Welcome back to The Daily Courant, your afternoon dispatch featuring Puck’s best new reporting. First up today, Bill Cohan chats with a few Wall Street machers about the post-Liberation Day volatility in the bond market. While Trump’s tariff pause briefly defibrillated the equity markets, financial insiders are keeping a closer eye on rising Treasury yields—the clearest indicator of fluctuations in the cost of capital and investors’ appetite for risk. If there’s a canary in the financial coal mine, this is it. And the elevated rate on the 10-year suggests we’re not out of the woods yet. Plus, below the fold: Leigh Ann Caldwell has the inside story of the White House pressure campaign to keep Republicans in line with Trump’s tariffs, and the tensions between the Bessent and Navarro factions. Rachel Strugatz scoops Glossier’s fall from unicorn status. Dylan Byers examines CNBC’s recent successes as the network prepares to be spun off from the NBCU mothership. And exclusively for Inner Circle members, Marion Maneker chats with renowned gallerists Jeffrey Deitch and Sara Lee Hantman about the generational shift toward integrating design and art collections. Meanwhile, on the pods: Matt Belloni invites director Eli Roth on to The Town to discuss the ambitious profit-sharing model of his new horror-media enterprise. And on The Powers That Be, Peter Hamby and Abby Livingston consider how Trump’s protectionist trade policies are playing in the heartland.

WALL STREET

After the equity markets grabbed headlines last week with their worst four-day slide since 1987, Bill spotlights where the true financial alarm bells have been ringing: the bond market. After moving down in the days after “Liberation Day,” Treasury yields spiked dramatically, from 3.86 percent to 4.54 percent, earlier this week—an unprecedented rejection of U.S. government debt amid market turmoil. Bill also reports on the murmurs that China may retaliate by reducing Treasury purchases at upcoming auctions. Meanwhile, the spike in high-yield junk bonds is a further sign of trouble, with some corporate bond sales being abandoned entirely. Read Now

WASHINGTON

In a stunning reversal yesterday, Donald Trump paused most of his controversial “reciprocal” tariffs just 12 hours after he’d imposed higher ones—a dramatic pivot that ended (for the moment) a week of market volatility that wiped out trillions from global equities. When the news broke during a closed-door G.O.P. lunch, the reaction was pure relief, one senator told Leigh Ann. Trump and his allies swiftly declared victory, with Speaker Mike Johnson and other Republicans posting Art of the Deal images all over social media. Meanwhile, tensions between tariff boosters and skeptics continue to fester just beneath the surface… even as the official party line is to “give the president time.” Read Now

FASHION

Four years after Glossier raised money at a $1.8 billion valuation, Emily Weiss’s millennial pink empire is quietly on the hunt for another $100 million in fresh capital… this time at less than half its peak value. The consumer beauty darling, having already absorbed $266 million in venture funding, is approaching private equity firms like L Catterton and General Atlantic for what insiders described to Rachel as a healthy “reset” of both its valuation and investor base. Despite its revenue woes and a slew of recent executive departures, Glossier still remains a certified capital “B” brand with great products. But with its colorful, cash-burning history, can it still be a great business? Read Now

MEDIA

As stocks flirted with new lows on Monday, CNBC notched its largest audience in more than three years, and hit its highest number of page views in four years. And yet, the investor-centric network reached these milestones while averaging only 275,000 viewers, which is why it’s still set to be bundled with the other cable entities in Comcast’s forthcoming SpinCo. Still, the tariff-induced viewer boom signals the network’s valued reputation during serious moments of market volatility. While many still tune in (and even pay) for the Tao of Jim Cramer, Dylan posits that the business’s truest potential lies in wealthier, engaged industry professionals seeking streaming and subscription products. The big question is whether Mark Lazarus & Co. will leverage that value—or sell CNBC to an opportunistic buyer. Read Now

ART

In this Inner Circle exclusive, Marion chats with two prominent L.A. gallerists, Jeffrey Deitch and Sara Lee Hantman, about the unique and ever-evolving relationship between art collection and design collection. The pair sees current collectors as having a renewed focus on integrating the two, inspired by a vanguard of artists and designers working at the intersection of both disciplines. The conversation also encompasses the nebulous art of developing good taste, the process of helping clients discover new works, and how tastes can shift among individuals and the market as a whole. Read Now

HOLLYWOOD

Matt is joined by director Eli Roth to discuss his new, all-encompassing horror-media company, The Horror Section, which allows horror lovers to “own” a portion of the company and share in the profits. They get into why Eli is so passionate about this idea, how the model actually works, and why the horror genre is the perfect fit for a venture like this. Matt finishes the show with an opening weekend box office prediction for the Rami Malek action flick The Amateur. Listen Now

WASHINGTON

Abby Livingston joins Peter to discuss how Trump’s protectionist economic policies are playing with American farmers and why their Republican representatives turned against tariffs. They also dig into the latest Farm Bill drama and whether the impacts on ag workers could cause red states to swing blue in the midterms. Listen Now

Need help? Review our FAQ page or contact us for assistance. For brand partnerships, email ads@puck.news. You received this email because you signed up to receive emails from Puck, or as part of your Puck account associated with . To stop receiving this newsletter and/or manage all your email preferences, click here.

Puck is published by Heat Media LLC. 107 Greenwich St, New York, NY 10006