ATLAS V5 Morning Report 2026-05-14 — May 14 Thu AM TRUMP-XI BEIJING DAY 2 / Day 1 Completed 2h15m

Key Headlines

• May 14 Thu AM TRUMP-XI BEIJING DAY 2
• Day 1 Completed 2h15m bilateral Trump: It Was Great Incredible
• Xi Partners Not Rivals But Hard Taiwan Warning: If Mishandled Could Clash or Conflict
• Joint Readout: Hormuz Must Stay Open + China To Buy More US Oil + Ag Purchase Boost + Both Agree Iran Cannot Have Nuclear
• Xi Invited To WH Sept 24
• Trump Silent On Truth Social From Beijing
• Day 2 Today Boeing 600 Aircraft Watch + Taiwan Arms + AI Guardrails
• TARIFF TRUCE EFFECTIVE MIDNIGHT TONIGHT US 145%->30% CHINA 125%->10%
• CISCO Q3 BLOWOUT $15.84B REV +12% YoY RECORD
• EPS $1.06 +10%
• FY26 AI ORDERS GUIDE RAISED $5B->$9B +80%
• CSCO $101.87 CLOSE -> $117.70 AH +15.5%
• NVDA $5.5T MARKET CAP FIRST COMPANY EVER
• CULPER RESEARCH 40-PAGE SHORT ALLEGES 20-40% NVDA DATA CENTER REVENUE CHINA-TIED
• JENSEN IN BEIJING WITH TRUMP
• $25B 30Y AUCTION HIGH YIELD 5.046% FIRST 5%+ SINCE 2007 TAILED 15.6BP BTC 2.30 INDIRECT SOFT JAPAN ABSENT
• WARSH CONFIRMED FED CHAIR 54-45
• FETTERMAN COONS +1 DEM CROSSOVERS
• POWELL EXITS FRI MAY 15
• WARSH EFFECTIVE SUN MAY 17
• FIRST FOMC JUNE 16-17
• TRUMP FROM BEIJING: DISAPPOINTED IF WARSH DOES NOT CUT RATES RIGHT AWAY
• CME FEDWATCH POST-AUCTION JUNE 93% HOLD
• DEC 30% HIKE
• APRIL 2027 80% HIKE PROBABILITY
• APRIL PPI +1.4% MoM CONS +0.5% LARGEST SINCE MAR 2022
• +6.0% YoY HIGHEST SINCE DEC 2022
• CORE PPI +1.0% MoM
• COMBINED WITH TUE CPI HOT +3.8% YoY + REAL WAGES -0.3% = STAGFLATION FRAMEWORK CONFIRMED
• WED CLOSE S&P NEW ATH 7,444.25 +0.58%