Ken Griffin, the CEO who won’t bend the knee to Trump

Good morning. On Fortune‘s radar today:

Exclusive: Citadel’s Ken Griffin wants to reshape Miami—and U.S. politics.

The markets see signs of hope.

Is Trump tiring of the war?

The “mouse jiggler” insider trading plot.

Where Fed rate expectations lead, stocks follow.

Caltech quantum team claims it can break standard encryption.

Help us Jerome Powell, you’re our only hope!

Oil declined to $106. The S&P 500 index closed down 0.34% yesterday but futures were up 0.95% this morning after traders digested Fed chair Jerome Powell’s remarks yesterday in which he said it was too soon to make conclusions about the effect of rising oil prices on the economy. The implication is that the Fed may not automatically want to raise interest rates to squeeze out oil-fuelled inflation—and stock buyers love low rates. Bonds rose for the same reason. Asian markets largely fell this morning but Europe and the U.K. were up in early trading. 

Stocks just had their worst quarter in four years, the Wall Street Journal says.

Crypto is safer than gold? Fascinating chart here from Goldman Sachs tracking the decline in various assets since the start of the war through March 27. The best performing asset is … crypto? That feels like a typo but it’s true. Bitcoin prices have stayed flat over the last month. The worst asset was gold, which lost 15% of its value after an unsustainable run-up.

Exclusive: Citadel’s Ken Griffin won’t bend the knee to Trump

The CEO of Citadel ($70 billion in assets under management) is building a 54-story, 1,049-foot Norman Foster-designed tower on the Miami waterfront at a cost of $2.5 billion. It’s a symbol of his growing political influence in Florida, from where he has donated almost a quarter of a billion dollars to candidates such as Florida Gov. Ron DeSantis, and Senators Tim Sheehy (R-Mont.) and Dave McCormick (R-Pa.).

But there is one Republican he hasn’t donated to: President Trump. In fact, Griffin (net worth: $50 billion) is a rare business voice that has grown louder and more critical of what he sees as the president’s wrong turns. Though he supports some of the president’s policies, it galls him that so many fellow CEOs are forced to curry favor at the White House. He feels the regime of tariffs “encourages crony capitalism,” he told Fortune’s Shawn Tully. “CEOs have to stomach going to D.C. and sucking up to one........

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