Here's How Trump Can Nuke Virginia's New Gerrymandered Map...

Authored by Matt Margolis via PJMedia.com,

Virginia used to be a model of fair redistricting. That reputation is now gone.

On Tuesday, Virginia Democrats passed a redistricting plan that transforms one of the most fairly apportioned states in the country into one of the most blatantly gerrymandered.

Keep in mind that Virginia only narrowly backed Kamala Harris over Donald Trump in 2024 by roughly five points. Virginia is, in every way, a battleground state. Yet under the new map, nearly half the state’s voters effectively lose their voice. The new lines snake from densely packed, heavily Democratic suburbs deep into rural territory. There is nothing democratic about it.

And the endgame is obvious. If these maps survive a court challenge, Democrats will have a much easier path to stacking Congress against President Donald Trump — setting up yet another sham impeachment attempt over nothing.

Democrats aren’t even hiding what they’re doing anymore. Why would they? Republicans have spent years playing nice while the left plays to win, and they play dirty.

That has to stop. And there may be a remarkable way to stop it right now.

Chad R. Mizelle — former chief of staff to the U.S. Attorney General, former acting general counsel of DHS, former chief of staff at DHS, and former associate counsel to President Trump — has floated a counter-move.

He’s calling it a form of “re-Districting,” and it could nuke the Democrats’ new gerrymandered map.

Here’s the history. In 1790, both Virginia and Maryland ceded territory to create the new national capital. Virginia’s portion — what is now Arlington County and the city of Alexandria — remained part of the District of Columbia until 1847, when Congress returned it to Virginia. The reason? To protect slavery. The District had abolished it, and Virginia slaveholders didn’t want to give up their slaves. Democrats love to talk about the legacy of slavery to justify tearing down statues, renaming buildings, etc. — to be consistent, they should give that piece of land back to the District.

The legal questions over this retrocession have never gone away.

President William Howard Taft and others argued that it was unconstitutional and pushed to reclaim the land for D.C. However, the Supreme Court has never definitively settled the matter.

Mizelle’s proposal is for Trump to issue an executive order declaring that slavery-motivated retrocession unconstitutional.

That order wouldn’t need to resolve everything on its own — it would immediately trigger litigation and force federal courts to finally answer the question: Do Arlington and Alexandria legally belong to Virginia or to the District of Columbia?

The legal footing here is rock solid, but the cultural argument is just as strong.

Obviously, Arlington and Alexandria are among the bluest jurisdictions in the country, packed with federal employees and D.C.-oriented professionals whose political and economic lives are already aligned with the capital.

As Mizelle notes, those residents would “feel right at home” as part of the District. Their removal from Virginia’s congressional map would substantially shift the partisan balance across the rest of the commonwealth, restoring a voice to the rural and small-town voters currently being drowned out.

This isn’t a mirror-image power grab. It targets a historically tainted decision, seeks legitimate judicial clarity, and corrects a gerrymander that disenfranchises nearly half a state. There’s more detailed legal analysis available over at The American Capital Project, and the constitutional case for returning that slice of Virginia to D.C. is solid.

I’ve said it before, and I’ll say it again: Republicans have to stop playing nice. This is exactly the kind of response that shows Democrats the era of one-sided hardball is over.

Do it, President Trump. Do it.

Tyler Durden Wed, 04/22/2026 - 17:20

Tit-For-Tat Assaults On Shipping Widen: US Intercepts 3 More 'Illicit' Tankers In Asian Waters, Iran Seizes Additional 2 In Hormuz Summary

• At least two fully laden Iranian tankers slip past US naval blockade, amid reports of more going dark, BBG reports, but Pentagon denies.

• Reports of three more Iranian tankers being seized by US in Asian waters. Iran in turn seizes 2 more ships in Hormuz, citing "dangerous navigation".

• Trump extends ceasefire by 3-5 days, per White House statement to Fox. Third US carrier precisely 3-5 day away from Mideast waters: Fox

• IRGC seized the MSC Francesca and a Greek-owned ship named Euphoria, which had been attempting to transit the Hormuz chokepoint earlier today. Within hours, a third ship comes under fire by the IRGC.

• Senior Iranian adviser says the US naval blockade is "no different than bombing" and must be met "with a military response".

• Competing narratives emerge over what Iran calls "fake news" as Trump hails "release" of 8 Iranian women said to be facing death penalty.

//--> //--> Iran agrees to surrender enriched uranium stockpile by June 30, 2026?
Yes 34% · No 67%
View full market & trade on Polymarket

*  *  *

Iran Seizes Two More Ships in Hormuz, In Developing Rapid Tanker Assault Tit-for-Tat

Latest from Newsquawk (nighttime Iran local): Iran seizes two ships in the Strait of Hormuz citing violations and dangerous navigation, according to SNN (state "Student News Network).

Three Iranian Tankers Intercepted by US in Asian Waters

The US appears to be serious about its counter-Iran interdictions going global, as the US military has newly intercepted at least three Iranian oil tankers in Asian waters, per Newsquawk.

The tankers are now being redirected and escorted, according to shipping and security sources, presumably in what will end up being another seizure of Iranian oil on the high seas.

Plot Thickens, Gets More Bizarre: Iran Denies 8 Women Set to Be Executed

There's been a lot of fresh back and forth over Trump's initial Truth Social Post earlier this week: first he demanded that eight young women he said were on death row in Iran for protesting must be released. Then on Thursday Trump proclaimed that Iran complied.

But Iran is rejecting the whole narrative as fake news from the start. "Trump was misled once again by fake news," the judiciary's official Mizan Online website said. "The women who were claimed to be on the verge of execution, some of them have been released, while others face charges that, if convictions are upheld, would at most result in imprisonment." The Times (UK) picked up on the story, but underscored:

The image Trump recirculated was originally created by the Lawfare Project, a pro-Israel organisation based in the US.

The human rights organisation Hiwa identified the women in the post. They included Panah Movahedi Salamat and Ensieh Nejati.

"To the Iranian leaders, who will soon be in negotiations with my representatives: I would greatly appreciate the release of these women. I am sure that they will respect the fact that you did so. Please do them no harm! Would be a great start to our negotiations!!!" - President… pic.twitter.com/pxU8xZFvAh

— The White House (@WhiteHouse) April 21, 2026

While Iran has certainly carried out horrendous executions in the recent past, this particular case has incubator babies hoax written all over it.

Third Carrier 3-5 Days Away

We've been tracking the progress of the USS George HW Bush aircraft carrier as it makes its way to the US Central Command/Mideast area. Interestingly its arrival could correspond with the end of Trump's extended ceasefire by this weekend. Fox News is freshly reporting that the vessel, which will be the third carrier in waters near Iran, is expected to arrive in three to five days. "The USS Bush Aircraft Carrier is expected to arrive in the Middle East within five days," a Fox News reporter has said on X.

It took the 'long way' around Africa in order to avoid the Red Sea, and thus the potential for coming under attack by the Houthis or Iranians.

The aircraft carrier strike group is currently located somewhere off the coast of Tanzania or Kenya and will arrive in the region in 3-5 days, becoming the third aircraft carrier in the war against Iran.

Meanwhile, Iranian President Masoud Pezeshkian says in a post on X: "Breach of commitments, blockade and threats are main obstacles to genuine negotiations."

Carrier-related air traffic has been observed in this area over about the last day (FlightRadar):

Serious Slippage in US Naval Blockade as Iranian Vessels Go Dark

Confirmation from Bloomberg after some initial unverified claims circulated yesterday: Iran Tankers Go Dark to Sail Past US Blockade Laden With Oil. Additional reports suggest that the total number of Iran-linked tankers slipping through is actually much larger, suggesting the potential unravelling of the US naval blockade of ships visiting Iran's ports:

Donald Trump's naval blockade of the Strait of Hormuz is unraveling after dozens of Iranian vessels secretly slipped past US surveillance, even as the regime tightened its grip on the critical oil passageway by attacking three tankers.

Approximately 34 Iranian oil tankers have slipped through the blockade, with 19 vessels exiting the Persian Gulf past Trump's navy and another 15 ships entering from the Arabian Sea toward Iran, according to the Financial Times. Six of those tankers were smuggling Iranian crude oil totaling 10.7 million barrels, estimated to be worth approximately $910 million in revenue for the regime.

Of course, the Pentagon's own figures stand in direct contradiction, but the fact that major Western MSM outlets like FT and Bloomberg are picking up on significant numbers getting through doesn't bode well for the Trump blockade.

Meanwhile, the locations of the earlier seizures by Iran's IRGC. Two are being escorted to Iran's coast:

Trump Extends Ceasefire for 3-5 Days

The White House has told FOX Wednesday morning that President Trump has extended the ceasefire by three to five days. This was also reported earlier by Axios, with the US seeking for the Iranian side to "come to the table with a unified approach." There's a growing assumption within the administration that it might be dealing with two competing factions: a civilian government side in Tehran, and the IRGC.

Tasnim meanwhile reports that Iran has made no decision as of yet to negotiate with the US, amid rumblings that talks could resume Friday. WSJ's latest commentary:

Singh [former senior director for Middle East affairs at the National Security Council who is now at the Washington Institute think tank] warned that the blockade could prove a double-edged sword for Washington, at a time when the blockade of the Strait of Hormuz is hurting the world economy and driving up U.S. energy prices ahead of November’s midterm elections.

“The blockade is a bet that Iran will break before the rest of the world will, but it’s a risky bet,” he said. “The Iranian regime is fighting for its survival and has demonstrated an ability to withstand the strangulation of its oil exports.”

