canadian economy. Tariffs are having a profound effect on several key sectors, including the auto, steel and aluminum industries. Chinese tariffs on canola, pork and seafood, new US tariffs on copper, and higher US tariffs on softwood lumber will spread the direct impacts further. After remaining resilient to sharply higher US tariffs and ongoing uncertainty, global economic growth is showing signs of slowing. Economy The Bank will continue to assess the risks, look over a shorter horizon than usual, and be ready to respond to new information. There were some signs of resilience: consumption was stronger than expected in the second quarter and housing activity increased. Canada's GDP declined by about VA% in Q2, as expected, with tariffs and trade uncertainty weighing heavily on economic activity. Exports fell by 27% in Q2, a sharp reversal from 01 when Cos. were rushing orders to get ahead of tariffs. Business investment also declined in Q2, while consumption and housing activity both grew at a healthy pace. In the months ahead, slow population growth and the weakness in the labour market will likely weigh on household spending. Inflation: Preferred measures of core inflation have been around 3% in recent months, but on a monthly basis the upward momentum seen earlier this year has dissipated. Ahead: Looking ahead, the disruptive effects of shifts in trade will continue to add costs even as they weigh on economic activity. Governing Council is proceeding carefully, with particular attention to the risks and uncertainties. GC will be assessing how exports evolve in the face of US tariffs and changing trade relationships. In summary: the BoC cut rates by 25bps as expected, with Governor Macklem noting a "clear consensus" to ease policy. The accompanying statement stated that the reduction was appropriate given the weaker economy and fewer upside risks to inflation. Additionally, the board judged that a reduction in the policy rate was appropriate to better balance the risks. On the trade front, policymakers remain cautious over the risks stemming from US tariff actions. Moving forward. The Bank will continue to assess the risks, look over a shorter horizon than usual, and be ready to respond to new information. In immediate kneejerk response, the USDCAD rose modestly from 1.3760 to a session high of 1.3770 before retracing some of the move with much of the decision in line with expectations.  Tyler Durden Wed, 09/17/2025 - 10:14

    - Tyler Durden

    Lyft Shares Rise Above Multi-Year Trading Range On Waymo Nashville Partnership  News of a new partnership in the robotaxi industry just hit the wires: Lyft and Waymo are joining forces to expand autonomous ride-hailing in Nashville starting in 2026. Lyft shares jumped in New York on the news. Waymo, a private subsidiary of Alphabet, will supply the autonomous vehicles to operate on Lyft's Flexdrive fleet management platform, which will handle maintenance, charging, depot operations, and overall vehicle optimization. At launch, rides will be available first through the Waymo app, with integration into Lyft's app planned later this year. This new dynamic marketplace will enable Waymo vehicles to serve riders on both platforms, enhancing fleet utilization while supporting Lyft's hybrid model, which combines human-driven vehicles and robotaxis.  "Riders will have the opportunity to hail Waymo's fully autonomous vehicles first on the Waymo app, with plans to also dispatch its fleet on Lyft's network for matched rides later in 2026," Lyft wrote in a press release.  Lyft is expected to support the rollout by building out a dedicated AV fleet management facility in the Nashville metro area, ensuring high uptime and lower operating costs.  Executives from both companies highlighted the partnership was a perfect fit, with Lyft CEO David Risher stating:  "This partnership brings together best-in-class autonomous vehicles with best-in-class customer experience. Waymo has proven that its autonomous technology works at scale. When combined with Lyft's customer-obsession and world-class fleet management capabilities, it's two great tastes that go great together." Waymo co-CEO Tekedra Mawakana stated:  "We're delighted to partner with Lyft and launch in Nashville next year, as we continue to scale our Waymo ride-hailing service to more people in more places. Lyft's extensive fleet management capabilities through Flexdrive make them an ideal partner for expanding to Nashville. We can't wait to introduce Music City's residents and visitors to the convenient, consistent, safe, and magical Waymo experience." Shares in New York were up over 20% at the start of the cash session, but have pulled back a little since... ...but still breaking out of a trading range that dates back to early 2022. After months of compression, the Waymo news could be the catalyst for further upside. Robotaxi wars in North America are underway. How will Tesla respond? Related: Goldman Weighs In On Tesla Robotaxi Launch Robotaxis Enter Commercialization Phase In North America With Hyperscaling Next According to Goldman... Besides robotaxis, autonomous big rigs will be hitting the streets for commercialization momentarily - if they haven’t already. First Driverless Heavy Duty Trucking Service Launched On US Public Roads . . . Tyler Durden Wed, 09/17/2025 - 10:00

    - Tyler Durden

    UK, US Sign $42 Billion Tech Deal To Boost AI Partnership Authored by Aldgra Fredly via The Epoch Times, The United Kingdom and the United States struck a technology pact on Sept. 16 that would bring $42 billion in investments from U.S. tech giants into the UK’s AI infrastructure. The deal was reached as President Donald Trump arrived in the UK for a two-day state visit, during which he is expected to meet King Charles and British Prime Minister Keir Starmer. Under the “Tech Prosperity Deal,” the two nations agreed to cooperate in advancing AI, quantum computing, and nuclear technology, according to a statement issued by the UK government. Major U.S. tech companies—Microsoft, Nvidia, Google, OpenAI, and CoreWeave—will invest in the UK’s AI infrastructure, including data centers and computer chips, as part of the agreement. The deal is expected to generate more than 5,000 jobs in the northeast of England, which the UK government said will become a new AI growth zone. The two countries will collaborate on research schemes to further the use of AI to allow for “targeted treatments and other shared priorities like fusion energy,” according to the statement. This could lead to “life-changing breakthroughs like developing targeted treatments for those suffering with cancer or rare and chronic diseases,” the UK government said. “This Tech Prosperity Deal marks a generational step change in our relationship with the U.S., shaping the futures of millions of people on both sides of the Atlantic, and delivering growth, security and opportunity up and down the country,” Starmer said. The deal includes a $30 billion investment from Microsoft over four years, its largest commitment in the UK. The company stated in a blog post that the funding will help develop the country’s “largest supercomputer,” which will be equipped with more than 23,000 advanced AI chips. Under the U.S.–UK tech pact, Nvidia will partner with UK companies to deploy 120,000 advanced GPU chips across the country, marking its largest rollout in Europe to date, according to the statement. “Today marks a historic chapter in U.S. – United Kingdom technology collaboration,” Nvidia founder and CEO Jensen Huang said. OpenAI said it will team up with British company Nscale and Nvidia to launch a Stargate UK project to boost the UK’s sovereign computing capabilities, as part of the tech pact. The UK and the United States signed a trade agreement in June on the sidelines of the G7 summit in Canada. The deal still left UK steel and aluminum subject to 25 percent tariffs, rates that the UK government is working to reduce. Speaking to reporters before departing for the UK on Sept. 16, Trump indicated that he was willing to further negotiate trade with the UK government. “They want to see if they can refine the trade deal a little bit. We made a deal, and it’s a great deal. And I’m into helping them,” the president told reporters. It was Trump’s second state visit to the UK; his first was in 2019, during his first presidential term, when he was hosted by King Charles’s late mother, Queen Elizabeth II. A fact sheet issued in May by the Office of U.S. Trade Representative noted that the UK had not fully addressed its Digital Services Tax (DST), which Washington has criticized as discriminatory toward U.S. tech companies. It is unclear whether Trump will touch on the issue during his visit. The two governments signed a nuclear energy deal just a day before Trump arrived in Britain, which the UK said would “turbocharge the build-out of new nuclear power stations” in both countries. Tyler Durden Wed, 09/17/2025 - 09:45

    - Tyler Durden

    The Fuse Of History Is Lit Authored by J.B. Shurk via American Thinker, Earlier this month a British academic named Michael Rainsborough wrote an insightful essay on the United Kingdom’s descent towards civil war.  Once the head of the Department of War Studies at King’s College London, Rainsborough was dismissed from his post for committing a series of “thought crimes.”  His final offense came in the form of a co-authored essay entitled, “The British Road to Dirty War,” in which he and former colleague David Betz diagramed “the hollowing out of British democratic institutions” and the dangerous rule of a permanent governing class filled with authoritarian elites. Now working in Australia, Rainsborough returns to the subject with additional wisdom that only time and distance can provide.  His verdict is as incisive as it is sobering: Britain’s institutions are irreparably damaged.  The country is headed for long-term Balkanization.   A “dirty war” similar to those that gripped Latin America fifty years ago may usher in an era of assassinations, hostage-taking, disappearances, industrial sabotage, censorship, and general repression.  Although he acknowledges that the question of how bad things will become in Britain is still very much an open one, he doesn’t envision any set of circumstances that can entirely avert the misery to come. Rainsborough describes a series of intentional acts engineered by governing elites to diminish democratic accountability and maintain permanent control.   Rather than recognizing the democratic will of the people following the Brexit referendum in 2016, the ruling class responded with a “deranged mixture of denial and contempt for the electorate.”   Even before the Brexit vote, however, leftist-globalists were engaging in a great “demographic transformation” intended “to rub the Right’s nose in diversity.”   Today the whole British government “operates from a post-nationalist outlook, one that treats the very idea of nationhood as negotiable, even alien, to the political class.” Making matters worse, the British Establishment has gone all-in on globalism by “outsourcing” its “sovereignty to supranational bodies” that “dilute and often override domestic consent.”  Consequently, institutional elites are driving Britain towards “self-destruction” by “clinging to an incontinent immigration system and an almost devotional attachment to international and human rights laws that disadvantage its own citizens.” Rainsborough accuses British authorities of repurposing old tools for imperial governance into “divide and rule” instruments for manipulating domestic society.  “The aim” is “to rule by division: to fracture society into communities, reward loyal in-groups and discriminate against the majority through a two-tier system of justice, policing and social policy.”  He calls the agents of this purposeful division the “new imperialists.” The “new imperialists” have self-important titles — “diversity coordinators, anti-racism activists, curriculum decolonisers, climate campaigners” — but their mission is identical to the agents that once helped Britain’s East India Company conquer much of the globe: to “manage society by division.”  After categorizing everyone by race, caste, and creed, today’s “woke” imperialists “elevate” favored minorities and “relegate” the majority to “second-class status.”  Just as their predecessors felt morally superior to the natives when conquering India, today’s leftist-globalists are “buoyed by moral certainty and a conviction of their right to rule.” The natural result of this manufactured division is today’s national flag protests across the United Kingdom.  While government authorities enthusiastically support the waving of Ukrainian, Islamic, and “gay pride” flags, they are extremely angry with British citizens who proudly fly England’s Cross of St. George.  “The majority population, already disregarded on questions such as immigration, is told that its own symbols of belonging must be hidden, while the emblems of others are to be privileged and extolled.”  In effect, Britain’s elite ruling class has denied the British “people’s right to recognise themselves. What is particularly remarkable about Rainsborough’s analysis is its applicability to other nations throughout the West.  An American, Canadian, Australian, German, or Dutch citizen reading his point-by-point rationale for why the United Kingdom is heading for civil war would logically conclude that civil war is also coming closer to home.  Is there any public policy that the British Establishment has implemented to “divide and rule” over citizens that the Establishments of other Western nations haven’t also implemented?  Support for mass illegal immigration, the demonization of patriotism as “fascism,” the criminalization of so-called “hate speech,” widespread censorship, and the systematic persecution of individuals and groups expressing dissent to the government’s official “narratives” — these hallmarks of encroaching totalitarianism flourish across the West. Parts of France are in flames right now.  After Emmanuel Macron’s government collapsed last week, riots erupted nationwide.  Fed up with the direction of their country under Macron’s rule, French citizens across the political spectrum have temporarily coalesced into a “Block Everything” movement that has shut down major highways and turned the night sky into a medieval mixture of glowing embers and smoke.  It has been reported that the ineffective French president is so desperate to quell the growing revolt that he is considering shutting down social media platforms. Macron might resist the despotic urge to suspend public communication after witnessing events unfold in Nepal.  The South Asian republic is also in flames right now after more than a week of total chaos.  After large public protests over government corruption could not be controlled, the Nepalese Establishment made the fateful decision to block all social media platforms.  Angry citizens promptly responded by burning down parliament, dragging politicians out of their homes, and beating officials to death.  The government attempted to reverse course and permit social media access, but protesters continue to target anyone who might be considered an “elite.” French President Macron is acutely aware that the carnage in Nepal could soon find its way to France if he chooses to shut down social media sites.  Leftist-globalists already crossed a similar line in Canada when the government of former prime minister Justin Trudeau seized the bank accounts of “Freedom Convoy” protesters fighting back against COVID edicts and “vaccine” mandates.  Trudeau’s actions demonstrated how willing Western governments are to punish dissent by seizing private property.  Should Macron follow Canada and Nepal’s reckless examples by confiscating bank accounts and stifling public communication, French citizens will no doubt respond with even more intensity. Perhaps that is why one of the U.K.’s top law enforcement officers, Sir Andy Cooke, is desperately trying to end the criminalization of “offensive” social media speech.  Arguing that British authorities need to “allow people to speak openly without the fear their opinion will put them on the wrong side of the law,” Cooke wants cops to stop acting as free speech “monitors.”  After years of throwing British citizens in jail for expressing opinions, this kind of public policy U-turn suggests that government authorities now regret energizing a free speech movement sweeping across the U.K. In reaction to the assassination of Charlie Kirk in the United States, Prime Minister Keir Starmer wrote, “We must all be free to debate openly and freely without fear — there can be no justification for political violence.”   After years of imprisoning people for their speech and regularly censoring social media accounts, Starmer’s hypocrisy set off a chain reaction of national anger in the U.K.   On Saturday, over a million citizens took to the streets of London in support of free speech.  One Brit declared, “They just made a million Charlie Kirks.” Could France, Britain, or the United States suffer Nepal’s fate?  Maybe.  The “new imperialists” are dangerously arrogant.   As Rainsborough writes, “They imagine themselves clever enough — and the public credulous enough — that such policies can be pursued without provoking resistance.  But arrogance is no substitute for foresight.  Once matters tip into open conflict, escalation takes on its own momentum.  Anger is already stirring — and anger, once roused, is the fuse of history.” If you look around the West, it is impossible to deny that the “fuse of history” is already lit. Tyler Durden Wed, 09/17/2025 - 09:10

