Thu primary-data prints stagflation at scale (EA Services 46.4 deepening-sub-50, UK Services 47.9 collapse vs cons 51.7, UK Composite 48.5 SUB-50-FIRST) while UK 2036-Gilt auction clears 5.026 plus-41bp into the cyclical-collapse signal — bond-market-discipline overriding cyclical-relief at the auction rung. Above the tape Goldman-Oppenheimer formally publishes 'Momentum risks yielding to bonds' anchoring 6-7 week historical Momentum-unwind window long-leg minus-21pct-average + 2022-playbook chart-fit; MS-Prime-Brokerage momentum-exposures 95th-percentile + MSI tactical-bear-negative; MOVE plus-45pct-week is the transmission. NVDA Q1-2027 beat $81.6B-rev plus Q2-guide $89-92.8B above-whisper plus 80B-buyback plus dividend-25x met cash minus-1.3pct AH = beat-to-fade tape-confirmed sequential to 8-consec post-print-fade. Trump 30-day-MoU Pakistani-mediator framework plus Pakistani-Army-Chief Iran-Thu visit amplify the said-leg against Netanyahu-maintain-pressure plus Israel-renewed-fighting-prep plus Khamenei-assessed-reject-compromise plus IRGC-new-weapons-not-tested; USS-Nimitz Caribbean deployment extends Donroe to kinetic-rung. T-STEEP residual long-end shorts plus-$4,094 hold healthy ahead of Tue-26-May Schwab roll on /10Y 4.578 intraday-sub-4.65 non-binding pending NQ-Wrap-settle; T-COPPER minus-$925 deteriorates on /HG Iran-peace-cooling within stops; T-VOL minus-$6.50 within thresholds as Oppenheimer publication ratifies the hedge thesis at exactly the HALO peak.