I'll tell you, today's environment looks about as I would expect the craziest of endgames to play out. The unwind of highly levered yen “carry trades” is driving de-leveraging at the “periphery.”

Another strong quarter from Chipotle, with sales up 18% and gross margin growing 140 basis points.

Q2 Gross Domestic Product as calculated by the Bureau of Economic Analysis came in at 2.8%. That annualized pace equaled the average of the 12 prior quarters (from Q2 ’21 through Q1′ 24). But this is an election year, no need to cry in one’s beer.