    - Tyler Durden

    US Housing Starts & Building Permits Plunged In August, But... With homebuilder sentiment hovering near COVID lockdown lows (at 13-year lows), it is perhaps not surprising that this morning's Housing Starts and Building Permits data is such a shitshow. US Housing Starts tumbled 8.5% MoM (worse than the 4.4% MoM decline expected) US Building Permits plunged 3.7% MoM (worse than the 0.6% MoM rise expected) That is the 5th straight month of MoM declines for the more forward-looking permits print. The MoM declines dragged the SAARs down to post-COVID-lockdown lows... Across the US, housing starts in the South, the nation’s biggest homebuilding region, fell 21% to the lowest in nearly a year. Starts also fell in the Midwest, but they rose in the West and Northeast. Starts & Permits plunged across the board (for both single-family and multi-family units) Housing starts: Single-family 890K SAAR, down 7.0% from 957K in July and the lowest since July 2024 Multi-family 403K SAAR, down 11% from 453K in July and the lowest since May Housing permits: Single-family 856K SAAR, down 2.2% from 875K in July and the lowest since March 2023 Multi-family 403K SAAR, down 6.7% from 432K in July and the lowest since May 2024 However, on the bright side, mortgage rates have been tumbling (near three year lows)... ...and mortgage applications soared almost 30% week-over-week. Will the rate-cuts expected today (and for the rest of the year) provide the affordability lift that so many hope for? Bear in mind there is still a vast gap between the current mortgage rates and the effective average rates of homeowners across the nation... Last month, the number of single-family homes under construction extended its multi-year decline, falling to an annual pace of 611,000, the lowest since early 2021. Tyler Durden Wed, 09/17/2025 - 08:51

    - Tyler Durden

    Interpreting Zelensky's Shifting Goalposts For Victory Authored by Andrew Korybko via Substack, He finally accepts the impossibility of restoring Ukraine’s pre-2014 borders... Zelensky recently told ABC News that “Victory, to my mind, Putin's goal is to occupy Ukraine, this is to destroy us, occupy, and did he occupy it?...He didn't occupy us, we win, and I think so, because we have our country.” This is a far cry from the mantra that he’s chanted almost daily for the past 3,5 years since the special operation began about restoring his country’s pre-2014 borders. Quite clearly, he’s hinting that he’ll accept an end to the conflict that doesn’t achieve that aim, thus going with the political flow. About that, while Trump might escalate US involvement for the purpose of coercing Putin into freezing the conflict without obtaining any of his stated goals therein, he doesn’t have any illusions about Ukraine restoring its pre-2014 borders. The same goes for if he tries to make a direct NATO intervention there, whether before or after hostilities cease and regardless of whether it precedes a no-fly zone, a fait accompli. Zelensky is aware of this and doesn’t want to risk Trump’s wrath by demanding the impossible. Accordingly, he’s now begun the task of correcting domestic and Western perceptions of victory, ergo why he’s now shifting the goalposts by claiming that this has been achieved just by ending the conflict without Russia occupying all of Ukraine. The problem is that Russia never intended to occupy all of Ukraine. This is proven by it never even trying to take Odessa, not to mention making no moves whatsoever on Western Ukraine, with Kiev’s environs being the furthest west that Russia ever went. To be sure, some of its supporters have fantasized that Russia’s goal is to occupy all of Ukraine up to the Polish border, but this has always been wishful thinking and never a reflection of Russia’s stated goals or even its implied ones as proven by the course of military operations. By spinning this baseless speculation as strategic fact, which inadvertently highlights the curious narrative convergence between some of Russia’s and Ukraine’s supporters, Zelensky hopes to settle for less without “losing face”. He's motivated not only by concerns about his legacy, but also by fear of an ultra-nationalist (fascist) revolt from segments of civil society and the armed forces in the event that he accepts indefinite Russian control over Ukrainian-claimed territories as part of a peace deal. The irony is that Ukraine would have retained the parts of Kherson and Zaporozhye Regions presently under Russian control had Zelensky accepted the terms of spring 2022’s draft peace treaty that the UK and Poland conspired to sabotage. The precedent established by the epic failure of summer 2023’s counteroffensive, which was prepared for over a year and followed the influx of tens of billions of dollars of military equipment into Ukraine that the West no longer has to spare, suggests that Zelensky won’t claw anything back no matter what . The conflict will thus end with Russia at the very least keeping the lands that it won in those two regions, if not expanding its gains (whether there and/or elsewhere) depending on how everything soon evolves. Circling back to Zelensky shifting the goalposts for victory, the significance is therefore that he’s truly willing to freeze the conflict along the frontlines at minimum, with the possibility existing that he might even agree to withdraw from the rest of Donbass if Trump orders him to as part of a deal with Putin. That can’t be taken for granted, however, since he thus far hasn’t pressured him on anything so far. In any case, the military-political dynamics continue to favor Russia, and Zelensky has finally accepted this. Tyler Durden Wed, 09/17/2025 - 08:40

