How is Q2 earning season shaping up thus far? What is the key risk of Japan’s LDP losing its seven-decade stranglehold on Japanese parliament?

In today’s Macro Minute, Darius Dale breaks down a strong start to Q2 earnings season and unpacks why 42 Macro still expects the Fed to cut rates despite resilient headline data. He explains how Trump-era immigration policy is artificially suppressing unemployment while labor income growth deteriorates—clear signs of a weakening labor market beneath the surface. Darius also touches on rising trade risks from Japan and reminds investors that while we remain in Paradigm C, the road to Paradigm D—Fed financing fiscal dominance—is rapidly approaching.