The latest as both warring sides impose rival blockades in Hormuz:

FT: At least 34 tankers with links to Iran have bypassed the US blockade since it began, according to the cargo tracking group Vortexa, including several carrying Iranian oil— despite President Trump declaring the barricade a “tremendous success”. https://t.co/G3v3VbHnsA

— Annmarie Hordern (@annmarie) April 22, 2026

Third Ship Attacked by IRGC

The IRGC on Wednesday attacked a third vessel of the day in the Strait of Hormuz, rapidly escalating tensions further in the dangerous standoff. The container ship Francesca, owned by Mediterranean Shipping, was targeted while waiting to enter.

"An Iranian gunboat fired on a containership northeast of Oman, before a second vessel reported being fired at off the coast of Iran," according to WSJ. "Then the Islamic Revolutionary Guard Corps fired on a third ship. The incidents within hours of each other demonstrate that while the aerial war between the U.S. and Iran is on pause, the fight for control of the strait continues." The same publication offers the following outline summary of where things stand on the diplomatic front:

• A senior Iranian adviser said the U.S. naval blockade is “no different than bombing” and must be met “with a military response.”
• Iran’s ambassador to the U.N. said his country is ready to negotiate with the U.S. once it ends the blockade.
• Britain will host military planners from more than 30 countries for two days of talks aimed at reopening the Strait of Hormuz starting Wednesday.

Iran Seizes Two Ships In Hormuz

The semi-official news agency Fars reports on X that Iran's Islamic Revolutionary Guard Corps seized the MSC Francesca and a Greek-owned ship named Euphoria, which had been attempting to transit the Hormuz chokepoint earlier today. In total, three ships were targeted this morning by IRGC naval forces, and two were seized.

"The IRGC Navy seized two violating vessels and transferred them to Iran's coast. IRGC Navy Command: Disruption of order and safety in the Strait of Hormuz is our red line," Fars said, adding that both vessels had been "immobilized."

نیروی دریایی سپاه دو کشتی متخلف را توقیف و به ساحل ایران منتقل کرد

فرماندهی نیروی دریایی سپاه: اخلال در نظم و ایمنی تنگه هرمز خط قرمز ماست pic.twitter.com/LyhPFqGMwV

— خبرگزاری تسنیم (@Tasnimnews_Fa) April 22, 2026

Earlier, the British military's United Kingdom Maritime Trade Operations Center reported that the two vessels had come under heavy fire in the narrow waterway.

Current snapshot of the waterway via Bloomberg ship-tracking data of tankers:

All three maritime incidents in the Strait come as President Trump has kept the U.S. blockade of Iran in Hormuz in place, and U.S. naval forces seized an Iranian ship over the weekend before boarding another tanker linked to Iran.

Related:

• Tehran Timeline: Iran Has 15 Days Until Its Oil Industry Begins Full Shut-Ins

Overnight, Trump extended a ceasefire with Iran so negotiators "can come up with a unified proposal," but said the naval blockade will continue, while Tehran says it is an "act of war."

Iran's semi-official Tasnim cited the country's envoy to the UN, Amir-Saeid Iravani, as telling reporters: "We have received some sign that they are ready to break it and as soon as they break this blockade, I think that the next round of the negotiations will take place in Islamabad."

Iravani added, "If they want to sit at the table and discuss and find a political solution, they will find us ready. If they want to go to war, in this case also Iran is ready." The status of the next round of US-Iran talks remains unclear. Vice President JD Vance has not departed for Pakistan as expected on Tuesday.

More Latest Regional Developments

via Newsquawk...

• No Iranian delegation, primary or secondary, has traveled to Islamabad; reports about their departure and alleged meeting times are inaccurate, IRIB reported.
• Earlier reports by Al Jazeera, citing a Pakistani diplomatic source, claimed that Iranian and US preliminary delegations were present in Islamabad.
• "A Pakistani official source told Al Arabiya: The US and Iranian delegations will arrive in Islamabad today at the same time"; "The second round of negotiations will be held as scheduled"; "We currently have no information about extending the ceasefire between America and Iran".
• US Vice President JD Vance is scheduled to travel to Pakistan on Tuesday for Iran talks, according to sources cited by Axios.
• US-Iran negotiations may begin Wednesday morning in Islamabad; the US believes there is a split within the Iranian negotiating team, according to Al Arabiya citing CNN sources.
• Pakistani media expect the US and Iran to reach an agreement by Wednesday, according to Al Arabiya.
• An Iranian official told The Washington Post that both sides have largely agreed on the broad outlines of a deal, according to Al Arabiya.
• Pakistan asked the US and Iran to extend the truce for two more weeks; Pakistani media report Prime Minister Shehbaz Sharif may announce a ceasefire extension on Tuesday, according to Al Arabiya.
• Journalist Elster wrote: "Pakistani source told Reuters that Trump may attend talks with Iran in person or remotely if an agreement is reached".
• White House Press Secretary Karine Jean-Pierre said the US has never been closer to a strong deal with Iran and stated that Donald Trump still has options if no deal is reached.
• An Iranian oil tanker entered Iran’s territorial waters despite the US blockade, escorted by the Iranian navy, Al Mayadeen reported.
• Iran’s judiciary chief said it is "very possible" negotiations will fail; in that case, Iran will respond to the US interception of an Iranian ship.
• Iran’s Foreign Ministry condemned the US seizure of the cargo ship Touska and demanded the “immediate release of the Iranian vessel, its sailors, crew and their families,” according to CNN.
• Iranian Parliament Speaker Mohammad Bagher Ghalibaf said the blockade and ceasefire violations aim to turn negotiations into surrender or justify renewed war and stated Iran rejects talks under threats while preparing new battlefield responses.
• The Israel-Lebanon ceasefire was violated, ISNA reported, citing sources.
• The Israeli army withdrew part of its forces from southern Lebanon following the ceasefire, according to sources cited by Haaretz.
• A UN agency is preparing an evacuation plan for hundreds of ships in the Strait of Hormuz, Bloomberg reported.

* * *

Tyler Durden Wed, 04/22/2026 - 17:15

SaaS Stocks Slammed As ServiceNow Disappoints, Blames MidEast War

Perhaps indicative of the fragility of the current rebound - as Software stocks have recently ripped higher for 8 straight days - SaaS stocks are all deeply in the red after-hours as ServiceNow - the potential poster-child for AI disruption - cut its margin outlook amid lackluster results, sending shares reeling.

At first glance, it was a good print - the provider of business task management software posted first-quarter adjusted earnings of 97 cents a share, which was in-line with Wall Street estimates, according to FactSet.

Revenue for the quarter rose 22% to $3.77 billion, marginally above analyst expectations of $3.75 billion.

Additionally, ServiceNow said that subscription revenue will increase about 23% to $3.82 billion in Q2, the company said (marginally above the consensus of $3.75 billion).

But it wasn't all pretty...

But, it appears Wall Street was hoping for more - with investors already worried about the disruptive impact of AI on software stocks - as NOW shares sank 13% in extended trading...

...after the software company also cut its full-year forecast for subscription adjusted gross margin...

The software giant now expects a 31.5% margin on its full-year adjusted income from operations, whereas ServiceNow (NOW) was previously targeting a 32% margin.

The company's forecast for a 26.5% adjusted operating margin in the second quarter is also meaningfully below the 30.1% Wall Street consensus

But have no fear, the future looks incredibly rosy!!??

The lukewarm result was blamed on the Mideast conflict:

In Q1 2026, subscription revenues growth saw an approximately 75 basis point headwind from delayed closings of several large on-premise deals in the Middle East, due to the ongoing conflict in the region. This outlook reflects a prudent assessment of those geopolitical headwinds on deal timing for the remainder of FY 2026.

The margin narrative overshadowed ServiceNow's rosier view of its AI prospects, as CEO Bill McDermott said he expects $1.5 billion in AI revenue for 2026, up from a $1 billion projection before. McDermott told MarketWatch that the new outlook could be conservative.

But NOW's weakness was already impacting the rest of the SaaS space as pre-war worries re-blossomed...

Among other software stocks:

• Salesforce -5.2%, 

• Atlassian -6.6%, 

• HubSpot -5.5%, 

• Workday -4.6%, 

• MongoDB -1.9%, 

• Snowflake -2.3%, 

• Cloudflare -1.2%, 

• Microsoft -1.5%

Not pretty...

“We believe it will be difficult for results or management commentary to alleviate concerns around medium-term AI disruption,” wrote Brad Zelnick, an analyst at Deutsche Bank, in a note ahead of earnings.

Even more difficult now...

Tyler Durden Wed, 04/22/2026 - 17:03

California Exposes Amazon's Alleged 'Retail Price Fixing' In Unredacted Court Filing

California Attorney General Rob Bonta on Monday released a largely unredacted court filing packed with internal emails that allege Amazon strong-armed brands like Levi Strauss and Hanes into pressuring Walmart, Target and other rivals to raise prices - all to protect Amazon’s $2.66 trillion empire.

The 19-page memorandum, filed in support of a preliminary injunction in San Francisco Superior Court, paints a picture of coordinated price elevation that Bonta calls “naked” and “per se illegal” under California’s Cartwright Act. The evidence builds on documents the Guardian first reported on last week, but goes significantly further by naming major brands and quoting verbatim email chains that had remained heavily redacted until Monday.

"You don’t see price fixing so explicitly and egregiously in writing like this," Bonta told reporters, framing the documents as proof that Amazon used its market dominance to eliminate real competition across the internet.