    - Tyler Durden

    Futures Flat Ahead Of Royal FOMC Rumble US equity futures are flat into today's Fed decision, with the long end of the yield curve moving lower. As of 8:10am ET, S&P and Nasdaq futures are down 0.1%, with Nvidia lower in premarket trading after the FT reported that China has ordered some companies to terminate orders for a certain type of AI chip (AMD -1%, AVGO flat). Other Mag7 names are flat. Cyclicals are under pressure. In other assets ahead of the Fed, the dollar is near its lowest level in three years although it is catching a bid after losing nearly 1% the last two days, while gold held near a record high. The commodity complex is weaker with notable losses in silver and coffee, each down more than 2.2%. In addition to the Fed today, we also have Housing starts and building permits ahead of tomorrow's jobless data.  In premarket trading, Mag 7 stocks are mixed with Nvidia 1% lower in premarket trading after the FT reported that China has ordered some companies to terminate orders for a certain type of AI chip (Tesla -0.8%, Alphabet +0.4%, Microsoft +0.3%, Apple -0.1%, Amazon -0.3%, Meta -0.3%). Here are the other notable premarket movers: Cytokinetics (CYTK) inches 1% higher after the drug developer, which is offering $550 million in convertible notes, said it met Monday with US regulators about the company’s application for aficamten and still expects a decision by late December. Manchester United (MANU), the Premier League’s fallen giant, falls 9% after revenues flat-lined and losses continued to mount. New Fortress Energy (NFE) shares soar 24%, set to extend Tuesday’s record 45% rally, after billionaire Wes Edens’ firm finalized a seven-year deal worth $4 billion to supply liquefied natural gas to Puerto Rico. Vtex (VTEX), the e-commerce software platform, rises 5% after Jefferies raised the recommendation to buy, saying the recent declines after second-quarter results have been overdone and the longer term growth prospects remain intact. Workday (WDAY) shares are up 9% as Elliott Investment Management says the human-resources software company has made substantial progress in recent years. Analysts were also positive about the company’s outlook, while Piper Sandler upgraded the stock to neutral from underweight. The record-breaking stock rally faces a big test today, with all eyes on what could prove to be a historic Fed rate decision (where we could get as many as 4 dissents, an unprecedented outcome) and the subsequent Powell’s press conference (full preview here). With equity positioning stretched, some strategists have been warning about a pullback. Anything but a dovish tilt could disappoint. For the FOMC rate decision, a 25bp rate cut is fully priced into swaps market. Including the 25bp cut priced in for today’s FOMC decision, around 70bp of easing is anticipated by year-end. In the lead-up to the meeting, traders have been hedging potential for at least one 50bp cut resulting from one of the year’s three remaining policy meetings — occurring today and in October and December Fed watchers expect differing views on employment and inflation will prevent officials from promising an aggressive pace of cuts. Still, bond traders are stepping up options wagers on at least one 50bp cut in this year’s three remaining policy meetings. Options markets are pricing in a move of about 0.7% in the S&P 500 after the Fed, according to Citigroup strategists.  “There’s the potential for big divergence between officials,” wrote Deutsche Bank AG strategist Jim Reid. “There’s also the possibility of multiple dissents. The last meeting saw two governors dissent for the first time since 1993, whilst Trump-appointee Stephen Miran has also joined the board now.” The decision comes as stocks look stretched according to Bloomberg. Equity positioning for CTAs is currently in the 95th percentile of a 30-year range, and their next course of action is to take profit, according to UBS strategists. Citadel strategist Scott Rubner said US stocks could experience turbulence in coming weeks before finishing the year with a flourish. “We expect some short-term correction in risk assets,” she said. “Vulnerability is very high and the US is especially very highly concentrated. But we’re still confident in fundamentals, and we still think it would be more of a healthy correction.” Trump will be watching the Fed’s decision from the UK, where PM Keir Starmer is seeking to strengthen ties with the US. Tech firms including Microsoft and OpenAI announced plans to spend tens of billions of dollars on technology infrastructure in the UK, while British drugmaker GSK pledged to invest $30 billion in the US over the next five years.  In other trade news, Trump said he spoke to Indian PM Modi in a move that offers to ease tensions between the two major economies amid a fight over tariffs and New Delhi’s purchases of Russian oil. And China released a Wells Fargo banker it earlier blocked from leaving the country, according to a person familiar with the matter, ahead of a potential in-person meeting between Trump and China’Xi Jinping. In corporate news, Apple’s smartphone sales in China in the weeks leading up to the iPhone 17 launch fell 6%, a deeper slump than is typical ahead of a new release. Klarna’s CEO is overhauling how he controls his roughly $1.1 billion stake in the financial technology firm, just days after its US listing. Private equity giants Blackstone and BlackRock are said to be vying to invest billions of dollars with Saudi Arabia’s new AI company, Humain. Ahead of Wednesday’s Fed decision, the Bank of Canada is expected to cut its benchmark overnight rate to 2.5%, after weak jobs data and a second-quarter contraction. European stocks edge higher, led by tech. Germany’s DAX outperforms after a gain in SAP.  Here are some of the biggest European movers today: Centrica shares gain as much as 3.6% after Morgan Stanley upgraded the stock to overweight as the analysts say the shares aren’t fully valuing even its existing business. DiaSorin shares rise as much as 2.7%, among the best performers in the Stoxx 600 Health Care Index on Wednesday morning, after the stock was upgraded to buy from neutral at UBS. Sanofi shares climb as much as 1.5% after the French drugmaker said a Phase 2a study of its experimental drug brivekimig in patients with hidradenitis suppurativa (HS) led to clinically meaningful improvements in primary and key secondary endpoints. PZ Cussons shares rise as much as 10%, the most since February as they rebound from the lowest level since 2001, after it delivered results mildly ahead of estimates. McBride climbs as much as 17%, the most in eight months, following full-year results from the personal care products maker, which Peel Hunt says demonstrate “consistent delivery.” PostNL shares jump as much as 10% after the delivery company outlined 2028 financial goals above current expectations ahead of its capital markets day. ProSiebenSat.1 Media shares fall as much as 7.5% in Frankfurt trading after analysts at Oddo BHF downgrade to neutral, reduce price target to €7.5 from €9. GTT drops as much as 4.2% as Oddo BHF flags a slight slowdown of order momentum for the French engineering company. Hexagon Composites shares fall as much as 16% after offering 42 million shares at NOK14, representing a 13.6% discount vs. Tuesday’s close. Diversified Energy shares drop as much as 6.4% in London, after the firm said overnight that an investor is offering shares in the company at a discounted price. Norbit falls as much as 6.3% after shareholder Draupnir Invest offers 3.25 million shares in the company at NOK200 per share, representing a 6.5% discount vs. Tuesday’s close. Nestle shares fall as much as 0.7% in early trading and continue to trade near a nine-year low after the early departure of Nestle Chairman Paul Bulcke. In the UK, Bank of England policymakers got yet another unwelcome signal of sticky price pressures ahead of their rates decision on Thursday. Inflation held at its highest in more than 1 1/2 years in August, reinforcing expectations that the Monetary Policy Committee will keep rates on hold at 4%. Earlier in the session, Asian equities swung in a narrow range after hitting an all-time high, as gains in Hong Kong and mainland China offset losses in tech-heavy South Korea and Taiwan. All eyes remain focused on the Federal Reserve’s interest-rate decision due later. The MSCI Asia Pacific Index was little changed, with Chinese Internet titans Alibaba and Tencent among the biggest boosts while chipmakers TSMC and Samsung Electronics dragged on the gauge. The regional benchmark notched its first record close in more than four years on Tuesday. China’s gains are “mostly driven by the tech companies due to rapid AI development and growing evidence of monetization,” said Vey-Sern Ling, managing director at Union Bancaire Privee “Against a backdrop of supportive government policies, cheap valuations and a cyclical bull case for emerging markets driven by US rate cuts and weaker dollar.” A gauge of Chinese stocks listed in Hong Kong surged 2.2% to the highest since July 2021. Heavyweights including Alibaba and Baidu climbed on positive analyst reports. In FX, the Bloomberg Dollar Spot Index is little changed, sterling steady after UK inflation matched expectations. Euro-area headline CPI for August was revised lower. In rates, treasuries hold small gains led by long-end tenors ahead of Fed rate decision at 2pm New York time, flattening the curve with 30-year yields lower by around 2.5bp on the day. US market tracks bull-flattening in European bonds, led by Germany’s, following long-end auctions and UK CPI data. With US front-end yields little changed, 2s10s and 5s30s spreads are about 2bp flatter on the day; 10-year near 4.01% is down about 1.5bp with bunds and gilts in the sector outperforming by about 0.5bp. Treasury auctions resume Thursday with $19 billion 10-year TIPS reopening; Tuesday’s 20-year bond sale drew good demand. European bond markets grind higher in line with Treasuries. In commodities, gold slides from another record high, down by around $19 to $3,670/oz. Oil prices drops too, Brent trades closer to $68/barrel.  Today's US economic data slate includes August housing starts/building permits at 8:30am; FOMC announcement is at 2pm. Market Snapshot S&P 500 mini little changed Nasdaq 100 mini unchanged Russell 2000 mini little changed Stoxx Europe 600 +0.1% DAX +0.3% CAC 40 little changed 10-year Treasury yield -2 basis points at 4.01% VIX +0.2 points at 16.55 Bloomberg Dollar Index little changed at 1189.27 euro -0.2% at $1.1844 WTI crude -0.7% at $64.08/barrel Top Overnight News China told its tech firms to stop buying Nvidia’s AI chips and terminate all existing orders, the FT reported. The chipmaker’s shares fell premarket (NVDA -1.5%). BBG Fired BLS head Erika McEntarfer said her dismissal represented a “dangerous step” for the economy, and could erode confidence in economic statistics. WSJ Washington will begin the process of renegotiating the USMCA on Wed (Canada’s Carney travels to Mexico on Thurs, and USMCA will likely be a major topic of discussion in those meetings). FT Japan’s exports fell for a fourth month, with shipments to the US posting the steepest drop in more than four years. BBG Microsoft, OpenAI and other US companies announced plans to spend tens of billions of dollars on technology infrastructure in Britain. BBG US Democrats are expected to unveil their CR counteroffer today, Punchbowl citing sources reports that this will include a permanent extension of the Obamacare enhanced premium tax credits UK inflation stuck at an 18-month high of 3.8% in August, a reading that may encourage BOE policymakers to lay the groundwork for a longer pause on rates at tomorrow’s policy decision. BBG Foreign investors in US assets are rushing to hedge their exposure to the dollar,  in a sign of increased nervousness about the impact of Trump’s agenda on the world’s dominant currency. FT The Bank of Canada is expected to cut its key rate 25 bps to 2.5%, restarting monetary easing after holding borrowing costs steady for three consecutive meetings. BBG Corporate News Abu Dhabi National Oil Co. said it will not proceed with a proposed $19 billion offer for Australian natural gas producer Santos Ltd. China’s internet watchdog has instructed companies including Alibaba Group Holding Ltd. and ByteDance Ltd. to terminate orders for Nvidia Corp.’s RTX Pro 6000D, the Financial Times reported, citing people with knowledge of the matter. Eli Lilly & Co.’s obesity pill prompted enough weight loss in a large clinical trial to be meaningful for patients and have far-reaching implications for the field, doctors said. Apple Inc.’s smartphone sales in China in the weeks leading up to the iPhone 17 launch fell 6% from the year-earlier period, a deeper slump than is typical ahead of a new flagship product release. Qatar’s sovereign wealth fund will take a $500 million stake in copper producer Ivanhoe Mines Ltd., deepening its push into the global mining industry. Alarm firm Verisure Plc announced it’s planning to raise about €3.1 billion ($3.7 billion) via an initial public offering in Stockholm. Microsoft Corp., OpenAI and other American companies announced plans to spend tens of billions of dollars on technology infrastructure in the UK, part of a series of business deals that coincide with Trump’s visit to the nation this week. TikTok’s US operations would be acquired by a consortium that includes Oracle Corp., Andreessen Horowitz and private equity firm Silver Lake Management LLC under a deal Trump is set to discuss with Chinese President Xi Jinping this week. Nestlé SA Chairman Paul Bulcke will step down early after investors questioned his handling of the ouster of the food company’s former chief executive officer due to an undisclosed romantic relationship with a subordinate. Trade/Tariffs Chinese state media noted regarding US-China trade talks in Madrid that China will review and approve matters related to TikTok, technology export and intellectual property in accordance with the law, while it added that an agreement on TikTok is in the interests of both sides. China and the US are in the “final stage” of negotiations for a state visit to Beijing by US President Donald Trump, with bulk purchases of American goods a critical part of the deliverables, according to sources cited by South China Morning Post. USTR Greer and South African Trade Minister Tau are expected to meet on Thursday, via Bloomberg citing sources. A more detailed look at global markets courtesy of Newsquawk APAC stocks traded mixed with global risk sentiment cautious ahead of the crucial FOMC policy decision where the Fed is expected to deliver its first rate cut for this year. ASX 200 was pressured with underperformance in the Consumer Discretionary, Real Estate, Miners and Materials sectors front-running the declines, while there was some resilience seen in Utilities, Energy and Tech. Nikkei 225 swung between gains and losses and briefly returned to the 45,000 level with price action choppy following initial currency headwinds and mixed Japanese trade data in which Exports fell for a 4th consecutive month, albeit at a much slower-than-feared pace, while Imports printed a wider-than-anticipated contraction. Hang Seng and Shanghai Comp gained with the Hong Kong benchmark led higher by tech strength as Baidu (9888 HK) rallied after an analyst upgrade due to optimism regarding its in-house chip venture and with SMIC (981 HK) testing domestically-made advanced chip-making machinery. Furthermore, Hong Kong Chief Executive Lee made several pledges in his policy address, while China also recently issued measures on increasing consumption. Top Asian News Hong Kong Chief Executive Lee reaffirmed economic growth of 2%-3% for this year in the annual policy address, while he said they will accelerate development of the northern metropolis area close to the mainland China border, will continue to increase public housing supply, and create land for large development projects. Lee also stated that Hong Kong is to set up a working group to boost AI development and is to set up a task force to help mainland Chinese companies go overseas. Furthermore, Lee said the Hong Kong Monetary Authority is to encourage banks to establish regional headquarters in Hong Kong, and the HKEX is to lure more Southeast Asia companies for secondary listing. China trials its first advanced tools for AI chipmaking with SMIC (981 HK) testing domestically-made machinery as Beijing seeks to rival US-made processors, according to FT. Wells Fargo (WFC) banker who had been barred from leaving China for several months, has been allowed to return to the US, according to the Washington Post. China