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Purdue Pharma Files New Bankruptcy Plan For $7.4 Billion Opioid Settlement Authored by Katabella Roberts via The Epoch Times, Drugmaker Purdue Pharma filed a new bankruptcy plan on Tuesday, marking a major step towards finalizing a proposed opioid settlement of $7.4 billion. The maker of the powerful semi-synthetic opioid oxycodone—also marketed as OxyContin and by other names—filed a Chapter 11 reorganization plan and related disclosure statement with the U.S. Bankruptcy Court for the Southern District of New York. According to a statement announcing the proposal, a new public benefit company “100 percent devoted to improving the lives of Americans,” would be created after Purdue is dissolved, and its assets transferred to the new company. The Sackler family, which previously owned Purdue Pharma, would “have no ownership interest or role with the new company,” according to the statement, which noted family members have had no involvement in Purdue since the end of 2018. The new co...

Trump Fires Democrat FTC Commissioners President Trump has fired the two Democrats sitting on the Federal Trade Commission. Rebecca Kelly Slaughter and Alvaro Bedoya. Composite: Government Rebecca Slaughter - a former legal advisor to Sen. Chuck Schumer (D-NY), and Alvaro Bedoya - a former Georgetown official, were informed by the White House that the president was terminating their positions at the FTC, which enforces consumer protection and antitrust laws. The Commission typically has five members, with the president's party holding three seats and the opposing party two. Slaughter and Bedoya say they plan to challenge their dismissals in court. "Today the president illegally fired me from my position as a federal trade commissioner, violating the plain language of a statute and clear Supreme Court precedent," said Slaughter, who Trump nominated to the FTC during his first term in 2018. "Why? Because I have a voice. And he is afraid of what I'll tell the American people.&qu...

Obama-Appointed Judge Temporarily Blocks EPA From Canceling Climate Grants Authored by Aldgra Fredly via The Epoch Times, A federal judge on Tuesday blocked the Environmental Protection Agency (EPA) from terminating grants that were part of a $20 billion climate funding program created by the previous administration. WASHINGTON, DC - JANUARY 16: Lee Zeldin speaks during his Senate confirmation hearing Photo by Anna Moneymaker/Getty Images In a 23-page ruling, U.S. District Judge Tanya Chutkan - nominated by President Obama - issued a temporary restraining order to prevent the EPA from terminating grants awarded to three environmental groups—Climate United, Coalition for Green Capital, and Power Forward Communities—and block Citibank from transferring the funds back to the government. According to the court ruling, the EPA explained that it was terminating the grants due to multiple ongoing investigations into “programmatic waste, fraud, and abuse and conflict of interest.” Chutkan said...

Watch Live: Fed Chair Powell Explains How He Found The "Stag" & The "Flation" Having met the expectations of leaving rates unchanged, and confirming their 'patience', the big question is - can Jay Powell avoid all the traps being set for him in the press conference? Growth expectations are tumbling - so cut, right? But Trump wants lower rates... so they can't do what he wants. Inflation data has been wildly noisy (and expectations are soaring) - so hike rates, right? But Dems would love The Fed to hike rates now and kill Trump's economy before we get to the 'good stuff'... so they can't do that. ...(and will Powell shrug off the insane partisanship seen in the UMich inflation data that he once praised so highly) It appears that Fed Chair Powell has found the "stag" and the "flation" after all, given the adjustments to The Fed's forecast: Fiscal policy uncertainty is extremely high - so cut rates to offset that tension, right? But that would mean...

Fed Holds Rates, Signals QT Taper; Blames Trump 'Uncertainty' For Stagflationary Outlook Tl;dr: The Fed is firmly in wait-and-see mode. Statement: hawkish Economic projections: mixed (stagflationary) Dots: hawkish QT taper: dovish It's interesting that the slowdown in QT is so sharp - from $25 billion down to $5 billion a month for the Fed's Treasuries holdings.  Remember that it was $60 billion a month before the first slowdown. Why not just cut it to zero? Maybe the Fed wanted to send a signal that QT is still in place; it still wants to work down its balance sheet -- and perhaps ramp the pace back up after the federal debt-limit standoff is over. UBS sees a glimpse of a Powell Put: Dare anyone say “Fed put”.  Perhaps not quite, but the Fed's message is consistent with its work from September 2018 – that reacting to the inflationary consequences of tariffs only makes the growth hit worse than it needs be. Not quite the "Fed put" the markets have been...