The case, The People of the State of California v. Amazon.com Inc. (CGC-22-601826), dates back to September 2022. California accuses Amazon of running what it calls a "Retail Price Fixing Scheme" that relies on threats of lost Buy Box placement, suppressed search visibility and outright order suspensions - tools the state says gave the company "overwhelming bargaining leverage" over vendors.

The emails tell the story in real time.

In one exchange detailed in the filing, Amazon flagged "styles of concern" to Levi’s - specifically Easy Khaki Classic pants listed cheaper at Walmart. The next day, Levi’s replied that it had "partnered with" Walmart to raise the price back to the desired $29.99 ladder. Amazon then matched the higher price.

Similar patterns appear with Hanes (pressuring Target and Walmart), Allergan eye drops (Walmart raised prices after Amazon suppressed the listing), pet treats coordinated with Chewy, and furniture sold through Home Depot. Vendors repeatedly acted as intermediaries, contacting rival retailers at Amazon’s direction to "fix" or "resolve" lower prices elsewhere.

The filing also describes Amazon’s internal enforcement mechanisms: "CRaP" (Can’t Realize a Profit) flags, Guaranteed Minimum Margin demands, and instructions to discuss pricing by phone to avoid a paper trail.

According to the filing, Amazon's conduct harms consumers by creating an invisible price floor across major online retailers. "The company is price fixing, colluding with vendors and other retailers to raise costs for Americans beyond what the market requires - beyond what is fair," Bonta said in a statement.

Amazon just got caught running a secret price manipulation operation with Levi's, Home Depot, Walmart, and many more.

Every time you "comparison shopped" online, you were looking at prices that were already rigged.

Here's what happened:

Amazon would monitor prices on Walmart,… pic.twitter.com/sCmIGY1cL4

— Ricardo (@Ric_RTP) April 21, 2026

Amazon pushed back sharply, calling the release "a transparent attempt to distract from the weakness of its case" and noting that the evidence is years old. "Amazon is consistently identified as America’s lowest-priced online retailer, and we’re proud of the low prices customers find when shopping in our store," a spokesperson said. "Amazon looks forward to responding in court at the appropriate time."

The timing is notable. Bonta filed the preliminary injunction request in February; a hearing is scheduled for July 23, 2026. Full trial begins January 19, 2027 - one of at least three major Amazon antitrust trials now teed up for next year, including the FTC’s separate monopoly case (joined by 18 states and the DOJ) that also features allegations of algorithmic pricing tactics known internally as "Project Nessie."

The Federal Trade Commission and 17 states sued Amazon in 2023, accusing the company of illegally maintaining a monopoly in online retail by squeezing merchants who sell on its site and prioritizing its own products. Those actions resulted in “artificially higher prices,” according to the government’s suit.

In September, the F.T.C. agreed to settle a lawsuit against Amazon that accused the company of making it difficult for consumers to cancel its Prime subscription service. Under the terms of the settlement, Amazon agreed to pay up to $2.5 billion — including $1 billion in penalties and additional payouts to consumers. It did not admit or deny wrongdoing. -NYT

Legal experts say the explicit emails could make this one of the more straightforward price-fixing cases in recent Big Tech history - though Amazon is expected to argue that vendors set their own prices and that its practices ultimately benefit consumers through lower prices and greater selection.

For now, the unredacted documents give regulators, lawmakers and the public a rare, granular look inside the mechanics of modern retail pricing power. Bonta’s office framed the release as a transparency win amid a national affordability crunch. "Amid a crisis of affordability," the attorney general said, "Amazon is illegally working to rake in profits by making sure consumers have nowhere else to turn to for lower prices."

Tyler Durden Wed, 04/22/2026 - 17:00

"Civic Action Requires More Than Textbooks": Chicago To Subsidize May Day Protests By Teachers

Authored by Jonathan Turley,

The Chicago Public Schools are facing a major truancy problem…among teachers.

The Chicago Teachers Union (CTU) was up in arms over suggestions that classes should be held on May 1 when teachers wanted to be out protesting.

Called International Workers’ Day, May Day is a global day of protest for socialist, communist, and unionist groups.

The CTU was upset when parents objected that canceling a day of class for teachers to join a political protest was a burden for working parents. These teachers believe that they are teaching something far more important through their activism. In defending the demand for publicly subsidized protests, CTU Vice President Jackson Potter explained that “teaching our students what civic action looks like requires more than textbooks.”

While that does not help with the dismal proficiency scores of actual students, it is vital to training students as political foot soldiers.

The CTU and the National Education Association recently collaborated on a “curriculum build” to bring “social justice into the classroom” ahead of May Day. Dave Stieber, a history teacher in Chicago Public Schools is shown declaring that “May Day is a dress rehearsal for maybe there’s a random day in, you know, June that we all are, like, no work, no school, no shopping…So this is a continuation and a buildup of that.”

In the meantime, with only 2 of 5 students reading at grade level, the Chicago teachers chose to lower proficiency levels rather than improve their teaching record.

While failing on actually teaching students, the CTU is proficient at instructing politicians such as Mayor Brandon Johnson through the use of union dues to fund Democratic campaigns.  The CTU and other teachers’ unions funneled millions into Johnson’s campaign. By one estimate, 93 percent of Johnson’s campaign budget came from unions.

The CTU has long held the distinction of being the most radical teachers’ union in the country. It was a CTU delegation that went to Venezuela during the Maduro regime to praise conditions under socialism. In a country where dissenters and reporters were being jailed and killed, the Chicago teachers gushed about how “we did not see a single homeless person!”

Chicago area teachers have been charged with violent protests.

Suggesting that teachers should work rather than attend May Day protests set off the Chicago teachers. Now, the union has confirmed that classes will be held without the participating teachers, and Chicago Public Schools will pay for buses for both students and educators to go to the protests.

The city further promised that there would be no repercussions for either students or teachers playing hooky from school.

This is not the first time unions and teachers have allowed students to skip classes to support left-wing protests. In New York, teachers and students were allowed to skip school to demand a ceasefire in Gaza. Previously, students were allowed to skip school to protest climate change.

These school districts do not show the same participatory support for protests on the right. There is no accommodation or city-subsidized buses for pro-life protests or demonstrations in favor of Israel.

Nevertheless, the Chicago school system is declaring that this is what schooling is all about in the Windy City. CPS CEO Macquline King stated that “the agreement honors the proud history of civic action in Chicago and beyond.”

Decades ago, my parents helped create an organization to stem the exodus of families from public schools and to reinforce academic standards in the Chicago Public School system. They convinced more families to remain in the system because they believed (as I do) that public schools can play a critical role in shaping citizens through a diverse and shared experience.

I was long skeptical of voucher systems because of that commitment to public education. However, teacher unions and administrators are destroying public education in America. They are treating families as captive audiences while infusing education with social and political agendas. The only way to break this decades-long cycle of failure, in my opinion, is to give families alternatives by allowing them to send their children to schools with core educational (as opposed to advocacy) priorities.

Nevertheless, Mayor Johnson celebrated the funding of the May Day protests:

“We are pleased all parties are working together to ensure school communities can participate in commemorating International Workers Day…Encouraging participating allows Chicagoans to honor our history while advocating for our future. We look forward to a day of meaningful solidarity and community resistance to the forces trying to tear us apart.

Schools have long been a target for indoctrination by radical elements. The Cultural Revolution in China was the most extreme example where children were forced into protests and taught that political activism came before scholastics under the slogan “to rebel is justified.”

Mao declared that “our educational policy must enable everyone who receives an education to develop morally, intellectually and physically and become a worker with both socialist consciousness and culture.”

In the CTU/NEA seminar, Kirstin Roberts, a pre-school teacher in Chicago Public Schools, is shown explaining that the purpose is to “encourage teachers of young children not to feel like this is stuff that’s way beyond their students, not to be afraid of raising up social justice issues, including workers’ rights, anti-racism, pro LGBT, LGBTQIA plus issues, immigration and immigrants rights.”

The erosion of the line between education and advocacy is now occurring on every level of our educational system. Some universities now have “resident activist” programs or offer degrees in advocacy.

In my book Rage and the Republic, I discuss the rise of the “new Jacobins” in the United States, including a cadre of radical educators who use our schools to pursue fundamental changes in our constitutional system. Law professors and deans are now calling for trashing our Constitution as a threat to the nation while teachers are using classes to radicalize students.

Chicago’s subsidy of May Day protests uses public funds in the struggling school system to foster radical political agendas. It removes any doubt for parents about the priority of Johnson, the CTU, and many of these teachers.

Some of the sentiments expressed in Chicago could have been ripped from Mao’s Little Red Book and speeches. He insisted “education must serve proletarian politics” and demanded “the period of schooling should be shortened, education should be revolutionized.”

In Chicago, the “period for schooling” is now being shortened in favor of “solidarity and community resistance.” While the students may not be able to actually read, they will learn the three R’s of modern education: resisting, raging, and rebelling.

Jonathan Turley is a law professor and the best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution

Tyler Durden Wed, 04/22/2026 - 16:20

Pentagon Denies Widespread Reports Of Iran's 'Dark' Tankers Breaching US Blockade

Update(1510ET): The Pentagon has not been happy with today's media headlines that proclaimed Iranian 'dark' tankers (with their transponders switched off) have been able to penetrate and get past the US Navy's blockade. CENTCOM issued a late afternoon public message, stating: "Over past 24 hours, media reports have alleged that several commercial ships evaded the blockade, citing M/V Hero II, M/V Hedy, and M/V Dorena as examples. These reports are inaccurate. Hero II and Hedy did not sail past the blockade as part of a flotilla that 'ferried' millions of barrels of oil to the market.

