Markets take failed talks in stride
April 13, 2026
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–Failed Iran talks over the weekend took stocks and bonds lower overnight, but markets have fought back from the early lows. Example, USM6 low 113-03 and last 113-16 (Friday settled 113-25). ESM6 morning low 6767.00, last 6813.25, down 42 (Friday settled 6855.25). While bonds tested Tuesday’s lows this morning (last week low in USM was 113-01), ESM has barely chewed into the rally from Tuesday late afternoon. CLK6 (WTI) currently +7.73 at 104.30. Last week’s high 117.63.
–Blockade? Just take a look at Ireland. Farmers and haulers have blocked major roads mostly in protest of the price of diesel and other green policies. As one commentator put it, “the divide is between those that think globally, ‘globalists’ and those that think in national terms.” From a news article:
“None of these lads want to be here. These are working men. They should be on their farms or on the road. They can’t afford to be here, but they can’t afford not to be, either.”
–There are more stories permeating US press about budget problems of both households and municipalities. For example today’s WSJ main page has ‘Surcharges are Suddenly Everywhere – and Grumpy Americans are Paying Up’ and ‘A 50% Property Tax Hike Proposal is Tearing this Mass Town Apart’. From another news source: “Cities and towns across Massachusetts are dealing with budget shortfalls and looking to tax hikes provided by Prop 2.5 overrides to solve the issue.”
Prop 2.5 is supposed to limit annual property tax increases to 2.5% of the previous year plus growth. Shouldn’t be hard right? Inflation is right around 2.5%.
Here’s a clip from Nightingale Associates:
“Office vacancy in the Chicago suburbs rose to an all-time high of 33.4% from 22.1% in 2020, having now hit new record highs for 21 consecutive quarters.“
https://x.com/FCNightingale/status/2042413959169319190
