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On today's podcast:

(1) Treasuries dropped, following a slump in longer-maturity European debt, with the US 30-year yield climbing toward 5% at the start of a month historically tough for long bonds.

(2) UK markets suffered a fresh selloff on Tuesday, with the yield on long-dated bonds hitting the highest since 1998 and the pound tumbling, as pressure mounted on Prime Minister Keir Starmer to win the confidence of investors in the government’s budget.

(3) US Treasury Secretary Scott Bessent is said to be planning to start interviewing candidates this Friday to replace Jerome Powell as Federal Reserve Chair, according to the Wall Street Journal.

(4) Chinese President Xi Jinping projected defiance at a once-a-decade military parade, showcasing the nation’s growing firepower and diplomatic influence alongside his closest international allies.

(5) Alphabet’s Google will be required to share online search data with rivals while avoiding harsher penalties, including the forced sale of its Chrome business, a judge ruled in the biggest US antitrust case in almost three decades.

(6) As NATO’s biggest defense spender relative to the size of its rapidly expanding economy and a staunch ally of Ukraine, Europe arguably needs a strong Poland more than ever. But instead, there’s the threat of increasing paralysis in Warsaw.

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