August crude iron ore output +8.8% Y/Y at 81.63mln metric tons, according to stats bureau Alumina +7.5% Y/Y. Refined Copper +14.8% Y/Y. Lead +3.7% Y/Y. Zinc +22.8% Y/Y. Indonesian Central Bank unexpectedly cut rates by 25bps to 4.75% (exp. 5.00%, prev. 5.00%) European bourses (STOXX 600 +0.1%) are mixed and price action has been rangebound throughout the morning, as traders await the FOMC later today. European sectors are mixed, and aside from top performer, the breadth of the market is fairly narrow. Tech tops the sectoral list today, following on from outperformance seen in Chinese tech-names such as Baidu; as a reminder, the Co. received an analyst upgrade related to its in-house chip venture and with SMIC (981 HK) testing domestically-made advanced chip-making machinery. Top European News ECB's de Guindos says current rate is "appropriate", via Welt; No reason for ECB to intervene with TPI (Transmission Protection Instrument). French socialist leader says there is currently no indication of French PM Lecornu's plan, according to Bloomberg FX After a session of losses yesterday, DXY is a touch firmer in the run-up to today's FOMC policy announcement. In brief, the Fed is expected to cut rates by 25bps, with focus on guidance, vote split and updated SEP/dot plots. Thereafter, attention will shift to Fed Chair Powell's press conference, whereby markets will be attentive to how forthcoming he is over additional near-term easing. Note, as an extra curve ball for the market, President Trump is due to be interviewed on Fox at 20:00BST. DXY sits towards the lower end of Tuesday's 96.55-97.38 range. EUR is a touch softer vs. the USD after hitting a multi-year high yesterday @ 1.1878. Incremental EUR drivers are lacking with final Y/Y HICP revised a touch lower to 2.0% from 2.1% and the latest ECB wage tracker (2025 wage growth seen at 3.158% vs. prev. forecast 3.152%) passing with little in the way of fanfare. On the former, the ECB observed that early signs suggest lower and more stable wage pressures in H1 2026. Note, ECB's Nagel is due to speak at 18:00BST. If EUR/USD continues its ascent higher, ING suggests that 1.1910 "looks like the final resistance level before 1.20 is hit". The Yen is fractionally firmer vs. the USD, extending its winning streak to a third session. Overnight, Japanese trade data saw a smaller-than-expected deficit thanks to a smaller-than-forecast contraction in exports. Following the data, Pantheon Macroeconomics stated it expects the 15% universal duty on Japanese goods, imposed by the US to "weigh on Japanese exports for the rest of the year". USD/JPY hit a fresh low for the month overnight @ 146.22 before picking up to levels north of 146.50. GBP was largely unreactive to the latest UK inflation data, which saw August Y/Y headline CPI hold steady at 3.8%, as expected. Core declined to 3.6% from 3.8% (in-line with consensus) and services declined to 4.7% from 5.0% (exp. 4.8%). This could have implications for the UK's fiscal picture, which remains perilous with the latest reporting suggesting the OBR told UK Chancellor Reeves that it will downgrade productivity forecasts for the UK economy. Cable is currently contained within yesterday's 1.3598-1.3672. This could have implications for the UK's fiscal picture, which remains perilous with the latest reporting suggesting the OBR told UK Chancellor Reeves that it will downgrade productivity forecasts for the UK economy. Cable is currently contained within Tuesday's 1.3598-1.3672. Antipodeans are both are softer vs. the USD and at the bottom of the G10 leaderboard with fresh macro drivers from Australia and New Zealand lacking. CAD is a touch weaker vs. the USD ahead of the BoC rate decision, which is expected to see the Bank cut rates by 25bps, according to 25/32 surveyed by Reuters. Markets assign a 92% chance of such an outcome and an 8% chance of a larger 50bps reduction. A 25bps outturn would see rates slip below the current midpoint of the BoC's neutral estimate. PBoC set USD/CNY mid-point at 7.1013 vs exp. 7.1021 (Prev. 7.1027). Fixed Income USTs in a holding pattern into the FOMC. Unchanged in a very thin band for the first part of the European morning. In terms of the Fed, a 25bps cut is the base case though markets continue to imply a slim chance of a larger 50bps move. Attention thereafter will be on forward guidance, to see if the FOMC implies further easing or retains a data-dependent stance; the vote split and dots of interest on this point. Note, during Chair Powell’s press conference President Trump will be speaking to the media as part of his UK state visit. More recently, a bout of strength was spurred by the FT reporting that China has ordered its large tech firms to stop ordering the China-specific NVIDIA chip. An update that has weighed on the broader risk tone and spurred USTs to a 113-21 peak with gains of 4 ticks at best. Gilts gapped higher at the open following the UK CPI. opened with gains of 13 ticks before extending another 10 to an initial 91.62 peak (91.70 notched post-NVDA). Upside that was driven by the August inflation report. In brief, the majority of the release was as expected though, the services components came in cooler-than-expected and have spurred the morning’s modest dovish move. The release does not change the narrative of unchanged this week from the BoE or the view that inflation will likely tick higher in the months ahead. Countering the bullish impetus, and possibly factoring into the pullback towards and below opening levels seen as the morning progressed (before the NVDA update, at least), was renewed focus on the Autumn Budget. Overnight, multiple press reports suggest the OBR will be downgrading their assessment of UK productivity, a cut which will amplify the already difficult fiscal situation Chancellor Reeves finds herself in. Bunds were initially in-fitting with USTs with specifics light. Thereafter, some modest upside was seen after UK CPI, but this proved fleeting. As the morning progressed, the benchmark began to pull back a little more and notched a 128.71 low. However, this was superseded by the risk move seen on the FT-NVDA report, propelling Bunds to a 128.98 peak with gains of 27 ticks at best. No move seen to the final EZ HICP, revised down to 2% (prelim. 2.1%) for the headline Y/Y while the core and super-core figures were unrevised. A dual-tranche German auction spurred little reaction in Bunds. Germany sells EUR 0.786bln vs exp. EUR 1.0bln 1.25% 2048 and EUR 1.13bln vs. exp. EUR 1.5bln 2.90% 2056 Bund. Commodities Crude opened modestly on the backfoot and has trickled lower throughout the morning. Downside in the crude complex was exacerbated by reports that China's CAC has reportedly informed firms such as Alibaba (9988 HK / BABA) and ByteDance to terminate their testing and orders of NVIDIA's (NVDA) RTX Pro 6000D, via FT citing sources; in order to focus on China's domestic semiconductor industry. WTI currently resides in a 62.91-63.55/bbl range while Brent sits in a USD 67.01-67.68/bbl range. Precious metals decline with headwinds seen from a firmer dollar alongside selling pressure in metals, including a 1% drop in silver, shortly after Shanghai commodities trade got underway, and with demand subdued ahead of today's Fed rate decision. Spot gold currently resides in a USD 3,662.63-3,695.52/oz range with Tuesday's high (USD 3,703.24/oz) the latest all-time high. Base metals are lower across the board amid the broader risk aversion and firmer USD sparked by reports that China's CAC has reportedly informed firms such as Alibaba (9988 HK / BABA) and ByteDance to terminate their testing and orders of NVIDIA's (NVDA) RTX Pro 6000D, via FT citing sources. 3M LME copper fell back under USD 10k/t and resides in a USD 9,931.05-10,136.70/t range at the time of writing. Deutsche Bank lifts gold price forecasts next year to USD 4,000/oz average (prev. USD 3,700/oz); Silver lifted to USD 45/oz (prev. USD 40/oz) Geopolitics: Middle East Japan will not recognise a Palestinian state at the UN General Assembly, according to Asahi. "Israel Broadcasting Corporation Quotes Palestinian Sources Familiar with the Negotiations: We Are Ready to Discuss Stopping the War. But in a Different Way Than In the Past", according to Sky News Arabia. Iranian Foreign Ministry Spokesperson says Araqchi will hold a call with German, British and French counterparts this Wednesday. Geopolitics: Ukraine IAEA team at Ukraine's Zaporizhia nuclear power plant reported hearing shelling close to the site on Tuesday and saw black smoke rising from three locations nearby after multiple artillery shells struck an area outside of the nuclear power plant site perimeter, although there were no reports of casualties or equipment damage. EU intends to propose additional sanctions on more Chinese firms linked to the Russian war effort, via Politico; diplomat adds that discussions on the 19th sanctions package are now expected on Friday and potentially includes the addition of Chinese firms. Russian Deputy Foreign Minister Ryabkov says Russia is in contact with the US on various issues, and dialogue continues, via Ria; adds that Russia is ready to deepen energy cooperation discussions with the US, including on Sakhalin 1 project. US Event Calendar 7:00 am: Sep 12 MBA Mortgage Applications, prior 9.2% 8:30 am: Aug Housing Starts, est. 1365k, prior 1428k 8:30 am: Aug P Building Permits, est. 1370k, prior 1362k 8:30 am: Aug Housing Starts MoM, est. -4.41%, prior 5.2% 2:00 pm: Sep 17 FOMC Rate Decision  DB's Jim Reid concludes the overnight wrap After a relentless rally over recent sessions, risk assets struggled to keep up their momentum over the last 24 hours, with the S&P 500 (-0.13%) slipping back from its record high. The moves come ahead of today’s Fed decision, which could well be one of the most interesting in recent times. Of course, it’s widely expected that we’ll get the first rate cut since December. But all eyes will also be on the quarterly dot plot for where officials think rates will move next, as there’s the potential for a big divergence between different officials. And on top of that, there’s also the possibility of multiple dissents, particularly after the last meeting saw 2 Governors dissent from for the first time since 1993, whilst Trump appointee Stephen Miran has also joined the Board now. So, lots of themes to keep an eye on. In terms of the decision, it’s widely expected that we’ll see a 25bp rate cut today, which would lower the target range for the fed funds rate down to 4%-4.25%. Interestingly, at the time of the last FOMC decision in July, a cut at today’s meeting wasn’t seen as a foregone conclusion at all, particularly with tariffs keeping inflation above target. But two days later, on August 1, we had a very underwhelming jobs report, which included the biggest downward revisions in years. So that undercut the previous message of labour market resilience after Liberation Day and led to a lot more concern about the “maximum employment” side of the Fed’s mandate. In turn, that meant Fed officials increasingly signalled that a cut was possible, and Chair Powell said in his Jackson Hole speech that the “downside risks to employment are rising.” In the time since that jobs report in early August, markets have priced in a September cut as the most likely outcome, and that message was reinforced by the most recent jobs report a couple of weeks ago. Indeed, it showed payrolls up by just +22k in August, and the June print was even revised into contractionary territory. So that cemented investors’ conviction in a 25bp cut and led to a brief period of speculation about whether the Fed might do a larger 50bp cut, just like they did at the September 2024 meeting. Even if today’s decision ends up being a 25bp cut as expected, this meeting still has the potential for dissents in both directions. In fact, yesterday saw Trump’s appointee Stephen Miran sworn in as a Fed Governor, so he’s taking part in this FOMC meeting. And our US economists write in their preview (link here ) that they expect him to dissent in favour of a 50bp cut. There’s also the potential for dissents by Governor Bowman and Governor Waller, who both voted for a 25bp cut at the last meeting. And on the hawkish side, they write that the most likely candidate for a dissent is Kansas City Fed President Schmid. With the Fed preparing to cut rates, US Treasuries continue to rally yesterday across the curve. So, the 2yr yield (-3.5bps) fell to 3.50%, and the 10yr yield (-1.0bps) fell to 4.03%. Moreover, the 30yr yield (-1.2bps) fell to 4.65%, which is its lowest since early April in the week after Liberation Day. That momentum has continued into this morning, with the 30yr yield down another -0.7bps to 4.64%, so that’s helping to ease investor fears around the US fiscal situation as well. And this decline was clear among real yields too, and the 10yr real yield (-1.1bps) fell to 1.65% yesterday, its lowest closing level since October 2024. However, with Treasury yields continuing to fall, that put more downward pressure on the US Dollar, with the dollar index falling to its weakest level since February 2022. And conversely, that helped the Euro to move up to $1.1867, marking its highest closing level since September 2021. Of course, the Fed’s pivot towards rate cuts has also been a factor, particularly given the ECB has now paused its own easing cycle, as that’s narrowing the differential between the two central bank rates. Interestingly, that Treasury rally yesterday occurred despite a strong batch of US data, which pushed back against the weaker narrative we’ve seen from the labour market data. For instance, retail sales were up +0.6% in August (vs. +0.2% expected), and industrial production rose +0.1% (vs. -0.1% expected). So that boosted optimism about the growth outlook, and the Atlanta Fed’s GDPNow tracker is now pointing to an annualised growth rate of +3.4% in Q3. That would be almost in line with the +3.3% growth rate in Q2, suggesting the economy has kept up its momentum since the Liberation Day tariff announcements in early April. Nevertheless, that stronger data was unable to support the equity rally, as the S&P 500 (-0.13%) slipped back from its record high on Monday. To be fair, it wasn’t all bad news, with the Magnificent 7 (+0.55%) advancing to a new record, whilst energy stocks (+1.73%) were the biggest sectoral outperformer in the S&P after Brent crude (+1.53%) hit a two-week high of $68.47/bbl. But there was weakness more broadly, and it was the third consecutive day where decliners outnumbered advancers in the S&P 500. Over in Europe, equities saw even deeper losses, with major indices like the STOXX 600 (-1.14%) and the DAX (-1.77%) posting sizeable declines. As in the US, that came despite some robust economic data, with the expectations component of the German ZEW survey unexpectedly rising to 37.3 in September (vs. 25.0 expected). In the meantime, 10yr yields only saw a slight increase, with those on 10yr bunds (+0.2bps), OATs (+1.0bps) and BTPs (+0.4bps) all moving a bit higher. On the theme of central banks, we’ll also get a decision from the Bank of Canada today, who are widely expected to deliver a 25bp rate cut of their own. As with the Fed, anticipation about a rate cut has risen notably since the last meeting, and yesterday that got further support after inflation surprised on the downside in August. The release showed headline CPI only rising to +1.9% (vs. +2.0% expected), which helped Canadian sovereign bonds to rally across the curve, with the 10yr yield (-1.7bps) falling to a 4-month low of 3.15%. Overnight in Asia, the major equity indices have put in a mixed performance ahead of the Fed’s decision. The Hang Seng (+1.41%) is the biggest outperformer this morning, with the index currently on track for its highest close since 2021. And that’s come alongside gains for the CSI 300 (+0.60%) and the Shanghai Comp (+0.41%). However, Japan’s Nikkei (+0.04%) is basically flat, whilst South Korea’s KOSPI (-0.67%) has lost more ground, finally falling back after a run of 11 consecutive daily gains. Looking forward, US equity futures are fairly subdued, with those on the S&P 500 (-0.05%) posting a slight decline, but European futures have been stronger, with those on the DAX up +0.30%. To the day ahead now, and the main highlight will be the Federal Reserve’s policy decision, along with Chair Powell’s press conference. We’ll also get a policy decision from the Bank of Canada. And central bank speakers include ECB President Lagarde, as well as the ECB’s Muller, Escriva, Cipollone and Nagel. Otherwise, data releases include the UK CPI print for August, along with US housing starts and building permits for August. Tyler Durden Wed, 09/17/2025 - 08:31

