Which is a bigger upside risk for risk assets—US-China trade negotiations, the advent of a “Shadow Fed”, or Elon Musk kowtowing to Trump?

In today’s Macro Minute, Darius Dale breaks down the bullish implications of the revived U.S.-China trade framework, the emergence of a “shadow Fed” under Trump’s reported Fed Chair pick, and why Elon Musk’s pivot back toward the administration matters. He unpacks the case-shaped economy sustaining Paradigm C and explains why traditional defensives like bonds and cash are underperforming. Plus, Darius answers a client question on Bitcoin winters and what KISS is signaling now.