The Fed's Dilemma As previewed earlier, today's Fed decision should be a relatively quiet affair, with the Fed still in wait-and-see mode (preview here). Meanwhile, data like that shown in the latest chart of the day from DB's Jim Reid highlights a dilemma the Fed may face in the coming months. The latest University of Michigan survey (released last Friday) revealed that consumers' real income expectations over the next one to two years reached the lowest point in the survey's 47-year history.  Given that nominal income expectations have held up better, it's clear that the perception of impending inflation is the primary cause. This is also reflected in the inflation expectation series. Currently, these inflation expectations are highly polarized by political affiliation, suggesting that at least half the electorate will ultimately be proven wrong regarding future inflation. However, the risk is that, in aggregate, these expectations will begin to influence behaviour. Therefore, if expe...

"Are We There Yet?" No: And What Is "There"? By Michael Every of Rabobank Presidents Putin and Trump achieved only the barest minimum ceasefire in their bilateral call: a 30-day pause on attacks on energy infrastructure which has already been broken. Russia otherwise stuck to its maximalist positions that mean not just the Finlandisation of Ukraine, but its likely Russification. 'Noxin' isn't working; the implications are extremely serious. Germany passed constitutional reform to lift its debt brake: €1trn will flow to rebuild/rearm, with remaining hurdles seen as just tail risks. Nonetheless, some voices who insisted Berlin wouldn't rearm for political reasons now say it won't for bureaucratic ones. That's possible. Yet, if so, the outlook for Ukraine dims given the urgent need for the EU to replace US military aid. Moreover, the outlook for Europe dims in tandem, not just in terms of the economy, but its weaker geopolitical position – something that is stagflati...

US Stablecoin Bill Likely In "Next 2 Months"; Trump's Crypto Council Head Authored by Sam Borgi via CoinTelegraph.com, The Senate Banking Committee's bipartisan approval of the GENIUS Act means stablecoin legislation could arrive at the president's desk in a matter of months, according to Bo Hines. Bo Hines, the executive director of the President's Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months, underscoring the government's urgency to maintain the US dollar's dominance in onchain activity.  Speaking at the Digital Asset Summit in New York on March 18, Hines said stablecoin legislation is “imminent” following the Senate Banking Committee's approval of the GENIUS Act last week.  The GENIUS Act, which is an acronym for Guiding and Establishing National Innovation for US Stablecoins, establishes collateralization guidelines for stablecoin issuers and requires full compliance with Anti-Mone...

Snack Slowdown Hits General Mills General Mills shares fell in premarket trading in New York after the processed foods giant warned of "greater-than-expected retailer inventory headwinds and a slowdown in snacking," which weighed on third-quarter sales and led to a lowered full-year guidance. For the quarter that ended Feb. 25, General Mills reported adjusted earnings of $1 a share, exceeding the Bloomberg Consensus by four cents. However, in a sign of a broadening consumer slowdown, net sales slid 5% from the prior year to $4.84 billion, missing the average estimate of $4.97 billion. Also, retail sales across North America dropped 7.2%.  Here's a snapshot of third-quarter earnings (courtesy of Bloomberg): Adjusted EPS $1.00 vs. $1.17 y/y, estimate 97c Adjusted gross margin 33.4% vs. 34% y/y, estimate 33% Net sales $4.84 billion, -5% y/y, estimate $4.97 billion North America Retail Net Sales $3.01 billion, -7.2% y/y, estimate $3.08 billion North America Foodservice Net Sa...

Tesla Receives First Permit For California Robotaxis; Cantor Upgrades Rating To "Overweight"   According to a Bloomberg report, Tesla has secured the first of several approvals from California regulators to launch its long-anticipated robotaxi service, laying the groundwork for eventual autonomous operations for the mass public. This development comes more than a month after Tesla designer Franz von Holzhausen announced that Cybercabs would begin rolling out in Austin, Texas, in June. The California Public Utilities Commission confirmed in an email statement on Tuesday that Tesla was approved for a transportation charter-party carrier permit. This means robotaxis can only ferry employees on a prearranged basis, while the path to a fully operational robotaxi service for the general public remains out on a longer timeline and additional permits.  Additional color via Bloomberg: Bloomberg reported last month that Tesla had applied for the permit as it works to launch a promis...