    - Tyler Durden

    Kid Rock Blasts Mainstream Media As 'Public Enemy Number One' Following Kirk Assassination Authored by Steve Watson via Modernity.news, Musician and outspoken conservative Kid Rock has labelled the mainstream media as “public enemy number one” in the aftermath of conservative activist Charlie Kirk’s shocking murder... In an interview with Fox News’ Jesse Watters, Rock argued that inflammatory rhetoric from outlets like The New York Times and other “nut houses” has fueled dangerous narratives. “I’ve said it and I’ll say it again… The mainstream media is the fricking public enemy number one right now,” he declared, further noting that repeated labels of “racist” and “Nazi” directed at conservatives like himself and Kirk incite unstable individuals to violence. 🚨 NEW: Kid Rock says the Mainstream Media is “PUBLIC ENEMY NUMBER ONE” 🚨@KidRock: “Once people start echoing those lies, reading dumb articles, they say, ‘He’s a racist, he’s a Nazi.’ That builds and builds. You’ve got these nut-house kids who sit around watching occult… pic.twitter.com/mBYrTSwcEw— Jesse Watters (@JesseBWatters) September 16, 2025 Drawing from personal experience, Rock noted, “They’ve called me a racist Nazi for years now… Go look up the few facts about my life.” He described how such echoes build up, influencing “nut house kids” who spend their time “playing video games, watching these occult movies that are all over our streaming services” instead of engaging in productive activities. These individuals, he said, end up thinking, “I’m going to go kill a Nazi, I’ma go kill a racist,” leading to tragic outcomes like Kirk’s death. Rock, a longtime Trump supporter, warned that the media is “incentivizing these loner kids to take shots so that they can be heroes.” He criticized the cycle where, after violence, calls for unity quickly dissolve into more divisive language, with conservatives again branded as “fascists.” Shifting to a broader message, Rock emphasized restraint but issued a stark warning to those celebrating Kirk’s death or vandalizing vigils: “You’re gonna keep it up, you’re gonna run into the wrong people.” “It’s not gonna be pretty. It’s gonna be very ugly, terrible,” he further urged. The musician stressed the need for dialogue, saying, “We gotta start listening to each other and respect one another,” while acknowledging extremists exist on both sides but pointing to the left’s “echo chamber” as particularly problematic. Rock highlighted the need for de-escalation while holding the media accountable for escalating rhetoric. Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews. Tyler Durden Wed, 09/17/2025 - 08:25

    - Tyler Durden

    China Tech Hits Four-Year High, Fueled By "Re-accelerating AI Spend & Product Rollouts"  In recent weeks, our market technicians at The Market Ear desk posed an important question: Are Chinese technology stocks about to blast off after years in the gutter?  Let's take a step back to mid-August. We had already flagged for Pro Subs that China's Shanghai Composite was "on the verge of a historic breakout." Fast forward to Wednesday, the Hang Seng Tech Index jumped 4%, the highest close since Nov 2021, led by Baidu (+16%), with Alibaba, SMIC, and JD.com also rallying. The Hang Seng Tech Index is up 41% year-to-date, on track for its seventh straight week of gains, far outpacing regional peers. Valuations (21x forward earnings) remain cheaper than the Nasdaq 100 (27x). Hang Seng Tech v. S&P500 ...  Some of the key drivers fueling the China tech rally include easing Sino-US tensions, highlighted by a planned Trump-Xi call later this week and a framework for the TikTok deal. Meanwhile, AI rollouts in the world's second-largest economy have accelerated, spanning robotaxis, drones, and domestically produced chips. The DeepSeek innovation shock is also shifting sentiment more positively toward the country. Here are details (courtesy of Bloomberg) on China tech's massive AI spending spree - and let's not forget, the chips powering that compute are increasingly shifting toward domestic ones (read here)… China's biggest tech companies are in the middle of a spending spree on AI, as they race against one another and against US firms to conquer a market widely expected to revolutionize how people live and work. Total capital expenditure from major Chinese internet firms such as Alibaba, Tencent Holdings Ltd., Baidu and JD.com is set to hit $32 billion in 2025, more than doubling from $13 billion in 2023, according to a Bloomberg Intelligence report. That has helped create a funding spree in equity and bond markets. Alibaba raised $3.2 billion from a blockbuster convertible bond offering last week, while Tencent turned to the dim sum bond market for 9 billion yuan ($1.27 billion) on Tuesday, its first bond sale in four years. The latest news fueling optimism was a state television report Tuesday night that China Unicom's Sanjiangyuan data center has signed contracts to deploy AI chips from local firms including Alibaba's chip unit T-Head. "China tech leaders are visibly re-accelerating AI spend and product rollouts — models, robotaxis, in-house chips — while also proving they can monetize AI faster than many expected," said Charu Chanana, chief investment strategist at Saxo Markets, who Bloomberg quoted. "With valuations lagging the U.S., investors are starting to pay attention again." To Chanana’s point, if investors are only just waking up to the explosive rally in China tech, ZeroHedge Pro subs were already strapped in well before liftoff. Get ZeroHedge Premium...  Tyler Durden Wed, 09/17/2025 - 08:00

    - Tyler Durden

    Tyler Robinson Charged In Kirk Assassination, Urged Trans Boyfriend to "Stay Silent" Utah prosecutors filed seven charges on Tuesday against 22-year-old Tyler Robinson in the political assassination of conservative thought leader Charlie Kirk nearly one week ago. They're seeking the death penalty.  The charges include aggravated murder, discharge of a firearm, obstruction of justice, and witness tampering. Prosecutors said Robinson's DNA was found on the rifle's trigger. Here are the seven charges: Count 1: Aggravated murder (capital offense) Count 2: Felony reckless discharge of a firearm causing bodily injury Count 3: Felony obstruction of justice for hiding the firearm Count 4: Felony obstruction of justice for discarding the clothing he wore during the shooting Count 5: Witness tampering for asking roommate to DELETE incriminating messages Count 6: Witness tampering for demanding the trans roommate stay silent, and NOT speak to the police Count 7: Commission of a violent offense in the presence of a child Utah County Attorney Jeff Gray told reporters earlier that he intends to seek the death penalty against Robinson. This means Robinson will be held without bail.  "I do not take this decision lightly, and it is a decision I have made independently as county attorney based solely on the available evidence and circumstances and nature of the crime," Gray said. "Robinson's mother expressed concern to her husband that the suspect shooter looked like Robinson," and Robinson's father agreed, Gray said. DISGUSTING: ABC’s Matt Gutman says he’s not sure “if we have seen an alleged murder with such specific text messages” that were “very touching, in a way, that I think many of us didn’t expect — a very intimate portrait into this relationship between the suspect’s roommate and the… pic.twitter.com/ulPcxoOwM3 — Curtis Houck (@CurtisHouck) September 16, 2025 According to Gray, Robinson's mother told federal agents that "over the last year or so, her son had become more political and had started leaning more to the left, becoming more pro-gay and trans-rights oriented." Robinson's mother also told police that he "began to date his roommate, a biological male who was transitioning genders," the prosecutor said. Lance Twiggs the tranny boyfriend of terrorist Tyler Robinson. pic.twitter.com/s3Lrc5QFsc — Ryan Dawson (@RyLiberty) September 13, 2025 Benny Johnson released the Utah County DA's full text message exchange between Robinson and his transgender boyfriend/roommate after committing the assassination:  Earlier, federal agents expanded their investigation to include whether pro-trans online groups, "furries" with sexualized animal obsessions, and others tied to Robinson had advance knowledge of the political assassination plot. These groups include communities on the online gaming platform Steam, as well as Armed Queers Salt Lake City. 'Armed Queers' Marxist Revolutionaries Under Investigation For Possible Foreknowledge Of Kirk's Assassination Plot https://t.co/LtPeDRioPF — zerohedge (@zerohedge) September 16, 2025 . . .  Tyler Durden Wed, 09/17/2025 - 07:45

    - Tyler Durden

    Beijing Bans Alibaba, ByteDance From Buying Nvidia's Custom AI Chip China's Cyberspace Administration (CAC) has barred Alibaba, ByteDance, and other tech firms from purchasing Nvidia's AI chips, including the RTX Pro 6000D custom-built for the Chinese market. The timing underscores the ongoing Sino-US trade spat and tech showdown, as President Trump pushes to force a sale of China-associated TikTok to a U.S. company. Later this week, Trump is expected to speak with Chinese President Xi Jinping, with trade and the fate of TikTok likely on the agenda.  The Financial Times reports that the CAC is going beyond earlier restrictions on Nvidia's H20 chip. The curbs now extend to the RTX Pro 6000D, forcing major Chinese tech firms to abandon their planned large orders. People familiar with the situation said some tech firms had tens of thousands of the RTX6000D, designed mainly for AI inference tasks, in the order pipeline. Regulators have concluded that domestic chips achieved the same performance as that of Nvidia's model.  On Monday, China's State Administration for Market Regulation (SAMR) ruled that Nvidia violated anti-monopoly laws. While SAMR provided few details, the ruling stems from an antitrust probe that began with a preliminary investigation in 2020. By Tuesday, the SCMP reported that the RTX6000D has so far received muted demand in China. JPMorgan told clients last month that it expected some 1.5 million RTX6000Ds to be produced in the second half of this year, while Morgan Stanley predicted in July that Nvidia would have 2 million RTX6000Ds in its pipeline.  The RTX 6000D is based on Nvidia's latest Blackwell architecture with conventional graphics double data rate memory and a memory bandwidth of 1,398 gigabytes per second, just below the 1.4 terabyte threshold set by the U.S. in April. It was developed in part to fill a void left by the H20, which was banned from sale in April before that decision was reversed. What's clear is that Beijing is putting pressure on Nvidia ahead of the Trump-Xi talks later this week - think of it as a form of leverage.  Nvidia CEO Jensen Huang expressed disappointment but acknowledged the geopolitical storm, noting that Nvidia can only serve markets where it's welcome. "We can only be in service of a market if the country wants us to be," Huang told reporters in London. "I'm disappointed with what I see. But they have larger agendas to work out, between China and the U.S., and I'm understanding of that. We are patient about it." Shares of Nvidia are down 1.5% in premarket trading in New York. On the year, shares are up 30%. The chart below shows that upside price action has stalled since mid-August. The $180 level is the current resistance. . . .  Tyler Durden Wed, 09/17/2025 - 07:20

