June 25, 2026 · PM edition

Fed Talks Too Much, JPMorgan Reshuffles Deck Chairs, and the World Cup Is Actually Happening

The Fed has two opinions, JPMorgan has two presidents, and the World Cup has forty-eight teams - somewhere in all that noise is a signal, and it is definitely not coming from a press release.

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Full recap

Good morning. The Fed is out here doing what it does best: saying things without saying anything. Goolsbee told CNBC that inflation is too high, which is the economic equivalent of a doctor walking into your room, glancing at the chart, and saying 'yep, something is definitely going on.' Meanwhile Williams thinks price pressures are easing. Two Fed presidents, two vibes, zero rate cuts. Classic fiat theater. Bond ETF flows are surging because smart money is sniffing out something the equity crowd is too busy celebrating to notice. BlackRock's exec put it plainly: the market is sniffing out something. When the people who manage trillions start quietly rotating into fixed income, maybe pay attention. Or don't. The S&P will probably rip anyway for no reason. JPMorgan just named two co-presidents as Marianne Lake heads for the exit. Doug Petno and Troy Rohrbaugh are now the most obvious Dimon successors, which means Jamie is probably not going anywhere for another decade because that's how this works. The throne doesn't transfer, it just gets more co-presidents orbiting it like satellites. Midday movers include BlackBerry, Apple, Wendy's, and Kymera Therapeutics. BlackBerry still exists. Wendy's is a stock. This is the American equity market in 2026 and it is absolutely fine. On the pitch, the 2026 World Cup group stage is winding down and the bracket chaos is just beginning. Forty-eight teams, a North American host setup, and USMNT trying to not embarrass the continent on home soil. Argentina and Brazil are doing Argentina and Brazil things. The knockout round is going to be appointment television whether you care about soccer or not. Minnesota traded for LaMelo Ball and the debate is already raging: winning player or glorified highlight reel? The Timberwolves hit a ceiling and decided to bet the house on a guy whose floor is spectacular and whose ceiling is legitimately scary. High variance roster construction is basically the NBA's version of bond ETF rotation. You're either right or you're explaining yourself for three years. Francisco Lindor is the experts' home run prop pick for today's MLB slate. Which means he will probably ground into a double play twice and steal a base. That's baseball. That's life. Fade accordingly.

Highlights

  • Two Fed presidents, two different readings on inflation, zero actionable guidance. The Fed as an institution is basically a Magic 8-Ball in a suit.
  • Bond ETF flows spiking while stocks are 'on edge' is the market quietly putting on a helmet. BlackRock noticed. Did you?
  • Minnesota traded for LaMelo Ball because sometimes you blow up a good thing chasing a great thing, and honestly that's the most human decision in sports.
  • JPMorgan now has co-presidents, which is corporate speak for 'Dimon isn't leaving and we needed to do something with these guys.'
  • The World Cup bracket is set and the only correct reaction is to clear your afternoon schedule and pretend you've watched every group stage match.

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