It continued, "In fact, the Iranian-flagged tankers are anchored in Chah Bahar, Iran, after being intercepted by U.S. forces earlier this week. Dorena has been under the escort of a U.S. Navy destroyer in the Indian Ocean after previously attempting to violate the blockade."

Earlier even Bloomberg alleged that two Iranian fully laden tankers breached the US blockade. Amid two competing and contradictory narratives, the fog of war remains thick, making it difficult to assess which version is ultimately correct.

U.S. forces have directed 29 vessels to turn around or return to port as part of the U.S. blockade against Iran.

Over past 24 hours, media reports have alleged that several commercial ships evaded the blockade, citing M/V Hero II, M/V Hedy, and M/V Dorena as examples. These… pic.twitter.com/SKelkSOr77

— U.S. Central Command (@CENTCOM) April 22, 2026

* * *

As Tsvetana Paraskova of OilPrice.com reported earlier, Iran continues to export its oil out of the Persian Gulf via the Strait of Hormuz using dark mode on tankers to move past the US blockade outside the world’s most vital oil chokepoint.

At least two Iran-flagged supertankers fully laden with an estimated about 4 million barrels of crude have exited the Gulf via the Strait of Hormuz and through the U.S. blockade, Bloomberg reports, citing satellite imagery analyzed by energy flows intelligence firm Vortexa.

The two Iranian very large crude carriers have been detected by satellite images as they had turned off their transponders and AIS positioning weeks ago. One of the supertankers, the Hero II, last transmitted a signal more than a month ago, with position in the Malacca Strait, data on MarineTraffic showed. The other VLCC, the Hedy, was last detected by AIS transponders around the same area near Malaysia and Singapore more than 70 days ago.

Various vessel-tracking and maritime intelligence firms say that Iran continues to export its oil and move tankers past the U.S. blockade, by increasingly using dark activity and signal spoofing tactics.

Earlier this week, an Iranian supertanker, which had delivered 2 million barrels of crude to a ship-to-ship transfer offshore Indonesia, was en route to return to Iran’s Kharg Island after entering the Strait of Hormuz through the U.S. blockade.

An Iran-owned VLCC departed Iran in late March 2026 and traveled to the Riau Archipelago in Indonesia, where she transferred 2 million barrels of crude oil to another VLCC, according to vessel monitoring data by TankerTrackers.com.

“Iranian flows continue via deception, including dark activity and ship-to-ship transfers,” maritime intelligence firm Windward said in a daily note on Tuesday.

“Iranian maritime trade remains active, but increasingly reliant on deceptive shipping practices and alternative routing strategies. New intelligence indicates potential shifts east of Hormuz, suggesting that pressure in the Gulf is driving adaptation rather than halting flows.”  

Tyler Durden Wed, 04/22/2026 - 16:10

'Alligator Alcatraz' Can Continue Operating, Appeals Court Says

Authored by Troy Myers via The Epoch Times,

A federal appeals court on Tuesday pulled a judge’s previous order to dismantle the high-profile detention center in the Florida Everglades for illegal immigrants, known as “Alligator Alcatraz.”

In a 2–1 ruling, the U.S. Court of Appeals for the 11th Circuit sided with the Trump administration’s argument that there was minimal federal involvement in the facility’s construction, so a federal environmental review was not warranted.

“Using state employees and state funds, Florida officials, on their own initiative, constructed a detention center at an airport on state property in the Florida Everglades,” court documents showed.

Two environmental groups, Friends of the Everglades and the Center for Biological Diversity, joined the Miccosukee Tribe, which has villages close to the facility, in challenging construction of Alligator Alcatraz.

The groups accused state and federal officials of rushing to build the facility and failing to conduct an environmental review as required under the National Environmental Policy Act.

That federal law, passed in 1970, requires federal agencies to evaluate environmental impacts of proposed major construction.

Construction began last year on the facility, located at the Dade-Collier Training and Transition Airport in the Everglades, to assist with the Trump administration’s immigration enforcement and detainment of illegal aliens.

A lower court in August sided with the environmental groups and the Miccosukee Tribe, ordering officials to halt construction and even undo some work that had already been finished. But the higher court’s Tuesday order lifted that.

Federal authorities inspected the site for compliance with federal standards, court documents said, but this wasn’t enough to trigger a federally mandated environmental review.

“Because the environmentalists and Tribe failed to prove either a final agency action or federal control, and because the injunction, in part, violates a statutory prohibition of enjoining immigration enforcement, we vacate and remand,” Chief Judge William Pryor wrote in the federal appeals court ruling.

The 11th circuit has now twice lifted orders to halt construction—Tuesday’s ruling and again back in September.

“Victory secured against activist judge who held me in contempt,” Florida’s Attorney General James Uthmeier wrote on X in response to the 11th circuit’s September decision.

“A win for Florida and President [Donald] Trump’s agenda!”

Friends of the Everglades and the Miccosukee Tribe did not immediately respond to a request for comment.

The Center for Biological Diversity, however, issued a news release Tuesday in response to the latest legal development, calling it a “temporary” setback.

Wildlife and ecosystems remain imperiled, the group said.

“This disappointing decision won’t stop our challenges to the numerous environmental violations that the Trump administration is overseeing there,” Elise Bennett, director and senior attorney at the Center for Biological Diversity, said. “We’ll keep fighting because the Trump and DeSantis administrations’ obsession with sacrificing our Everglades, endangered panthers and wild waters to their cruel detention center is utterly indefensible.”

The groups further argue there was enough federal involvement to warrant a federal environmental review. The Center for Biological Diversity said FEMA committed hundreds of millions of dollars to Florida for building and operating the facility.

Eve Samples, executive director of Friends of the Everglades, had a statement in the news release as well, saying, “This fight is far from over.”

“Alligator Alcatraz was hastily erected in one of the most fragile ecosystems in the country without the most basic environmental review, at immense human and ecological cost,” she said.

Samples added that she is pursuing every legal avenue available to shut down Alligator Alcatraz.

Tyler Durden Wed, 04/22/2026 - 15:50

Tesla Earnings Preview: "Braced For A Miss"

Tesla reports after the US market close on Wednesday and according to the UBS trading desk, there has been very little discussion around TSLA lately, with the stock drifting 14% lower for most of the year until last week, when it squeezed higher to trade just below $390. 

The company has been the laggard among mega-cap peers despite still-lofty expectations. Consensus points to 1Q revenue of about $22.7 billion, with adjusted EPS around 38 cents and roughly 25 cents on a reported basis, even as deliveries of about 358,000 vehicles missed forecasts and flagged softer core auto demand. Analysts still expect a sharp rebound, with roughly 30% profit growth and a 15% increase in revenue.

Markets will likely overlook near-term weakness but focus heavily on what’s next: Investors are looking for updates on the robotaxi rollout, AI and robotics, as well as clarity on cash burn tied to a planned step-up in capex to as much as $20 billion this year. The disconnect is stark: as Bloomberg notes, a cyclical slowdown in autos versus an equity story still priced on long-duration growth, reflected in valuation metrics that are stretched across the board (roughly 184x forward earnings, ~15x sales and over 100x EV/EBITDA).

Taking a step back, the good news for Tesla - and the broader market - is that earnings revisions for the S&P 500 continue to trend higher for 2026 and 2027, even if largely concentrated in a handful of AI stocks - and early results have been solid, with a strong beat rate. But the reaction function is fading. According to Bank of America, stocks are no longer rewarding top and bottom line beats as they typically do, suggesting a high bar for earnings driven gains as the index hovers near all-time highs. 

Tesla, as one of the highest-duration names in the market, becomes a key test of that dynamic. If management reinforces the AI/autonomy narrative and justifies elevated capex, it supports the broader recovery in tech. But the overhang remains what is going on with Iran and the state of peace talks. This is not a market driven by idiosyncratic earnings. Netflix’s 10% drop alongside rising indexes underscores that geopolitics are taking precedence.

UBS analyst Joe Spak upgraded TSLA from Sell to Neutral last week as the stock reached his price target, and now sees a more balanced risk/reward profile - near‑term demand challenges and an investment phase offset by a longer‑term physical AI opportunity.

For 1Q, Spak expects an EPS miss, which is unlikely to be a surprise. UBS is modeling adjusted EPS of $0.33 versus $0.44 consensus. However, Spak believes the buy side is already braced for a miss based on 1Q26 delivery data, particularly weaker energy storage deployments.

Spak is modeling auto gross margins (ex‑credits) of 16.1% versus 15.5% consensus, believing FSD could help keep margins slightly elevated. If Tesla books an IEPPA receivable this quarter, that could further support gross margins and provide upside to expectations. Otherwise, Spak expects updates on Tesla’s long‑term vision, primarily focused on Robotaxi, Optimus, FSD, and the TeraFab.

Key areas where UBS expects additional detail include:

1. Color on demand trends across all regions
2. Reasons behind the energy storage deployment miss and implications for the balance of the year
3. Updates on Robotaxi deployment across additional cities
4. Progress on Gen 3 Optimus
5. Capex outlook not only for 2026 but beyond, including funding plans (TeraFab, solar, etc.)
6. Progress on the six factories TSLA plans to build this year
7. Commentary on commodity and logistics costs

Tune in shortly after the close for the full results.

Tyler Durden Wed, 04/22/2026 - 15:34

Duffy Seeking $10 Billion From Congress To Revamp Air Traffic Control System

Authored by Aldgra Fredly via The Epoch Times,

U.S. Transportation Secretary Sean Duffy said on April 21 the department requires $10 billion in additional funding from Congress to overhaul the nation’s air traffic control with a new software system.