    - Tyler Durden

    Arabica Coffee Prices Soar As Analyst Warns of "Weather Disasters" Risk Denting Global Production Arabica coffee futures have soared over the past six weeks, reaching their highest level since February as traders closely monitor tightening supplies, adverse weather conditions in Brazil and other top growers, and uncertainty surrounding upcoming harvests, which has fueled a short squeeze. Arabica, the premium bean used by Starbucks, Dunkin', and other chains, jumped as much as 6.2% to $4.21 on Monday, with momentum easing on Tuesday as $4.20 emerged as a line of resistance. Notably, futures have surged nearly 50% since early August. In a mid-August report, we cited Maja Wallengren, Danish-born independent coffee market reporter and founder of SpillingTheBean, who warned that adverse weather across key coffee-producing areas in Brazil, including the entire Cerrado Mineiro region and parts of Southern Minas, had experienced "frost damage" severe enough to be a potential "death blow" to the 2026 harvest.  Coffee Analyst Warns Brazil Frost Could Deliver "Death Blow" To 2026 Harvest https://t.co/h33Dp3r7Ge — zerohedge (@zerohedge) August 13, 2025 Wallengren recently warned that "multiple and continuing weather disasters across the world's Arabica and Robusta producing countries" are producing an extreme situation where "there is ZERO POSSIBILTY for global production to recover until 2030 and it's a FACT that The World IS Running Out of Coffee !!" STOCK WATCH #KC: Certified Arabica #coffee stocks at ICE again DOWN with another big drawback of over 6K lots on Sep 10 and now at 679.5K, down close to 20% from about 844K in early July - and with the multiple and continuing weather disasters across the world's Arabica and… https://t.co/hAXqZjzK6H pic.twitter.com/vPLRF0ybGs — Maja Wallengren (@SpillingTheBean) September 11, 2025 In robusta markets... *BREAKING MARKET ANALYSIS #KC: World #Coffee Prices To Hit 10-Year Bull Cycle as Brazil Disaster Continues to Worsen, Making it IMPOSSIBLE for the Global Supply Chain to recover until 2030 earliest !! *Aug. 18, 2025 (SpillingTheBeans)--Those in the global #coffee trade who… pic.twitter.com/LulUj7faq0 — Maja Wallengren (@SpillingTheBean) August 19, 2025 According to Judy Ganes, president of J. Ganes Consulting, the weather in Brazil is dry but not abnormally so. She told Bloomberg that the market is "on anxiety" because of separate weather concerns that may impact bean sizes.  While the latest U.S. Department of Agriculture report forecasts global coffee output at around 178.7 million bags in 2025–26, weather risks remain on analysts' minds. Ganes noted that the rally in coffee futures is being driven more by financial positioning and tariffs than by fundamentals. "We should be seeing prices coming down unless there is some major issue with the flowering for the Brazilian 26-27 crop, and that story isn't written yet. Even with the couple of cold snaps, you could still wind up with a decent crop," Ganes said, adding, "To me, this is all financial, and it's being tripped up by the tariffs." Tyler Durden Wed, 09/17/2025 - 06:55

    - Tyler Durden

    The Rise Of Neo-Feudalism: Germany's Conservatives Bow To Socialist Wealth Taxes Submitted by Thomas Kolbe In Germany, a heated debate has erupted over the taxation of inheritances and wealth—and the Union (CDU/CSU) isn’t even attempting to curb these anti-civilizational trends. In fact, it has become part of the problem. Unassuming, loyal voters of the Union parties are rubbing their eyes in disbelief these weeks. Faced with the envy-driven push by the Social Democrats for higher inheritance taxes and the possible reintroduction of a wealth tax, many are shocked—or even repelled—by the statements of their own political representatives. Union Politicians Fuel the Debate When it comes to citizens’ lawful property and how they use it, Union circles have recently sounded like this: "Those who already had, always gain more. In recent years, particularly during the low-interest phase, wealth grew almost automatically, without much personal effort. Property values, stock values, and more—this is a problem of wealth distribution." - Jens Spahn, CDU parliamentary group leader. His colleague Dennis Radtke, social zealot and head of the Christian Democratic Workers’ Association (CDA), goes even further: "We should examine the exemptions in inheritance and gift taxes, under the concept of wealth assessment. These exemptions allow billions in wealth to be gifted and inherited without a single euro in taxes paid… This wouldn’t be a tax increase, just closing loopholes.“ In the view of this gentleman, the fundamental act of wealth creation—which, in a healthy bourgeois society, extends one’s economic actions to one’s descendants—is just a “loophole” if the state cannot freely access our assets. This makes one thing clear: the party cartel is united when it comes to power. L’État, c’est moi! The citizen is nothing more than a supplier of political power, packaged in liquidable assets. Generational Contract and Bourgeois Values We can expect this understanding of the state from Germany’s socialist parties, whether the BSW, The Left, or the Greens. The openly socialist-populist SPD has long since fallen to the point of seeing citizens as nothing more than cows to be milked. Since the disastrous years under Angela Merkel, any voter should have realized that a party embracing open-border policies, eco-socialist climate politics, and bellicist tendencies—as seen in the Ukraine conflict—can no longer serve as a bourgeois counterweight. Thanks to years of media propaganda, however, many Germans still perceive the chancellor as a representative of bourgeois values. Closer inspection reveals that the green-socialist spectrum of parties—including the Union—ultimately follows the same globalist ideology. Undermining the family as society’s cornerstone, promoting state-driven culture and media influence, they all follow an unmistakably socialist script. The centralization of political power in Brussels and dramatically increasing censorship pair with statist economic policies, whose latest victims are German industry. The inheritance and wealth tax debate fits perfectly into this ideological framework, trampling the true generational contract—between parents and heirs. Neo-Feudal Tendencies A power structure that manages to secure majority approval for substance taxes—whether inheritance or wealth taxes—through a debate framed around “justice” inevitably becomes a neo-feudal apparatus. Every form of wealth use—portfolio holdings, gifts, or inheritance—comes under arbitrary state administration. Every house, every stock account an individual acquires becomes a fief, requiring continuous tribute to avoid full expropriation. The media-endorsed debate over “substance” or “resentment” taxes is thus anti-civilizational, anti-bourgeois, and devastating to capital formation. It accelerates pauperization trends now visible throughout the country. Bowing to the Cult of Resentment Jens Spahn, Lars Klingbeil, and their peers are archetypical career politicians, expertly embedded in a parasitic power apparatus that has long since detached from the economic middle class. It does not serve the population; it opposes it. Politically and philosophically, EU Europe—largely shaped by German policy—stands at a crossroads of cyclical overreach. The apparatus acts grotesquely and invasively. It systematically violates citizens’ privacy and has become a bureaucratic perpetual motion machine—a self-destructive economic mechanism. Laws like the combustion engine ban or the heating regulations—aggressive expropriation policies—most vividly illustrate the neo-feudal character of today’s European politics. Bureaucracy embodies the spirit of pure dispossession. It is almost a late-Roman scenario, a Diocletianic system in which citizens—never mind the proposed “15-minute cities”—are reduced to mere state fodder. You’ll own nothing and you’ll be happy! The pitiful capitulation of Union politicians to the Social Democrats’ cult of resentment is more than a political gesture. Representatives who advocate neo-feudal policies do not represent the sovereign—they place themselves above it, distributing fiefs. It is an anti-civilizational act that pulverizes the true generational contract, the unrestricted right to inherit and own property. With this step, the CDU has definitively exited the block of bourgeois representation. At its core, it is now a statist, largely socialist party, openly showing its true color. And that color is red. * * *  About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination. Tyler Durden Wed, 09/17/2025 - 06:30

