Hey, I'm Kramer.

Welcome to Mavemone. Welcome to Kramer.

I'll be with your friends. I'm just trying to make you with money.

My job is not just to entertain you, but to educate, to teach you about how days like today can happen.

Call me, 100, 7443, Cepbc.

You can't blame anyone for being confused here.

A little more than a month ago, the President declared Liberation Day, putting forward a

tariff regime that was far more puner than anyone could have imagined.

President Trump's Liberation Day tariffs were much higher than a disaster's smooth holly tariffs

that helped contribute to the Great Depression.

It crushed the market. Trillions were lost. Bulls were turned into bears. Bears were turning to meat-eating

grizzlies, and money poured out of stocks. Six weeks later, it's like the whole thing never happened.

Stocks have been bouncing back ever since, including today, where the Dell dipped 270 points, but the S&P gained 0.72%. And the NASDAQ jumped 1.6%, 1%. The S&P, at one point down

almost 17%, at one point this year, is now positive for the year. It is an astounding comeback.

All day, I heard that the market went higher because we had a

cooler than expected consumer prices next number. Okay, it's true. Inflation only increased

by 2.3% less than expected. That's right where the Fed should be willing to cut rates

if the economy softens from Europe. But long-term rates actually went up today, not down.

So clearly nobody's betting on rate cuts.

Stocks that thrive when rates go higher, the defense stocks, well, they got bruised today, all right?

I mean, the drug stocks took it on the chin.

It was the exact opposite of what you would expect.

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