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What a week it was. Monday, we saw a massive surge in oil prices in the wake of the weekend’s attacks on Saudi oil facilities. Tuesday, overnight funding markets essentially broke down as repo rates became unhinged. After the close Tuesday, FedEx (FDX) reported an earnings disaster which subsequently resulted in one of the worst earnings day reactions for the stock in its history. Wednesday was a Fed day, and we all know how those have been ever since Powell took the wheel. Thursday was a bit of a quiet day in terms of bad news, but then Friday afternoon there were reports that Chinese officials had canceled a farm visit to Montana. Reasons for the cancellation were unclear, but the algos thought the worst and equities sold off. On a side note, we’ll let you know if the local 3rd-grade class trip to the Bronx Zoo is canceled. That would easily be good for a 1% haircut. To read the Bespoke Report and access everything else Bespoke’s research platform has to offer, start a two-week free trial to one of our three membership levels. You won’t be disappointed!