A gloomy take on US politics and markets, bad news for anyone hoping for stability as the economy looks frothy and the Iran conflict drags on.

• Trump is tearing up the White House grounds and tore down part of the East Wing to build a UFC fight venue and a fortified "ballroom," drawing ridicule and a legal fight with a judge trying to block it.
• The US-Iran talks are stuck and fresh strikes are still happening, while Israel eyes more strikes on Beirut and a Lebanon ceasefire stalls.
• The war is pushing inflation higher, leaving the Fed torn between fighting rising prices and protecting jobs, and many people have stopped looking for work or hit a pay ceiling.
• Jerome Powell warned that firing Fed officials over policy would wreck the central bank's hard-won credibility.
• Stocks are soaring on AI hype in a run compared to past bubble peaks, even as regular people struggle with rents like $1,500 for a closet-sized room.

Outlook: The view here is that the market bubble pops within weeks, though no firm catalyst is named beyond it being unsustainable.