1. Trump celebrated the first 100 days of his second term in the White House at a rally in Michigan where he slammed DEI: “I ended all of the lawless so-called diversity, equity, and inclusion bullshit all across the entire federal government and the private sector.”

2. Global central banks are quietly ditching U.S Treasuries like last season’s trend, with foreign holdings now down to ~23% of total U.S debt—the lowest in 22 years. At the same time, gold is back in fashion, climbing to ~18% of global reserves, the highest in 26 years.