📈Ithaca Protocol Market Update

► Perfect Trump policy preferred asset direction day (ex crypto ..); rates uniformly lower due to PPI, stocks up, oil down, dollar marginally weaker

► US 10yr yields ‘ 2 standard deviations too high vs fair value ‘ according to JPM and is the main obstacle towards all time highs

► Coinbase security situation a bummer after SPX inclusion + SEC investigation (rearguard action)

► US Senate to vote soon on revised stablecoin bill, according to Senator Loomis

► Cost of 4 foot container from Shanghai to New York + 20%, sharpest weekly advance since Jan 2024; trade is back