Duffy told Reuters in an interview that the additional funding would go toward developing new software aimed at improving the efficiency of air travel and reducing flight delays.

“This tool lets us see and then spread flights in a way that allows for way less disruption,” he told the news outlet. “We could fix this.”

Congress allocated $12.5 billion last year under the One Big Beautiful Bill to upgrade air traffic control infrastructure and equipment to enhance aviation safety. At an April 21 event, Duffy provided an update on the project, saying it is expected to be completed in about two and a half years.

Duffy said the Federal Aviation Administration (FAA) has replaced nearly 50 percent of ​copper ⁠wires, converted 270 radio sites nationwide, installed new surface awareness systems at 54 airports, and transitioned 17 towers to electronic flight strips using the allocated budget from Congress.

“We are going to need more money for the software side of this build,” he said at the event.

“Congress is ... going to have to find a pathway to get us the rest of that money. It’s going to take us time to develop it, deploy it, debug it, train on it. And so getting that software started now, hopefully as our build completes with all of the infrastructure, we will have the technology of the software ready to meet up in two and a half years and have a brand new system for America to use.”

The Transportation Department said in January the overhaul would involve launching an airspace modernization office to oversee the installation of a new air traffic control system and creation of an advanced aviation technologies office to oversee the integration of drones and other air mobility vehicles into U.S. airspace.

The FAA will also move more key leadership posts to permanent roles and consolidate management of finance, information technology, and human resources under the administrator, according to the Transportation Department, adding that the restructuring will not lead to workforce reductions.

Multiple safety-related incidents happened at airports over the past year due to equipment issues. In May 2025, air traffic controllers in Denver were forced to switch to emergency backup frequencies after they lost contact with aircraft for about 90 seconds. The controllers had to use emergency backup because both primary and main backup frequencies went down.

Another incident took place in late April 2025, when controllers overseeing Newark Liberty International Airport lost contact with planes for about 30 seconds, leading to flight delays.

Tyler Durden Wed, 04/22/2026 - 15:20

Two Armed Robbers Steal $1.8 Million From Brinks Armored Truck In Philadelphia

Authored by Bryan Jung via PJMedia.com,

Two masked men armed with rifles carried out a brazen daylight robbery of a Brinks armored truck  in the Tacony section of Northeast Philadelphia, escaping with what authorities say could be as much as $1.8 million in cash.

Philadelphia Police Department officials told ABC 6 that the robbery occurred around 9:45 a.m on April 21 on the 7200 block of Torresdale Avenue, as the Brinks truck was servicing a Budget Financial Center.

Brinks is a national security and cash logistics company that transports money for banks and retailers.

According to law enforcement officials, a blue Acura SUV pulled into the lot, with two suspects dressed in black jumping out, brandishing rifles and confronting the driver before seizing bags of cash.

No injuries were reported, with the suspects fleeing the scene within seconds, witnesses said.

Surveillance footage reviewed by investigators shows the men exiting the vehicle and pointing a rifle at the armored truck employee.

Shortly after the heist, police located a blue Acura believed to have been used in the robbery under Interstate 95 near Front Street and Fairmount Avenue in the city’s Northern Liberties neighborhood.

The Federal Bureau of Investigation is now leading the investigation alongside local police, as authorities work to identify the suspects and recover the stolen cash.

This robbery follows a year-long string of armored truck heists in the Philadelphia region, including separate incidents in 2025 involving armored delivery trucks.

Three men were charged last June for stealing around $2 million from a truck in the Port Richmond robbery, while later that month, another pair of robbers with AR-style rifles held up a Loomis driver who was delivering cash to an Aldi store on Whitaker Avenue in Northeast Philadelphia, taking around $100,000 and the driver's handgun.

Three men robbed a Brinks driver on July 2 at the Holmesburg Shopping Center on Frankford Avenue, stealing an undisclosed amount of cash and the driver’s firearm.

On July 15, two armed men armed with AR style rifles attempted to rob a Brinks driver in the Rhawnhurst section of Philadelphia, but fled after the driver opened fire.

The Brinks employee drew his duty weapon and began firing in the direction of the suspects, one of whom fled on foot, while the second drove away in a black Nissan Maxima from the scene.

On July 22, an armed man robbed around $700,000 from a Brinks truck outside an H Mart grocery store in Cheltenham, which was the scene of another Brinks robbery on August 12 by two unknown suspects.

The two suspects took a bag filled with money and fled the scene in a black Acura, which was later recovered, according to the FBI.

In October, two more men were indicted on charges of robbing Brinks trucks in Elkins Park, Montgomery County, and on Castor Avenue in Northeast Philadelphia.

Federal investigators have previously linked the multiple 2025 incidents involving Brinks trucks to organized criminal gangs using similar tactics, including stolen vehicles and high-powered firearms.

Officials are asking anyone with information to contact law enforcement as the suspects remain at large.

Tyler Durden Wed, 04/22/2026 - 14:40

Trump Deploys Five Defense Production Act Memos For American Energy

President Trump signed five presidential determinations under Section 303 of the Defense Production Act on Monday. All five declare critical energy capacities essential to national defense and authorize federal purchases, commitments, and financing to cut through financing shortages, permitting delays, and supply chain choke points. 

Any mention of renewables are noticeably absent, as the administration has been pounding the table on the reliability of coal and natural gas, especially through the recent winter storm...

"Sleep Tight, America. We Got This": NatGas And Coal Power Plants Prevented Grid Collapse During Historic Winter Blast https://t.co/CvAfdeiwts

— zerohedge (@zerohedge) January 27, 2026

They sit under the national energy emergency we flagged back in January 2025. The moves target fossil fuel production and the infrastructure that actually moves power, while nuclear and geothermal get their own lanes.

Section 303 of the DPA allows the government to act as the financial support for these industries due to the administration’s interpretation that the private sector can't do it on their own. 

Domestic Petroleum Production, Refining, And Logistics Capacity

This determination covers exploration, production, refining, gathering and transmission pipelines, storage, and marine terminals. DPA authorities now back projects to secure jet fuel, diesel, and gasoline for the military and industrial base, cutting reliance on foreign suppliers that have weaponized energy in the past.

Coal Supply Chains And Baseload Power Generation Capacity

Coal mining, rail and barge transport, terminals, on site stockpiles, and plant life extensions all get the treatment. The memo stresses that baseload coal power remains irreplaceable for defense installations and the exploding electricity demand from AI and manufacturing. Federal support will speed maintenance and logistics that markets alone have left stalled.

Natural Gas Transmission, Processing, Storage, And LNG Capacity

Pipelines, compression, processing plants, underground storage, LNG liquefaction, and export facilities fall under this one. The goal is steady domestic supply plus stronger exports to allies. Long lead times for equipment and construction are the stated problem. 

Development, Manufacturing, And Deployment Of Large Scale Energy And Energy Related Infrastructure

This broader determination is for engineering, site acquisition, permitting, early stage financing, and domestic manufacturing capacity for large energy projects. It removes the capital and regulatory friction that has slowed big builds across the sector, creating a practical foundation for faster scaling wherever the need is greatest.

Grid Infrastructure, Equipment, And Supply Chain Capacity

Transformers, transmission lines, substations, high voltage breakers, power electronics, and the full upstream supply chain are targeted here. Aging equipment, foreign dependence, and slow domestic output threaten reliability. The action backs US manufacturing to harden the grid that must carry power from every source.

Nuclear and Geothermal

As we have tracked since the May 2025 executive orders, the nuclear fuel supply chain is already moving under its own DPA Consortium and related authorities, with the explicit target of quadrupling US nuclear output by 2050. 

Geothermal development was also left out of today's batch. It too appears to be advancing on its own parallel track through existing federal programs and private sector momentum that do not require another layer of Section 303 intervention right now.

These efforts could benefit from the expanded DPA authorities granted to Energy Secretary Chris Wright on March 13, 2026. In an amendment to the National Defense Resources Preparedness executive order, President Trump delegated additional powers directly to the Energy Department, enabling Wright to invoke Section 303 authorities swiftly to restart critical domestic oil infrastructure and counter supply disruptions caused by the war. That same streamlined authority now positions Wright to accelerate implementation of yesterday's five determinations.

Tyler Durden Wed, 04/22/2026 - 14:20

CIA Security Officer Files Lawsuit Against Steve Baker And The Blaze For Identifying Her As J6 Bomber

Authored by 'sundance' via The Last Refuge,

Steve Baker and The Blaze are being sued by former Capitol Hill police officer Shauni Kerkoff, who Baker accused of being the J6 pipe bomber based on “gait” analysis and other dubious claims.

Mr Baker, a former FBI employee named Kyle Seraphin and Kentucky representative Thomas Massie also pushed the accusation, saying FBI Director Kash and other FBI officials were lying and an innocent guy was arrested.

The arrested suspect, Brian J. Cole, Jr., confessed to the crimes.

Yesterday, Shauni Kerkoff, who now works for the CIA security office, filed a lawsuit against Steve Baker and The Blaze, claiming Steve Baker was motivated by anger over his arrest for activity in the J6 event where Ms. Kerkoff was present providing security.

According to the lawsuit, Steve Baker and The Blaze created a conspiracy theory using Shauni Kerkoff as the target of their claims.

This is going to be an interesting lawsuit to watch unfold as there are various types of conspiracy claims similar to Mr Baker that are circulating. 

If their claim is false, both Mr Baker and The Blaze could end up in the same financial position as Alex Jones.

[SOURCE]

I suspect this is not going to end well for Steve Baker, The Blaze or Glenn Beck.

