Ever since last September, when we explained that as a result of China's crackdown on capital controls, the one clear winner (in addition to Vancouver real estate) would be bitcoin, the digital currency has more than doubled in dollar terms, rising from $230 and surging as high as $500 a few months later. Overnight bitcoin, which had traded in a stable range with little of its characteristic volatility in recent months, made its latest breakout, surging nearly 5% from a $440-level, to a fresh 2016 high of $480, and has since retracted the move modestly, trading at $475 at last check.

• Oil prices ease from seven-month high to below $49 (Reuters)
• Wall Street Waits for Yellen Before Taking Off for a Long Weekend (BBG)
• Donald Trump Celebrates Clinching GOP Delegate Race (WSJ)
• Trump vows to undo Obama's climate agenda in appeal to oil sector (Reuters)
• Japan Fails in Bid to Have G-7 Warn of Global Crisis Risk (BBG)
• Valeant Rejected Joint Takeover Approach From Takeda, TPG (WSJ)
• Activist William Ackman, Valeant Investor, Tries Life as an Inside Man (WSJ)

A Greek archaeologist believes that he has discovered the lost tomb of the ancient philosopher Aristotle in northern Greece. Kostas Sismanidis said he was almost sure that a 2,400 year-old domed vault his team unearthed in ancient Stagira, now known as Olympiada, was the burial place of the man credited with formalising logic. Sismanidis said “I have no hard proof, but strong indications lead me to almost certainty” Press TV reports: “We had found the tomb,” he said.

With verious Fed presidents having whipping up the market into a hawkish frenzy in the past two weeks, leading to a dramatic repricing in summer rate hike odds with expectations for a July rate hike now over 50%, many can be "disappointed" by Yellen's speech today, at least according to Jeff Gundlach who said Yellen appears to be more cautious on raising interest rates and he expects her comments to be dovish again on Friday, when she is scheduled to speak at an event in Harvard-Radcliffe.

9/11 Disinformation: Saudi Arabia Attacked America

Paul Craig Roberts

The forever changing 9/11 story is entering a new phase. Blame is being transferred from Osama bin Laden to the Saudi Arabian government.