    - Tyler Durden

    'Armed Queers' Marxist Revolutionaries Under Investigation For Possible Foreknowledge Of Kirk's Assassination Plot FBI Deputy Director Dan Bongino said Monday that Charlie Kirk's accused assassin, Tyler Robinson, described by some as a "radical left, ANTIFA-adjacent creep" with a radicalized transgender partner, may have been "aided and abetted" by an "extended network."  The New York Post confirms that federal agents are investigating whether pro-trans online groups, "furries" with sexualized animal obsessions, and others tied to Robinson had advance knowledge of the political assassination plot. These groups include communities on the online gaming platform Steam, as well as Armed Queers Salt Lake City. 🚨Mainstream outlets now reporting: Alleged assassin Tyler Robinson did not act in a vacuum. There may even be DOZENS (!) with advanced knowledge of his sinister plans. Marxist infiltration…transgender ideology….trips to Cuba…money from CCP Operatives… This investigation is… pic.twitter.com/0O3DRLDrU1 — Peter Schweizer (@peterschweizer) September 16, 2025 Instant messaging and VoIP social platform Discord stated that Robinson did not plan violence on the platform. However, a Discord spokesperson said the assassin wrote in a channel - just hours before arrest - that he was responsible for Kirk's killing.  "Hey guys, I have bad news for you all," read a message from an account that allegedly belonged to Robinson, according to CBS News, citing a law enforcement source. "It was me at UVU yesterday. im sorry for all of this." Robinson was formally charged moments ago with murder in Utah. He will be appearing in court at the top of the hour.  *CHARLIE KIRK SHOOTING SUSPECT CHARGED WITH MURDER IN UTAH — zerohedge (@zerohedge) September 16, 2025 Recall that on Sunday, we cited an Axios report stating that federal law enforcement was broadening its investigation to include radical leftist groups. We noted, "There is still suspicion surrounding multiple groups, including Armed Queers Salt Lake City and the Socialist Rifle Association" (report here). John Solomon's team at Just The News also had its crosshairs on Armed Queers Salt Lake City on Sunday, reporting: Not far from where FBI agents continue to scour for more evidence in Charlie Kirk's assassination, a self-described armed revolutionary group openly aligned with Cuba has risen up on the streets of one of America's most conservative states.  Armed Queers SLC says its mission is to train gay, queer and transgender people to arm themselves and to fight against capitalism. Although their purported Facebook page does not directly appear to encourage the use of firearms in their claimed mission, many of the images used depict firearms. As recently as this spring, its members traveled to Cuba for a meeting to celebrate the May Day holiday and participate in a march and events alongside revolutionaries from around the world. . . .  Two leaders of Armed Queers — Ermyia Fanaeian and a man who called himself "Connor" — discussed their trip to Cuba in a since-deleted May video titled, "Cuba Report Back: Our Time as 2025 May Day Brigadistas." A search by Just the News could not positively identify him. Which leaves us with X user DataRepublican, also known as Jennica Pounds, who leads DOGE-adjacent efforts full-time, went down the Armed Queers rabbit hole last night. What Pounds found expanded on Solomon's report, and we are sure that the FBI and Rubio's State Department are also investigating this radical leftist group, which has ties to Cuba and other organizations working to subvert the nation, with the ultimate goal of sparking a Marxist revolution to collapse capitalism and the nation.  *  *  * Pick up a seed bucket... *  *  * Highlights from Pounds' report on Armed Queers: Armed Queers SLC is under investigation for possible foreknowledge of Charlie Kirk's assassination. Their leader, Ermiya Fanaeian, was recognized by a State Dept–affiliated NGO, Utah Global Diplomacy, as a recipient of the "7 for 17" Award for advancing the UN's 17 Goals Utah Global Diplomacy has since scrubbed Fanaeian's presence from their website. Unknown when this purge happened. The receipts remain. 🧵🚨 MAJOR BREAKING: State Department & UN ties to Armed Queers SLC leader now confirmed 🚨🚨 First, credit to @SKDoubleDub33 for the crucial tip, PLEASE follow, they'll be doing a podcast on this soon. Here’s what you need to know: 🔻 Armed Queers SLC is under investigation… pic.twitter.com/7P7yoAVN44 — DataRepublican (small r) (@DataRepublican) September 16, 2025 Her deep dive into the Marxist revolutionary group:  This is what pops up when you search for her name in connection to Utah Global Diplomacy. All scrubbed. This is what pops up when you search for her name in connection to Utah Global Diplomacy. All scrubbed. pic.twitter.com/5YCXJuKMe1 — DataRepublican (small r) (@DataRepublican) September 16, 2025 And, yes, she was an organizer with Armed Queers SLC. And, yes, she was an organizer with Armed Queers SLC. pic.twitter.com/Izjtk5t3E3 — DataRepublican (small r) (@DataRepublican) September 16, 2025 Per the 990 form with Utah Global Diplomacy (EIN 876128308), the nonprofit is a partner with the US State Department to cultivate emerging leaders and diplomacy initiatives. In other words, she was selected to "help shape U.S. Foreign relations." Their words, not mine.  Per the 990 form with Utah Global Diplomacy (EIN 876128308), the nonprofit is a partner with the US State Department to cultivate emerging leaders and diplomacy initiatives. In other words, she was selected to "help shape U.S. Foreign relations." Their words, not mine. pic.twitter.com/60krjc4m0i — DataRepublican (small r) (@DataRepublican) September 16, 2025 Fanaeian was selected as Utah Global Diplomacy's first "7 for 17" Award Winner , honoring her work to advance UN's 17 Sustainable Goals. I'm pulling together the exact nature of the work that she did for the UN. Fanaeian was selected as Utah Global Diplomacy's first "7 for 17" Award Winner , honoring her work to advance UN's 17 Sustainable Goals. I'm pulling together the exact nature of the work that she did for the UN. pic.twitter.com/PNgRC9azNI — DataRepublican (small r) (@DataRepublican) September 16, 2025 Utah Global Diplomacy reports receiving most of its income in government grants. Utah Global Diplomacy reports receiving most of its income in government grants. pic.twitter.com/s38Uq6948n — DataRepublican (small r) (@DataRepublican) September 16, 2025 I managed to pull one of the scrubbed pages off the Internet Archive ... and it recognized her work in "gender equality" (Sustainable Development Goal #5). Specifically for trans youth. I managed to pull one of the scrubbed pages off the Internet Archive ... and it recognized her work in "gender equality" (Sustainable Development Goal #5). Specifically for trans youth. pic.twitter.com/SsKWR83dsT — DataRepublican (small r) (@DataRepublican) September 16, 2025 Let me emphasize. SLC Armed Queers is not "adjacent" to the honor that Ermiya Fanaeian got from Utah Global Diplomacy. Utah Global Diplomacy specifically awarded her for her work with trans people, of which SLC Armed Queers is key. This may be why they scrubbed their pages. Let me emphasize. SLC Armed Queers is not "adjacent" to the honor that Ermiya Fanaeian got from Utah Global Diplomacy. Utah Global Diplomacy specifically awarded her for her work with trans people, of which SLC Armed Queers is key. This may be why they scrubbed their pages. — DataRepublican (small r) (@DataRepublican) September 16, 2025 I find mention of Fanaeian on an UN website where she was a speaker at an affiliated event. Topic: LGBTQ+ Nonprofits I find mention of Fanaeian on an UN website where she was a speaker at an affiliated event. Topic: LGBTQ+ Nonprofits. https://t.co/IPJKEUPlGl pic.twitter.com/Qt57L2BkdR — DataRepublican (small r) (@DataRepublican) September 16, 2025 Fanaeian was honored as a "Young Diplomat of Utah." Fanaeian was honored as a "Young Diplomat of Utah." pic.twitter.com/PGBeZvbRdD — DataRepublican (small r) (@DataRepublican) September 16, 2025 I'm trying to trace the exact award (unknown if they get money from the State Department directly or if it's granted through Utah state), but it seems that they've applied for awards at the Utah level. I'm trying to trace the exact award (unknown if they get money from the State Department directly or if it's granted through Utah state), but it seems that they've applied for awards at the Utah level. pic.twitter.com/XeU8zNhZ9g — DataRepublican (small r) (@DataRepublican) September 16, 2025 Their entire 7 for 17 site seems to be scrubbed. Their entire 7 for 17 site seems to be scrubbed. pic.twitter.com/vShgEd2OmB — DataRepublican (small r) (@DataRepublican) September 16, 2025 Very ironically, Fanaeian also appears to have co-founded the Utah chapter of March for Our Lives. @davidhogg111 if you're serious about gun control, you. might want to kick out this person who also runs an armed, pro-gun group. Very ironically, Fanaeian also appears to have co-founded the Utah chapter of March for Our Lives. @davidhogg111 if you're serious about gun control, you. might want to kick out this person who also runs an armed, pro-gun group. pic.twitter.com/ac3uCfqRsd — DataRepublican (small r) (@DataRepublican) September 16, 2025 She specifically works to arm queer and trans communities for "communal militant defense." She specifically works to arm queer and trans communities for "communal militant defense." pic.twitter.com/Iws6oEZ9Lc — DataRepublican (small r) (@DataRepublican) September 16, 2025 Iranian. There it is right there: "I'm originally from Iran...." pic.twitter.com/iHhtSttZqv — Saint James Hartline (@JamesHartline) September 16, 2025 The 2025 May Day trip of SLC Armed Queers to Cuba: "Well, if we're terrorists, we're proud to be terrorists" In the above video, SLC Armed Queers describe how Palestinian med students in Cuba "studied revolution" alongside medicine, and how brigadistas from around the world were recruited for "revolutionary orientation" to learn how to fight the U.S. blockade. But there's more. — DataRepublican (small r) (@DataRepublican) September 16, 2025 In the same deleted video, SLC Armed Queers recount Cuban med students declaring, "If we're terrorists, we're proud to be terrorists" at an official school event. They also praise Cuba's president for sounding like a U.S. street organizer and openly backing a "liberated Palestine." In the same deleted video, SLC Armed Queers recount Cuban med students declaring “If we’re terrorists, we’re proud to be terrorists” at an official school event. They also praise Cuba’s president for sounding like a U.S. street organizer and openly backing a “liberated… pic.twitter.com/rIn4uBMg5M — DataRepublican (small r) (@DataRepublican) September 16, 2025 Separate from Pounds' report, using publicly available data via Sayari, Ermiya Fanaeian appears to serve as a director at Great Salt Lake Abortion Access Fund.  Profiling Armed Queers SLC's X following list, we noticed numerous revolutionary groups: Communist Party USA, UTAH  Salt Lake Democratic Socialists of America Democratic Socialists of America Communist Billionaire Neville Roy Singham's New York-based People's Forum Socialist Rifle Association Socialist Rifle Association, NYC Socialist Rifle Association, L.A. Follower List One big club of furries.  Meet the Marxists, and their nihilistic accelerationist pals ...  Also, Armed Queers had an obsession with "No Kings" protest and the 50501 movement ... And guess who funds No Kings? As per Schweizer's reporting: "New Schweizer team investigation reveals how 'No Kings' and its partners bagged $114.8 million from the Arabella dark money network and how these professional protest organizations use tax dollars as a force multiplier." Are you beginning to see how the Democratic Party's dark-money-funded NGO network operates? Civil terrorism expert Jason Curtis Anderson of One City Rising has previously warned: One of the hardest parts of confronting rising left-wing extremism is that even those who care about the issue often don't understand how it operates. That's not their fault—it's extraordinarily complex. The revolution against the West spans thousands of organizations that may not be formally linked but are marching in unison toward the revolution. A concise overview looks like this: Political Orgs: The Democratic Socialists of America (DSA) is the primary political arm, with the Party for Socialism and Liberation (PSL) close behind. PSL is part of the Neville Roy Singham network and serves as their vehicle for running political candidates. Militant Anarchists: A growing militant wing trains in weapons and self-defense, including groups such as Antifa, the Socialist Rifle Association, Armed Queers, Behind Enemy Lines, and Unity of Fields. Climate Activism: Billions have flowed into climate-activist organizations, many of which increasingly employ anarchists. Social & Racial Justice Groups: Since the rise of BLM, billions—public funds included—have supported the social and racial justice groups that regularly advocate for burning down the country.   Civil-Rights & Legal Orgs: Legacy anti-Western activists ("movement lawyers") staff these groups, suing governments, police, and schools while training allies to push limits without triggering terrorism charges. Foreign Interest Groups: Beyond the Neville Roy Singham network, other foreign powers, including the CCP, maintain domestic footholds. Funding: Much of the money for this revolutionary activity comes from the progressive NGO ecosystem—Open Society Foundations, Tides, Ford, Rockefeller Brothers, Arabella Advisors, and the broader dark-money network. As of Monday, Deputy Chief of Staff for Policy and Homeland Security Advisor Stephen Miller announced an all-of-government approach to disrupt and dismantle "left-wing organizations that are promoting violence in this country."  "It is a vast domestic terror movement, and with God as my witness, we are going to use every resource we have... throughout this government to identify, disrupt, dismantle, and destroy these networks... and we will do it in Charlie’s name." Steven Miller and JD Vance update the… pic.twitter.com/PhZys5WdEP — Connor Tomlinson (@Con_Tomlinson) September 15, 2025 Back to Curtis' quote above, we'll leave you with this: "The revolution against the West spans thousands of organizations that may not be formally linked but are marching in unison toward the revolution." Tyler Durden Wed, 09/17/2025 - 05:55

    - Tyler Durden

    Putin Boasts 100,000 Troops Are Participating In Belarus-Russia Drills Russia's President Putin on Tuesday boasted that some 100,000 military personnel are taking part in the major joint Russia-Belarus war games called "Zapad-2025" - which has deeply alarmed Poland and other so-called NATO eastern flank countries. The drills have been going for several days, and come to a close on Tuesday, and have focused on the stated goal of testing defense of the 'Union State' - and to repel all potential aggression. Via Sputnik stillframe Putin actually visited the Mulino training ground, a main staging location for the drills, in Russia's Nizhny Novgorod Region. Aspects to the exercise are happening a sites both in Belarus and Russia. In total, the exercise ensued at 41 training grounds, with the some 100,000 troops utilizing 10,000 weapons and equipment systems, according to fresh words of Putin.  "Moreover, this is all modern equipment used in practical combat work, and the plans for the exercise are based on the experience gained during the special military operation. Ten thousand types of equipment, including 333 aircraft: tactical aviation, strategic aviation and military transport aviation. More than 247 ships are also used: surface, submarine and support vessels," Putin was quoted in Russian media as saying. Russian President Putin put on military fatigues and visited the Mulino Training Ground in Russia's Nizhny Novgorod Oblast to oversee the active phase of the ongoing joint Russia-Belarus "Zapad-2025" strategic exercise. According to him, the drills are taking place at 41… pic.twitter.com/H4ggT3bMgC — Status-6 (Military & Conflict News) (@Archer83Able) September 16, 2025 The drills also included twenty-five foreign delegations which participated. Other nations sent representatives to observe. As we noted earlier, one notable presence was a Pentagon delegation. US military officers were on hand to observe the war games, and were photographed, in what was described as a surprise visit wherein Belarusian Defense Minister Viktor Khrenin instructed that the US officials could look at "whatever is of interest for you." According to a description in Reuters: "Who would have thought how the morning of another day of the Zapad-2025 exercise would begin?" it [the defense ministry] said in a statement noting their presence among representatives from 23 countries including two other NATO member states — Turkey and Hungary. The ministry released video showing two uniformed U.S. officers thanking Khrenin for the invitation and shaking his hand. "We will show whatever is of interest for you. Whatever you want. You can go there and see, talk to people," the minister told the Americans, who declined to speak to reporters. State media reporters were on hand to capture the visit... This development was also unprecedented and highly unusual given Belarus has been Moscow's closest partner in executing the 'special military operation' in neighboring Ukraine, having utilized its territory to send tens of thousands of Russian troops into Ukraine in February 2022 and after. Tyler Durden Wed, 09/17/2025 - 05:45

    - Tyler Durden

    AfD Triples Support In Germany's Most Populous State, CDU & SPD Both Lose Votes Via Remix News, In the first major state elections since the new government, North Rhine-Westphalia went to the polls, with the Christian Democrats (CDU) coming out on top while the Social Democrats (SPD) crashed in support. Meanwhile, the Alternative for Germany (AfD) is now the third-strongest party in the state, more than tripling its support from the last elections. The state, which has 14 million eligible voters, served as a major litmus test for the new government. The CDU was the clear winner, earning 33 percent of the vote, compared to its 2020 total of 34.2 percent. The AfD was seen as growing its support substantially, jumping to 14.5 percent of the vote, a clear jump from 5.1 percent in the last elections. However, the party actually received a higher share of the vote during the federal elections, meaning support for the party appears to be stagnating. Nevertheless, the establishment views the AfD results as a worrying sign. “This result should give us pause and cannot let us sleep peacefully,” said North Rhine-Westphalia Minister-President Hendrik Wüst, of the CDU, to the “Report from Berlin.” The left-wing SPD was seen as one of the big losers, falling to 22 percent in what was once considered one of its heartlands. In 1994, the party received 42 percent of the vote. The far-left Green Party also sunk dramatically, going from 20 percent to 13.4 percent. The local elections could have implications for the federal coalition between the CDU and SPD. With the SPD losing votes, it could turn more sharply against the CDU, with the two parties already sharply clashing over judicial appointments. The votes were for thousands of candidates, including those running for district councilor, mayor, districting administrators, and other positions. However, a looming crisis has to do with the fact that a majority of municipalities are on the verge of bankruptcy. Only 16 out of 427 were able to put forward balanced budgets in 2024. A number of run-off votes will also be taking place on Sept. 28. The CDU and SPD are combining forces to block AfD candidates. For the first time, the AfD will be in mayoral run-offs, including Norbert Emmerich in Gelsenkirchen, who scored 29.8 percent of the vote. However, he is far behind the SPD opponent, Andrea Henze, who received 37.1 percent of the votes. In many of the other races, the AfD candidate appears to have little chance of victory. NRW woes Unemployment is growing in the German state, with 800,000 jobless reported in August. Bankruptcies are also growing, jumping to 3,190 in the first half of 2025, a 17.2 percent increase. The AfD is still celebrating its results. Party co-leader Alice Weidel celebrated on X, writing it was a “great success.” However, the actual totals for the AfD turned out to be slightly less than exit polls initially predicted. Ein riesiger Erfolg: Nach ersten Prognosen hat sich das Ergebnis der AfD in NRW verdreifacht. Herzlichen Dank an alle Wahlkämpfer und an unsere Wähler! pic.twitter.com/5eim5eDxfP — Alice Weidel (@Alice_Weidel) September 14, 2025 The AfD, however, continues to grow in strength in the east of the country. Furthermore, new polls show the party hitting close to 20 percent in Bavaria. The party will still need to boost its support to close to 20 percent in North Rhine-Westphalia and other Western states if it ever hopes to secure the support of 30 percent of voters nationwide, one of its key goals. If it ever manages to secure such a voting share, it would make forming coalitions without the party at the federal level nearly impossible. Read more here... Tyler Durden Wed, 09/17/2025 - 05:00