Tyler Durden Wed, 04/22/2026 - 14:00

"All Systems Go": Goldman Sees Improvement As Boeing Turnaround Gains Momo

Boeing shares jumped as much as 5% after the company posted a smaller-than-expected first-quarter cash burn and delivered the most aircraft since 2019 (outdelivered Airbus for the first time in years), reinforcing the view that the turnaround is beginning to lift off. The CEO's earlier comment was "all systems go," while Goldman's initial read on the quarter pointed to "improvements."

First-quarter earnings results show Boeing is gaining traction and is set to ramp up 737 production, a key step toward restoring its cash cow narrowbody jet production ...

... and reducing debt by $7 billion. 

The company reaffirmed its expectation of generating $1 billion to $3 billion in free cash flow in 2026, while adjusted losses were narrower than forecast.

Additionally, Boeing's defense and space units improved, with revenue up 21% and margins increasing.

"We're making strides to strengthen our culture and restore trust with our customers while growing our record backlog to nearly $700 billion," CEO Kelly Ortberg wrote in a message to employees. 

Ortberg joined CNBC's "Squawk on the Street" after the earnings report and said, "All systems are go." He noted that there has been no slowdown in aircraft orders since the US-Iran war began in late February.

Shares were up as much as 5% earlier in the session but were trading closer to 4% by around noon. Even with today's move, the stock is only modestly higher on the year, up about 5.2%. The bigger picture is that Boeing shares have remained stuck in a six-year trough following the two fatal 737 Max crashes, which capped production. 

A break above $250 would mark an important technical point that could unlock upside momentum. 

Goldman analyst Noah Poponak's first take on Boeing's quarter was broadly constructive: 

Boeing Co. (BA): 1Q26 First Take: Improvements

Bottom line: BA 1Q26 results include revenue and free cash above consensus, improving defense margins, evidence of ability to keep moving higher in commercial aircraft rate, and further advancement in aircraft certification timelines. 2026 free cash flow guidance is reiterated. We see no clear incremental negatives, and there are a few incremental positives.

Details: Revenue of $22.22bn is above FactSet at $21.85bn. BCA segment operating income of $(563)mn compared to our estimated $(699)mn. BDS margin of 3.1% compares to our 1.8% estimate. 1Q26 free cash flow is $(1,454)mn, ahead of our estimate of $(2,800)mn and consensus at $(2,340)mn. The company is advancing the 737-10 through FAA Type Inspection Authorization (TIA) flight testing, with certification for both the 737-7 and 737-10 targeted for 2026 and initial deliveries scheduled for 2027. The 777X program has progressed to TIA Phase 4a of certification flight testing for the 777-9 with first deliveries anticipated in 2027.

Our 12-month price target of $276. 

Separate institutional commentary (courtsey of Bloomberg):

JPMorgan, Seth M. Seifman (overweight; PT $270)

• Says cash flow came in better than expected, noting that advances were a key component

• "With solid numbers and less exposure to the Iran war than aftermarket names, we assume this will be well-received"

Jefferies, Sheila Kahyaoglu (buy; PT $295)

• "A solid, no drama print" with first quarter free cash flow significantly above expectations

• Notes that Boeing did not provide 2026 guidance in the release, but previously spoke to a free cash flow inflow of low single digits in 2026

TD Cowen, Gautam Khanna (buy; PT $250)

• Notes that core EPS loss was better than expected, with "BA deliveries and margin slightly agead of BA's late Q1 guidance update"

Deutsche Bank, Scott Deuschle (hold; PT $223)

• Says free cash flow beat was driven by higher operating cash flow, which benefited from a combination of higher net income, favorable advances and accounts payable that helped offset headwinds on inventory

• "This print is generally ahead of both sell-side expectations and our sense for buyside expectations"

Bloomberg Intelligence, George Ferguson

• Boeing's turnaround of commercial airplane was slowed by the necessary purchase of Spirit Aerosystems and will require $5-$6 million cost improvement per fuselage to counter"

All eyes are on the $250 technical break.

Tyler Durden Wed, 04/22/2026 - 13:40

Solid 20Y Auction Stops Through With Above Average Foreign Demand

The week's lone coupon auction priced at 1pm when the Treasury sold $13 BN in 20Y paper, in a solid if not stellar auction.

The auction stopped at a high yield of 4.883%, up from 4.817% in March and the highest since last July. It also stopped through the 4.892% When Issued by 0.9bps, the highest since January.

The bid to cover was 2.68, down from 2.76 in March but above the 2.63 six-auction average.

The internals were also solid with Indirects taking 67.4% of the auction, down modestly from 69.2% last month but also above the 62.9% recent average for foreign buyers. And with Directs taking 22.9%, up modestly from 21.6% last month, Dealers were left holding just 9.7%, down from the recent average of 11.2%.

Overall, this was another solid auction, which is a welcome outcome at a time when 10Y yields are trading near weekly highs just around 4.30%.

Tyler Durden Wed, 04/22/2026 - 13:31

Virginia Redistricting Rout Deals Major Blow To House Republicans

Democrats’ decisive win in Virginia Tuesday night has dealt a significant blow to Republican hopes of retaining control of the House.

By persuading voters to dismantle the state's independent redistricting commission - created just six years ago - Democrats wiped out four Republican-held congressional districts. This means Virginia's House delegation is now on track to shift to a 10-to-1 Democratic advantage, a dramatic reversal for a state that remained firmly in GOP hands not long ago.

That said, Democrats dropped $65 million on the races (though the final tally was uncomfortably close), while Punchbowl reports that Republicans are trading blame internally - second-guessing whether they let a chance slip away to blunt the Democratic surge.

And with midterms right around the corner, there are few indications that President Trump or House Republican leadership possesses either the strategic focus or message discipline needed to protect their narrow majority. Fresh off Trump's 2024 presidential win, Republicans, led by Speaker Mike Johnson, clung to control by the slimmest of margins. Pulling off a repeat performance now looks considerably tougher.

Betting markets are already pricing in a Democratic win in the House.

//--> //--> Will the Democratic Party control the House after the 2026 Midterm elections?
Yes 85% · No 16%
View full market & trade on Polymarket

While party leaders insist a third Trump impeachment is off the table, the shift would almost certainly unleash a barrage of investigations and subpoenas aimed at the White House and Cabinet agencies - with major legal and political ripple effects. Lawmakers could also face even more protracted government shutdowns than the record-length appropriations lapses seen in the current Congress.

"I told Mike Johnson in July of last year that, 'If you go down this road, it's not going to work out for you,'" Jeffries told Punchbowl Tuesday night.

He added: "And at the end of the day, his best-case scenario was that he would net zero seats, but force at least 10 Republicans, who are incumbent members of his conference, into premature retirement. And that is exactly what has happened."

Jeffries earned significant credit for orchestrating Tuesday's outcome - as Virginia Democrats first had to steer the ballot measure through the state legislature twice, beat back multiple court challenges, and then win over voters. A nonprofit aligned with Jeffries poured $38 million into the effort to secure passage, and he personally managed the operation from beginning to end - designing the referendum strategy, recruiting staff and directing on-the-ground coordination. Many Virginia Democrats initially resisted the high-stakes gamble, requiring Jeffries to personally persuade both the state delegation and the warring legislative chambers to fall in line.

True to form, Jeffries remained measured when asked whether Tuesday's result clinched the majority or signaled an impending blue wave. He did, however, declare victory in the broader redistricting battle.

"When you line up the congressional map in Texas and compare it with the response in California, they're going to lose seats and would be fortunate if in Texas, they win two or three of the five seats that they claimed they were going to steal from Democrats," Jeffries said.

The biggest wild cards left for both sides are Florida and the future of the Voting Rights Act, which is up to the Supreme Court. Tuesday's result intensifies pressure on Florida Gov. Ron DeSantis to advance an ambitious congressional map next week capable of delivering Republicans a net gain of three to five seats. Yet DeSantis is encountering pushback from the state's Republican congressional delegation and the GOP-controlled legislature, many of whom doubt such an aggressive redraw is feasible. Several Florida Republicans caution that Latino voters are not reliably in the GOP column and may not show up for the party the way they did in 2024, urging caution.

Spending in Virginia was wildly lopsided. Democrats poured $56.4 million into television and digital ads; Republicans mustered just $24.6 million. Republicans still lost by fewer than 90,000 votes out of more than 3 million cast.

According to the report, GOP strategists insist they deliberately avoided nationalizing the contest to keep from energizing the Democratic base. They argue that heavier spending would simply have provoked an even larger Democratic response. They also note that the "No" side outperformed Trump's 2024 numbers in the state. Former Virginia Attorney General Jason Miyares and onetime House Majority Leader Eric Cantor, who helmed the opposition effort, pledged to keep fighting the new map in court.

House Republicans, however, were already firing off frantic messages Tuesday night. Several told reporters they had been assured that additional money would make no difference in Virginia - yet the narrow margin suggests otherwise. 

The American Action Network, a nonprofit close to Johnson, quietly funneled money to the group bankrolling the "No" campaign, according to a person familiar with the transaction. Meanwhile, only one solidly Republican seat remains, in the state's southwest corner. GOP Reps. Ben Cline and Morgan Griffith may find themselves forced into a member-versus-member primary.