Biden-Appointed LGBT Judge Blocks Trump's Military-Transgender Ban A federal judge on Tuesday evening issued a preliminary injunction that stops the Trump administration from enforcing its ban on transgender people serving in the US military. Under the sternly-worded opinion issued by US District Judge Ana C. Reyes, transgenders can continue serving while the lawsuit challenging the ban proceeds. The injunction springs from Reyes' conclusion that the transgender plaintiffs are likely to prevail on the merits, and face irreparable harm in the interim.   Col. Bree Farm, highest-ranking trans in the US military, can remain in the Space Force while litigation proceeds (Krystina George via Advocate) Reyes, a Biden nominee who was heralded as the first openly lesbian and first Latina district judge in DC, said the ban was based on un-evidenced claims that people diagnosed with gender dysphoria were unfit to serve, and that “the law does not demand that the Court rubber-stamp illogical judgmen...

The Case Against Pavel Durov And Why It's Critical For Crypto Authored by Aaron Wood via CoinTelegraph.com, Telegram founder Pavel Durov has been allowed to leave France temporarily, but the preliminary charges against him raise significant questions for the crypto community. On March 13, a French court gave the founder and CEO of the encrypted messaging app Telegram permission to leave for Dubai, where he had previously resided. Durov had been in France since August 2024, when he was arrested at the Le Bourget airport in Paris.  Durov was part of an investigation containing allegations of negligence and complicity in crimes like narcotics trafficking, money laundering, child sexual exploitation and terrorism. He could face up to 20 years in prison if convicted. More broadly, Durov's case raises questions about developer responsibility for the cryptographic platforms and tools they create — a well-known issue in the cryptocurrency industry. Is Durov responsible for what happens on Tel...

WTI Flat As Crude Stocks Keep Rising; Pump-Prices Tumble For 4th Straight Week Oil futures are chopping sideways (after yesterday's tumble) with increased Middle East tensions countered by bearish factors like Putin's agreement not to attack Ukrainian energy facilities and OPEC+ plans to start raising output in less than two weeks time. The API report overnight was "mostly bearish, however being offset by draws in inventories at Cushing as well as gasoline and distillates," Dennis Kissler of BOK Financial says in a note.  "Look for more of a choppy trade as Russian/Ukraine talks proceed." Will the official data back that up? API Crude +4.6mm Cushing -1.1mm Gasoline -1.7mm Distillates -2.1mm DOE Crude +1.745mm Cushing -1.01mm Gasoline -527k Distillates -2.81mm Crude inventories rose for the 7th week in the last 8 but stocks at the critical Cushing Hub fell for the second week in a row. Products saw drawdowns for the 3rd week in a row......

Duplicitous Hochul Strikes Again. Republicans Must Capitalize Authored by Ryan Silverstein via RealClearPolitics, March Madness still afflicts the Empire State's politics, as Kathy Hochul has doubled back to Elise Stefanik's soon-to-be empty congressional seat in upstate New York. Specifically, she has chosen to “slow-walk” the process of holding a special election to replace Stefanik, ensuring the seat is empty for as long as possible. Voters are sick of Hochul's crony conduct. If Republicans take steps to inform voters of Hochul's swampy conduct they can gain momentum and potentially retake the Executive Mansion in 2026. To start, Hochul supported a bill that would have left Stefanik's seat empty for up to a year once she was confirmed by the Senate. Then, she killed the bill and denied her connection to this undemocratic plot. Now Hochul is again taking steps to deny the residents of New York's 21st Congressional District their constitutionally mandated representation in Congress ...

Putin Pressures Trump To Recognize Annexed Eastern Territories Captured The readouts from the Tuesday Putin-Trump phone call made no mention of the Russian-annexed territories of Donetsk, Luhansk, Kherson and Zaporizhzhia - but what has remained clear to all observers is that Moscow is not going to give them up. Russia's privately owned Kommersant business newspaper reports that President Putin is pushing his US counterpart to grant recognition of Russia's annexation of the four territories in exchange for a pledge not to seize more land. Kommersant says that Putin is fundamentally arguing that "there's no taking back what Russia has gained" - and that the eastern territories are now permanently part of the Russian Federation. Image source: NY Times Back in September 2022 Moscow oversaw war-time elections there, and the vote among the Russian-speaking population was overwhelming to come under Russia. The West and Kiev condemned these as a "sham" referendum. "I...