    - Tyler Durden

    'Eastern Sentry': The New NATO Initiative To Protect The Eastern Flank Some eight NATO allies have prepared operation 'Eastern Sentry' following last week's alleged Russian drone breach of Poland. It is a new joint military mission to bolster defense of Europe's eastern flank, also after Romania had more recently reported a Russian drone incursion, resulting in the scrambling of fighter jets to track it. "Following the Russian drone incursions into Poland, I have decided to deploy three Rafale fighter jets to contribute to the protection of Polish airspace and of NATO’s Eastern Flank together with our Allies," President Emmanuel Macron announced on X this week. Along with France, the effort includes the UK, Italy, Sweden, Germany, Denmark, Spain, and The Netherlands. More nations are expected to join. Via Army Recognition  UK Prime Minister Keir Starmer has confirmed that his country will deploy Royal Air Force jets to Poland, while Italy will contribute two Eurofighter jets, and Germany has readied four Eurofighters. Denmark will also sent jets, and Czech Mi-171S helicopters have also arrived in Poland. Over 150 NATO troops have also initially arrived along with the equipment. Meanwhile, eastern European and Baltic countries are already calling for more, including: Anti-drone defense systems in NATO countries still need to be developed, Latvia's President Edgars Rinkevics told a press conference on Tuesday. NATO on Friday launched "Eastern Sentry," a new military mission to bolster defense of Europe's eastern flank in response to Russian drone incursions into Polish airspace last week. The Washington Post wrote on Monday, "The incident raised serious questions about the alliance’s readiness to counter the relatively cheap, highly maneuverable but devastatingly destructive unmanned aerial vehicles that have redefined modern warfare since Russia’s full-scale invasion of Ukraine in 2022." Additionally, in a Monday interview, Polish Foreign Minister Radoslaw Sikorski called on NATO countries to impose a no-fly zone over Ukraine. "We as NATO and the EU could be capable of doing this, but it is not a decision that Poland can make alone; it can only be made with its allies," he said. NATO must impose no-fly zone over Ukraine to protect from Russian drones, Poland says https://t.co/PsN1hGajye pic.twitter.com/zOdNuCTCWz — New York Post (@nypost) September 15, 2025 "Protection for our population — for example, from falling debris — would naturally be greater if we could combat drones and other flying objects beyond our national territory … If Ukraine were to ask us to shoot them down over its territory, that would be advantageous for us. If you ask me personally, we should consider it," he added. The Kremlin has essentially called this 'idiotic' and has made clear this would assure a direct Russia-NATO clash, likely leading to WW3. Much will depend on what Washington says, and its own potential role in 'Eastern Sentry'. Tyler Durden Wed, 09/17/2025 - 04:15

    - Tyler Durden

    Germany's Shadow Budgets: Bundesbank Warns Of Fiscal Collapse Submitted by Thomas Kolbe With the creation of “special funds” and shadow budgets, the German government is evading fiscal transparency and undermining parliamentary control – a practice now sharply criticized by both the Bundesbank and the Federal Audit Office. France, meanwhile, offers a warning of where this path leads. Political chaos in Paris culminated in fiscal humiliation last week when Fitch Ratings downgraded French sovereign debt from AA– to A+. France has maneuvered itself into a debt spiral, fueled by unchecked government spending and a misguided attempt to paper over social fractures with cheap credit. Shadow Budgets and Statism Germany, instead of avoiding France’s mistakes, appears determined to follow them. The fiscal discipline that characterized the postwar era is long gone. Across party lines, there is consensus in Berlin: with creative accounting tricks in the form of “special funds,” the debt brake can simply be ignored. The pinnacle of this new strategy is Chancellor Friedrich Merz’s trillion-euro debt package, which includes a €500 billion special fund. The official justification is noble: defense spending must not be constrained by the bond market, and Germany’s crumbling infrastructure must be modernized. Packaged nicely in the media, the German public is expected to accept this new mountain of debt. After all, it is supposedly “for the greater good.” But the German Taxpayers’ Association has labeled these special funds exactly what they are: a colossal debt-shuffling scheme. In practice, spending that should be tax-financed is quietly offloaded into shadow budgets that rely on new borrowing. Manipulation Everywhere The bond market itself has become little more than a derivative of monetary policy. Berlin, like its European neighbors, is clearly relying on the European Central Bank to keep the debt pile liquid and to step in whenever investors retreat. Together with Brussels’ interventionism, this has created a political framework that openly encourages state overreach. Parliamentary oversight has all but disappeared. More than half of Germany’s GDP already passes through state hands – a level of intervention unthinkable a generation ago. Berlin’s strategic consensus is striking: the very state that manufactured the crisis – through suffocating regulation, a self-inflicted energy disaster, bloated public finances, and crushing taxation – now claims it will solve the crisis by doubling down on intervention. The logic is that of a kleptocratic alcoholic in a bar: he runs a tab, borrows from his neighbors, and when generosity runs out, steals directly from the counter. Ultimately, it is this debt binge, this addiction to central planning, that will bring Germany down as both a political and economic model. There is little meaningful opposition. Whether in parliament or in the intellectual sphere, critics lack the resonance to form a powerful public phalanx against this destructive policy path. Criticism From Unlikely Quarters Now, however, criticism has emerged from an unexpected source: the German Bundesbank. Rarely intervening in day-to-day politics, the central bank used its August monthly report to criticize the use of special funds. It warned bluntly that billions earmarked for local governments would likely be diverted to fill existing budget gaps rather than finance infrastructure and climate projects, as promised. The Bundesbank also pointed to the absence of effective structures for efficiency control. By outsourcing vast parts of the federal budget into special funds, Berlin is obscuring the country’s true fiscal position and undermining budget discipline. Criticism of runaway statism is nothing new. What is striking, however, is that core state institutions such as the Bundesbank are now joining the chorus. The Bundesbank projects Germany’s deficit will climb to 4% of GDP over the next two years – and that is under the optimistic assumption that the economy does not deteriorate further. Its report leaves little doubt: the €100 billion in funds allocated to states and municipalities will likely be misused, rather than going into the infrastructure investments so loudly promised to the public. The Firefighting State Meanwhile, ordinary citizens – at least those still in the productive economy – waste their days in crumbling public transport, endless traffic jams on decaying highways, or waiting at the foot of collapsing bridges. Germany, according to the Bundesbank, is operating in “firefighting mode” – patching up budgetary gaps and social spending programs instead of addressing structural problems. Much of the new spending, it warns, risks being consumed by short-term consumption rather than long-term investment. The central bank has therefore proposed reforms to strictly limit borrowing capacity and to enforce transparency. At best, it sees special funds with their own borrowing authority as a temporary solution – one that would still require strict parliamentary oversight. Support From the Federal Audit Office The Bundesbank’s stance is reinforced by the Federal Audit Office, which for months has been calling for tighter, more targeted use of new credit funds. It has demanded that Berlin reserve the right to claw back funds that are misused – a measure based on bitter experience. Past budgets, from integration funds to inflated COVID-19 aid packages, were set high precisely so that excess money could later be diverted to plug welfare deficits. The trick is simple: new debt is hidden from the public, while the true costs are shifted into the future. A short-term stimulus effect may provide the ruling coalition with breathing space against rising opposition – but at the price of structural decline. Straight Toward Insolvency That Berlin is using shadow budgets to buy time is hardly surprising. There is bipartisan conviction in the capital that creative accounting and oversized state demand can somehow solve both the fiscal crisis and the economic malaise. But this is pure Keynesian delusion. The state as Leviathan, pretending to be omnipotent – and yet repeatedly colliding with reality. When central planning fails, the blame is always shifted onto the bond market, which stubbornly refuses to accept the illusion that debt-financed interventions can solve everything. Regardless of how it is structured, the “special fund” is nothing but a monument to political failure. Responsibility lies squarely with Chancellor Friedrich Merz, who endorsed the scheme both for coalition reasons and out of personal conviction. The principle remains clear: every euro siphoned from private capital markets and funneled into the redistribution machine of the state is a lost euro. And every debt-financed state policy leaves behind nothing but new liabilities – to be paid later through taxes or inflation. There is no free lunch. Only bad policy. * * *  About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination. Tyler Durden Wed, 09/17/2025 - 03:30

    - Tyler Durden

    Poland Receives Single Largest Delivery Of M1 Abrams Tanks From US The Western allies continue to bolster defenses of the largest NATO 'eastern flank' country which borders Ukraine, parallel to Russia ramping up its drone and missile attacks across the war-ravaged country. Poland this week has received 38 new M1A2 Abrams tanks from the United States, marking the largest single delivery so far under a defense agreement signed in 2022. It was the third delivery under the contract. AFP/Getty Images The delivery brings the total number of American-made tanks delivered to Poland to 85, with more expected through 2026, based on the contract. The shipment included additional support equipment, such as 14 recovery vehicles designed to tow damaged tanks off the battlefield. The deal will also see the transfer of bridging systems and ammunition for the tanks. The Polish armed forces already possess German Leopard 2s, South Korean K2 Black Panthers, and Polish-made PT-91s - but the Abrams are part of an effort of Warsaw to rapidly modernize its forces, with the Ukraine war raging just next door. The very first shipment was back in January of this year, and included over two dozen of the US main battle tanks. In total the contract stipulates 250 M1A2 SEPv3 tanks to be delivered through 2026. These have enhanced packages for greater maneuverability, advanced tech, and greater crew protections than the standard Abrams. American military magazine Stripes previously wrote: For the Polish army, the Abrams tank serves as the centerpiece of a modernization effort that has picked up momentum in the aftermath of Russia’s 2022 full-scale invasion of Ukraine. Patriot missiles, Apache attack helicopters, High Mobility Artillery Rocket Systems and F-35 fighter jets are other major weapons systems that Warsaw has been busy adding to its arsenal.Patriot missiles, Apache attack helicopters, High Mobility Artillery Rocket Systems and F-35 fighter jets are other major weapons systems that Warsaw has been busy adding to its arsenal. In the wake of last week's Russian drone incursions into Polish airspace, Warsaw officials have only grown more hawkish in wanting to 'stand up' to Russia. For example, in a Monday interview, Polish Foreign Minister Radoslaw Sikorski called on NATO countries to impose a no-fly zone over Ukraine. "We as NATO and the EU could be capable of doing this, but it is not a decision that Poland can make alone; it can only be made with its allies," he said. Commenting on the drone breach incident, The Washington Post observed on Monday, "The incident raised serious questions about the alliance’s readiness to counter the relatively cheap, highly maneuverable but devastatingly destructive unmanned aerial vehicles that have redefined modern warfare since Russia’s full-scale invasion of Ukraine in 2022." Tyler Durden Wed, 09/17/2025 - 02:45

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