Tyler Durden Wed, 04/22/2026 - 13:00

Anthropic's 'Too Dangerous To Release' AI Model Was Accessed By Discord Group On Day One

Anthropic's 'Mythos' model is extraordinarily dangerous. The company itself warned that it could autonomously identify and exploit zero-day vulnerabilities in every major operating system, every major web browser, and every critical software library on Earth. And because of this offensive cybersecurity power, Anthropic refused to release Mythos publicly - and instead tightly restricted access through 'Project Glasswing' to roughly 50 carefully vetted organizations - 12 named launch partners plus more than 40 additional critical software and government entities, including the U.S. National Security Agency (NSA).

Yet within hours of the limited rollout announcement on April 7, 2026, a small group of unauthorized users in a private Discord server had already broken in.

The breach, reported by Bloomberg on Tuesday, reveals how fragile the safeguards around frontier AI models can be. According to the report, the group gained access using a surprisingly low-tech combination: legitimate credentials from a third-party contractor involved in Anthropic's evaluations, plus clever internet sleuthing to guess the hidden API endpoint by reverse-engineering Anthropic's internal naming conventions (patterns inferred from an earlier Mercor data leak).

They have reportedly been using Mythos regularly for nearly two weeks. Sources emphasize the usage has been non-malicious so far - things like building simple websites - rather than launching cyberattacks.

"We’re investigating a report claiming unauthorized access to Claude Mythos Preview through one of our third-party vendor environments," a spokesperson said in a statement, adding that there's no evidence that the access went beyond a third-party vendor's environment or that it is impacting any of Anthropic's systems.

Project Glasswing

In early April, Anthropic launched Project Glasswing, a defensive cybersecurity initiative built around Mythos Preview. The 12 launch partners included Amazon Web Services, Apple, Microsoft, Google, Cisco, CrowdStrike, Palo Alto Networks, NVIDIA, Broadcom, JPMorgan Chase, and the Linux Foundation, along with over 40 additional critical software organizations. The explicit goal was to give these defenders a head start: let Mythos hunt for vulnerabilities in their own systems and major open-source projects before malicious actors could weaponize the same capabilities.

Anthropic's own red-team testing reportedly showed Mythos could find and chain complex zero-days that had remained hidden for decades in software like Linux, OpenBSD, and FFmpeg.

Even as the Pentagon formally labeled Anthropic a “supply-chain risk” in March 2026 - citing the company’s refusal to remove ethical guardrails that would allow its models to be used for mass domestic surveillance and autonomous weapons - other key parts of the U.S. government have moved with urgency to embrace the very same technology. The National Security Agency is already actively using Claude Mythos Preview, while the White House’s Office of Management and Budget circulated an internal memo on Monday directing federal agencies to begin leveraging the model for vulnerability discovery in government networks. The Treasury Department has been particularly aggressive, rushing to secure access and convening major bank CEOs for urgent red-teaming sessions after being warned that Mythos could "hack every major system." 

A Low-Tech Breach

The unauthorized access was deceptively simple. One member of the Discord group (a private forum focused on hunting unreleased AI models) had legitimate access as a worker at a third-party contractor. Using knowledge of Anthropic's naming patterns, the group correctly guessed the private API endpoint for Mythos Preview on the very same day the limited release was announced.

Once inside, they continued using the model without triggering obvious alarms.

Anthropic said Mythos was too dangerous to release. Then four random guys in a Discord gained access on day one by guessing the URL...

This is pretty insane:
→ Group in a private Discord guessed the endpoint from Anthropic's naming conventions
→ They figured out the… https://t.co/HUxd8pwqEH

— Josh Kale (@JoshKale) April 22, 2026

So, here's where we are: these AI models are becoming so powerful that even their creators treat them with extreme caution - yet the operational security surrounding them can still fall to basic tactics like credential misuse and URL guessing.

As of Wednesday, Anthropic has offered no further updates on its investigation, no timeline, and no announcement of technical fixes such as credential rotation or endpoint randomization. There is still no public evidence of malicious use by the Discord group - however, the breach raises serious questions about how many other restricted AI systems might be leaking through similar third-party or supply-chain vulnerabilities.

Tyler Durden Wed, 04/22/2026 - 12:20

US Law Firm Apologizes After AI Hallucinations Made It To Legal Filing

Authored by Brayden Lindrea via CoinTelegraph.com,

Wall Street law firm Sullivan & Cromwell has apologized to a federal judge after submitting a court filing that contained around 40 incorrect citations and other errors caused by AI hallucinations.

“We deeply regret that this has occurred,” Andrew Dietderich, co-head of Sullivan & Cromwell’s global restructuring team, wrote Friday in a letter to Chief Judge Martin Glenn of the US Bankruptcy Court for the Southern District of New York.

“The Firm and I are keenly aware of our responsibility to ensure the accuracy of all submissions including under Local Bankruptcy Rule 9011-1(d), and I take responsibility for the failure to do so,” he said of an emergency motion filed nine days earlier.

Excerpt from Andrew Dietderich’s letter to Chief Judge Martin Glenn. Source: Sullivan & Cromwell

The incident highlights the risk AI tools can pose in high-stakes professional work without proper oversight. A database managed by legal technologist Damien Charlotin has recorded 1,334 incidents of AI hallucinations in court filings around the world, including more than 900 in the US.

Charlotin pointed out that most of these hallucinations involve fabricated citations, though AI-generated legal arguments have also occasionally been identified.

Dietderich said Sullivan & Cromwell has policies in place for the use of AI tools, which include a review of the citations it uses, but said the policies weren’t followed.

“Regrettably, this review process did not identify the inaccurate citations generated by AI, nor did it identify other errors that appear to have resulted in whole or in part from manual error.”

Sullivan & Cromwell is one of the largest law firms in the US by revenue, ranking 30th on the AmLaw Global 200. The firm also represented crypto exchange FTX in its bankruptcy case.

Sullivan & Cromwell is conducting an internal investigation

Dietderich said the law firm took “immediate remedial measures,” including a full review of the circumstances that led to the errors. 

The firm is also “evaluating whether further enhancements to its internal training and review processes are warranted,” Dietderich said.

Dietderich also noted that the errors were spotted by a rival law firm.

“I also called Boies Schiller Flexner LLP on Friday to thank them for bringing this matter to our attention and to apologize directly to them as well,” he said. 

Tyler Durden Wed, 04/22/2026 - 12:00

After "Tectonic" Serra Verde Acquisition, Canaccord Reiterates Buy, Raises Price Target To $32 On USA Rare Earth

In a new note out by Canaccord, the firm reiterates its BUY rating on USA Rare Earth and raises its price target to $32 from $29, arguing that the company is rapidly emerging as a cornerstone of a Western rare earth supply chain at a time when geopolitical urgency around reducing dependence on China is intensifying. Shares are already up about 50% over the past week and currently sit around $25:

The analysts frame the industry as a kind of “strategic chess match,” with the U.S. racing to build domestic and allied capacity, and position USA Rare Earth as one of the few companies attempting to build a fully integrated, end-to-end platform spanning mining through magnet production.

The centerpiece of the note is the company’s planned $2.8 billion acquisition of Serra Verde in Brazil, which Canaccord describes as a “tectonic” move. The asset includes the Pela Ema operation, currently the only scaled producer outside Asia of all four key magnetic rare earth elements—neodymium, praseodymium, dysprosium, and terbium.

As we noted days ago Serra Verde’s asset is especially valuable because it can supply key magnet materials—neodymium, praseodymium, dysprosium, and terbium—which are critical for high-performance permanent magnets. The mine is also backed by a long-term offtake agreement tied to U.S. government-related entities, covering 100% of production for those four elements.

Beyond simply adding volume, the deal gives USA Rare Earth meaningful exposure to heavy rare earths, which are the most supply-constrained and strategically valuable parts of the market. By 2027, Serra Verde is expected to represent more than half of non-China heavy rare earth supply, making it arguably the most important Western asset in the space.

Canaccord emphasizes that the acquisition is not just about scale but about accelerating the company’s path to profitability and securing feedstock for its downstream magnet ambitions. The combined company would span the full value chain—from mining at Serra Verde and Round Top, to separation through Carester, to metals and alloys via Less Common Metals, and ultimately to magnet manufacturing in the U.S.

The firm sees this vertical integration as critical to competing with China, which still dominates roughly 70% of mining and over 90% of processing and magnet production globally.

A major highlight of the note is the 15-year offtake agreement tied to Serra Verde’s Phase 1 production, which is backed by a special purpose vehicle funded in part by U.S. government entities. This agreement secures 100% of initial output and, importantly, includes price floors for both light and heavy rare earths—around $110/kg for Nd/Pr, $575/kg for dysprosium, and $2,050/kg for terbium.

Canaccord views this as a first-of-its-kind structure that effectively de-risks revenues while still allowing USA Rare Earth to capture upside if market prices exceed those levels. The analysts estimate the contract alone could generate more than $346 million in annual revenue from magnetic rare earths under floor pricing assumptions, with additional contribution from other elements like yttrium.

Financially, the note points to a dramatic inflection ahead. Revenue is projected to scale from essentially negligible levels today to over $1 billion by 2027 and roughly $1.3 billion by 2028, with earnings turning positive as early as 2026. Serra Verde is expected to be a major driver, potentially generating around $600 million of EBITDA by 2027 under an oxide production scenario, with total company EBITDA reaching as much as $1.8 billion by 2030.

The analysts also highlight a strong pro forma liquidity position of roughly $3.2 billion following the transaction and associated government support, which should help fund the buildout of the broader platform.

Stepping back, Canaccord’s core argument is that USA Rare Earth is transitioning from an asset aggregation story to an execution story, having assembled what it views as a unique portfolio of strategically important assets across multiple continents. While the firm acknowledges there is still significant operational work ahead to bring these assets fully online, it sees meaningful upside as production ramps, margins expand, and the company solidifies its role as a primary Western supplier of both light and heavy rare earth materials.