All Hell Breaks Loose In Turkey: Arrest Of Erdogan's Top Opponent Sends Lira Crashing To Record Low, Triggers Marketwide Trading Halt You can take the banana out of the republic, but you can never take the banana republic out of Turkey. One day after we pointed out that Erdogan was resorting to ruthless authoritarian practices traditionally reserved for such EU nations as Romania, in which the Turkish dictator was preparing to block his top political challenger from competing against him... first Romania, now Turkey TURKEY VOIDS ERDOGAN RIVAL'S DEGREE, RISKING PRESIDENCY BID:HT — zerohedge (@zerohedge) March 18, 2025 ... Erdogan has done just and early Wednesday morning, Erdogan stunned markets when he arrested the popular mayor of Istanbul, Ekrem Imamoglu, 54, who is also the top contender for the presidency.  The detention of Imamoglu came a day after Turkish authorities revoked his university diploma in a move that could bar him from challenging Erdogan in the next presidential electio...

Ukraine Quickly & Intentionally Broke Putin-Trump Deal On Energy Targets: Moscow During Tuesday's Trump-Putin phone call, which lasted some 90-minutes, the White House said that President Putin committed to a halt of attacks on Ukraine's energy infrastructure for a period of 30-days. The Kremlin readout also appeared to acknowledge and agree to this. Less than 24 hours later, Russia has accused Ukraine of already breaking the Trump agreement. Russia's defense ministry on Wednesday said Ukraine attack an oil transfer facility in Russia's Krasnodar Region that services an international pipeline operation partially owned by American investors. Kavkazskaya oil pumping station in the Krasnodar region The ministry described that the overnight attack saw three kimikaze drones target the site near the village of Kavkazskaya. The site transfers crude to a pipeline operated by the Caspian Pipeline Consortium (CPC), an international firm which has among its partners US giants Chevron and Mobil, Rus...

The Face Of The Tolerant Left... Authored by Steve Watson via Modernity.news, During the never ending 'Orange man bad' protests outside the White House, a woman stood on the podium and summed up the mindset of deranged leftism. It's anyone's guess as to what this protest is specifically against, there's signs about 'trans troops' and a woman with bright red hair and a t-shirt saying “Fuck Trump” carrying a sign saying “Veterans Bow to No King.” Whatever, it doesn't even matter. The woman in the footage declares that while she isn't promoting violence for one second, because leftists would nevvvvvvver do that, if President Trump isn't removed from office “there will be violence.” WH protest: "Remove this president or there will be violence" pic.twitter.com/IqihuZ4ZEI — End Wokeness (@EndWokeness) March 17, 2025 Just wow. Ummm, this sounds a lot like calling for violence WHILE saying you're not calling for violence. ? — Gerald A (@GmorganJr) March 17, 202...

Futures Rise With All Eyes On Fed US equity futures are higher into Fed day, rebounding from Tuesday's losses, with both tech and small caps outperforming, while European stocks inch higher having recovered from an earlier drop after Turkey assets and FX imploded following the latest political crackdown in the banana republic. As of 8:00am ET, S&P and Nasdaq futures are 0.3% higher with all Mag7 names higher premarket led by TSLA (+3%) after the electric-vehicle maker received California's approval to start carrying passengers. NVDA rose +1% after CEO Jensen Huang promised a clearer payoff to customers. The shares had dropped 3.4% Tuesday.  China ETF KWEB is outperforming QQQ pre-mkt on Tencent earnings. Financials are also catching a bid with bond yields flat and the USD is higher for the first time in 4 sessions, boosted in part by the 10% plunge in the Turkey lira, which is spilling over across EMs. Commodities are weaker as 3 complexes are under pressure; WTI is flat reversing an earl...

Harold Hamm: "Drill, Baby, Drill" Needs $80 Oil Authored by Tsvetana Paraskova via OilPrice.com, Harold Hamm: would need an oil price of around $80 per barrel to cover the cost of drilling wells.' U.S. Energy Secretary Wright: the administration isn't targeting a specific price of oil, but it works to bring back common sense and pro-energy policies in America. Scott Sheffield: The cash breakeven price, including dividends, is $50-$55 for U.S. oil companies, and “that $50 oil is not going to work. U.S. shale needs much higher oil prices than $50 per barrel, and even higher than the current WTI Crude price in the high $60s, for a “drill, baby, drill” boom, oil tycoon and Trump campaign donor Harold Hamm says. American producers, especially those pumping crude outside the Tier 1 inventory in the best Permian locations, would need an oil price of around $80 per barrel to cover the cost of drilling wells. “There are a lot of fields that are getting to the point that...