Good Morning. The dollar fell, Treasury yields spiked, and gold soared Monday. The trigger wasn't a war. It was a Fed subpoena.

Plus, why we’re all sleeping less, the wildest NFL playoffs of all time, and the reason you need to be bored (forwarded this email? Join 523k readers).

The Justice Department subpoenaed the Federal Reserve Monday in a criminal investigation, triggering market volatility. Fed Chair Jerome Powell called it intimidation by the Trump administration. The dollar fell 0.3% while 10-year Treasury yields rose above 4.2%.

The "Sell America" market returned, echoing April 2025's tariff-driven selloff. Gold rose 2% and silver jumped 6.2%. Former Fed chairs Bernanke, Yellen, and Greenspan warned Fed independence is "critical for economic performance."

Trump's recent policy announcements have rattled markets, including demands for 10% credit card rate caps and oil company investments in Venezuela. Major bank stocks dropped Monday, with Capital One sliding 6% and American Express down 4.2%.

Paramount Skydance sued Warner Bros. Discovery Monday, seeking financial details of WBD's $83 billion Netflix deal. David Ellison's company is launching a proxy fight, nominating board directors to force engagement on its hostile takeover offer.

The lawsuit follows WBD's rejection of Paramount's eighth bid at $30 per share. Netflix would pay $27.75 per share for WBD's studios, HBO, HBO Max, and games after a planned Q3 2026 Discovery Global spin-off.

Paramount claims WBD hasn't disclosed key valuation details. The company will propose shareholder-approval requirements for asset sales and argues the Netflix deal undervalues WBD compared to Paramount's all-cash offer, potentially leaving Global Networks worthless. Timeline of events.

▲ Is David Ellison next King of Hollywood?

Texas oilman Rod Lewis is positioned to enter Venezuela following Nicolás Maduro's departure. Lewis backs LNG Energy Group, one of few North American firms with Venezuelan state oil company contracts, though U.S. sanctions have blocked operations since 2024 (WSJ).

Lewis, 70s, built his career drilling in high-risk locations including Mexico and Colombia. LNG Energy's 2024 deal covers fields producing 3,000 barrels daily (previously 120,000 at peak), equivalent to 15% of Venezuela's current crude production.

The Trump administration is pushing major oil firms toward Venezuela, but companies want security guarantees first. Treasury Secretary Scott Bessent said wildcatters' phones are "ringing off the hook" with interest in Venezuela's reserves, the world's largest. Venezuela’s oil reserves.

▲ US Could Lift Venezuela Sanctions to Ease Sale of Oil.

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Fear is like hunger — just a sensation in your body. When you experience it frequently, you stop treating it as overwhelming and start managing it rationally.

Alex Honnold's 30 years of climbing 5 days a week taught him that consistent exposure to discomfort transforms fear from a barrier into just another signal to evaluate and act upon wisely.

His key insight: fear and excitement create identical physical sensations - butterflies, tingling, heightened awareness. The difference is interpretation.

When you feel nervous:

This mental shift transforms how you experience challenging situations.

Podcast | Notes

Sleep experts warn the 5 a.m. wake-up trend can cause self-defeat and depression for non-morning people. Sleep deprivation increases heart problems, depression, and dementia risk. Experts say ideal wake times depend on chronotype (genetic sleep preference). About 55-65% are "bears" peaking midday, 15-20% are early "larks," and 15-20% are night "owls." Consistency in sleep schedules matters more than specific wake times.

Read article.

▲ NFL playoffs set record with 12 fourth-quarter lead changes across five Wild Card games, surpassing previous postseason total

▲ Supreme Court hears first transgender athlete ban case today could affect laws in Idaho, West Virginia, and 27 states

▲ UnitedHealth Group used aggressive tactics boosting Medicare payments through questionable diagnoses, Senate report finds from 50,000 pages

▲ Mark Kelly sues Pete Hegseth seeking to block censure and potential rank demotion over illegal orders reminder video

▲ Autistic Barbie debuts with noise-canceling headphones and fidget spinner after 18-month collaboration with advocacy network

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