The full note is available at the usual place for Premium subscribers. 

Tyler Durden Wed, 04/22/2026 - 11:40

A New Iran (Military?) Base Case

By Michael Every of Rabobank

Our central assumption for the Iran war had been that by end the third week of April at latest, the Iranian regime faction willing to make a deal in line with Trump’s tweets would have asserted itself over those who won’t, Hormuz would slowly reopen, and energy markets gradually normalise.

As neither the Iranian nor US negotiating teams traveled to Pakistan for the second round of peace talks yesterday, that cannot happen. Our new geopolitical base case is of an extended closure of Hormuz (in the range of 2-4 weeks). However, the likelihood of escalation to achieve that de-escalation is very high, which risks more energy supply damage.

Trump just unilaterally and indefinitely extended the ceasefire, “based on the fact that the Government of Iran is seriously fractured,” which the Iranians didn’t request, but Pakistan did. In the Middle East, making a threat and not following through smacks of weakness, and will be noted (again) by Tehran’s hardliners. He added US attacks would be held off “until such time as their leadership and representatives can come up with a unified proposal.” That’s as a Saudi tweet claimed Ghalibaf and Pezeskhian, willing to negotiate with Trump, have been arrested by the IRGC.

If true, that points to a unified Iranian position of defiance. That would then require a US response - either an attack or a 1956 Suez Crisis retreat. Of course, Iran may be incapable of a unified answer until its factions turn on each other (which is likely part of the US strategy) - that would also suggest the need for a US attack, to ‘shake the box’. Or this ceasefire extension can be a US deception as its forces continue to fly or sail into the region.

Meanwhile, the US economic blockade of Iran and the de facto Iranian blockade of Hormuz remain in place: critical energy and goods are not going to flow for longer, with exponentially rising economic damage. Indeed, the US says it will ramp up Operation ‘Economic Fury’ at sea and via sanctions. Iran claims it will break its blockade by force, if it persists, which would of course lead us straight to an escalation again.

Importantly, the threat of an extended throttling of Hormuz will increase the global pressure to act. On one hand, US allies might do something, though this seems unlikely. On the other, China may have to given it has already stated it wants Hormuz to reopen.

Looked at like this, there is nothing for markets to savor about a ‘chicken TACO Tuesday’. Indeed, screen oil prices only softened a little in response to the US ceasefire extension, and the price of physical oil and products in Asia will continue to rise unless Hormuz reopens.

Yet it’s undeniable the extended ceasefire also points towards a true TACO, which we’ve long made clear would be a geopolitical earthquake on par with the 1956 Suez Crisis. Were that to occur, it might be bearish for energy but could leave Iran in charge of Hormuz, which is less so; or Israel in charge of removing Iran from Hormuz, so far less so. Moreover, it would be it would be bearish for lots of assets markets don’t yet envision.

This is as Trump says a proposed currency swap with the UAE -- which is pegged to the dollar-- is under consideration, with some suggestions China will step in if not. That such an economy might need a dollar facility says a lot about the new world (dis)order that is emerging.

In parallel to Iran, Israel and Hezbollah’s ceasefire is holding on by its fingernails. Lebanon’s PM says his government will not let Hezbollah “intimidate us” – which lack of government actions shows it clearly does; and top US senators are calling to halt aid to Lebanon’s army over its failed Hezbollah disarmament efforts.

Things are also fluid --but not flowing-- on other geopolitical fronts. Zelenskyy stated the Druzhba oil pipeline will be ready to ship Russian oil again – as Russia halted Kazakhstan's oil flows to Germany via it, worsening its energy crisis.

The €90bn EU loan to Ukraine may now proceed, with Kyiv expected to spend the bulk of it on US Patriots, UK Storm Shadows and its own drones – which will be used to hit Russian oil refineries based on the recent heuristic. Yet Ukraine is reportedly proposing naming part of the disputed Donbas region to ‘Donnyland’ in Trump’s honor, not Von der Leyen-land.

At the same time the EU is trying to ease new tensions with Turkey, which also hosts energy pipelines leading to it, after VDL used a media interview to name the EU neighbour alongside Russia and China as threats to Europe requiring Brussels to ‘Complete the continent.” To paraphrase Oscar Wilde, “To lose one key NATO ally may be regarded as a misfortune; to lose two looks like carelessness.”

Meanwhile, as the Middle East and Russian energy complexes are mired in war, a key trader warns of a looming global food shock due to a squeeze on fertilizers; the EU is looking to revive joint gas buying as energy fears mount, which critics say will make little difference; Brussels said we should keep flying despite a looming fuel shortage as “Fears of widespread cancellations are overblown” – as Lufthansa axed 20,000 ‘unprofitable’ flights to save jet fuel; and EU lawmakers urged the Parliament to halt its monthly trip to Strasbourg over energy costs.

So, to central banks. See our US strategist Philip Marey’s take on Fed Chair nominee Warsh’s Senate confirmation hearing here, but note he had a tough time, reflecting how much political economy has shifted in the past few years. (Recall “Maestro’ Greenspan, anyone?)

Senator Warren called Warsh President Trump’s “sock puppet.” Then there were a series of questions over Warsh’s wealth, and the extent to which it was tied to Trump, Druckenmiller, China, or Epstein. That’s before we got to actual central banking, which was also disputed.

Warsh had to underline that he backs Fed independence. Yet he thinks interest rates rather than the balance sheet should be the dominant tool of monetary policy, because the distributional effects of the latter favoured the rich, while the more pervasive effects of the former reached everybody. That statement undoes most of the post-GFC central bank strategy.

Warsh also said he wants to work with the Treasury Secretary to see how the Fed can reduce the balance sheet and get out of fiscal policy. That’s as the Pentagon budget is about to increase by 40% and the Treasury is extending its reach into other areas as part of US economic statecraft.

Moreover, while there was some Q&A around the impact of the Iran war on inflation, there was no revealed view on how the Fed can keep CPI low if physical supply constraints matter, from oil to AI to the military; nor what to do if those constraints extend into the geopolitical realm, both in terms of freely-perceived problems and politesse-free solutions. Saying ‘That’s not my job,’ is not how economic statecraft works.

There was also a short discussion of crypto, which Warsh backed: and US dollar stablecoins are potential US economic statecraft, as we have previously explained. Yet there were no questions about political swaplines, perhaps because the Treasury is also muscling in on that territory of late(?)

* * *

Tyler Durden Wed, 04/22/2026 - 10:45

WTI Extends Gains As US Oil Product Exports Hit Record Highs, Huge SPR Release, Production Dips

Oil prices are modestly higher this morning, erasing overnight losses on Trump's 'ceasefire extension' after Iran attacked three ships in the Strait of Hormuz.

While headline roulette continues to drive oil prices incrementally, this morning's inventory/supply data from DOE will provide some color on how the

API

• Crude -4.5mm

• Cushing +700k

• Gasoline -5.2mm

• Distillates -4.6mm

DOE

• Crude +1.925mm

• Cushing +806k

• Gasoline -4.57mm - 10th weekly draw in a row

• Distillates -3.43mm - 4th weekly draw in a row

Crude stocks unexpectedly saw a build last week (after a draw the week before) as did Cushing inventories. However, on the product side, the sizable drawdowns continue...

Source: Bloomberg

Since the war started, Crude stocks have risen significantly, while gasoline inventories have seen non-stop draws...

Source: Bloomberg

Weekly US implied gasoline demand is holding up despite elevated prices. The 4-week moving average indicate a slight rise of 32,000 barrels per day, while the more volatile weekly data series ticked down by 33,000 barrels per day. Meanwhile, US average gasoline prices remain above $4 a gallon. It was near $3 a gallon right before the Iran war. 

Source: Bloomberg

The crude inventory build was more than offset by a huge 4.14mm barrel drawdown from the SPR...

Source: Bloomberg

US crude production dipped once again...

Source: Bloomberg

Notably, total US oil product exports accelerated to a new record high last week...

Source: Bloomberg

WTI is holding gains for now, near yesterday's highs around $92...

Finally, as The Wall Street Journal reports, analysts and commodities trading company executives are expressing shock at what they call a disconnect between market pricing and reality.

Prices of the most-active Brent futures contract are holding below $100 a barrel despite escalating tension in the Strait of Hormuz and the cancellation of U.S.-Iran peace talks. Just today, two attacks on ships in the waterway showed that the fight for control of the strait continues and spooked shipowners and crew members. Here's what I'm hearing from experts and industry leaders at the Financial Times Commodities Global Summit in Lausanne, Switzerland:

"The lack of price discovery that we are seeing is so worrying to me, because in reality we are storing up a bigger problem for the future," said Amrita Sen, founder and director of market intelligence at Energy Aspects. Price discovery refers to the process of buyers and sellers determining the fair price of a good or an asset in the futures market.

"Futures prices are meant to do the job of giving signals to sort out supply and demand. We are doing the opposite," she said in a panel.

In 2022, when Russia invaded Ukraine, the market didn't experience nearly as large a physical disruption as this time, and yet oil prices went much higher and stayed between $110 and $125 a barrel for months, said Saad Rahim, chief economist at Swiss commodity trader Trafigura, at the conference yesterday.

"This time, the scale seems to be something where the market cannot get its head around it, and therefore it says, we are not going to think about it."

The world is already losing an average of 10 million barrels a day of crude oil and 5 million barrels a day of oil products. Hits to the world's supply of fertilizers and chemicals are also severe.

Tyler Durden Wed, 04/22/2026 - 10:40