Axios

Bearish talk on the Trump agenda from Barron's, which provides Axios AM readers with free links to three pieces behind the paywall:

• "The controversies swirling around the administration could thwart much of the president's agenda, per Randall Forsyth's "Up & Down Wall Street" column: "A flatter [Treasury market] yield curve is a classic sign of reduced market expectations of rising interest rates, inflation, and growth. That is how politics have affected the outlook for policy, the economy, and the markets."
• "Streetwise" column by Kopin Tan: "The same people who urged us to buy stocks in November because Trump will bestow on us big tax cuts and fiscal stimulus now say stocks can rally without Trump. Yes, global growth is healthy, but the rate of change in growth is turning lower in economies from the U.S. to China. ... Things are fine now, but someday the future will arrive."
• "Buffett's Berkshire Could Post Double-Digit Gains: Berkshire Hathaway will excel, Buffett or no Buffett."

As the the bombshell headlines flew with Air Force One en route Saudi Arabia yesterday, a top outsider adviser to the West Wing emailed me: "The drips are filling the bucket."

And a top official in another Republican White House told me in a phone call: "He may be abroad, but he can't escape."

In conversations all over town, people realized they were living history: momentous revelations about peril inside the West Wing, just as "The Trump Show" was headed overseas for the first time.

President Trump was not the first to use some of his most iconic phrases like "Make America great again" or "drain the swamp." In fact, he wasn't even the first U.S. president to use some of them:

Jeb Bush hasn't said much publicly since the election, but on Friday at the SALT hedge fund conference in Las Vegas, he was asked what advice he'd give to Donald Trump if he could be assured the President would listen to him. The former Florida governor says "chaos" organizes Trump's presidency so far and the White House urgently needs restructuring and discipline.

Why it matters: Jeb has watched at close quarters the functioning of two professionally-managed White Houses, his father's and brother's. He personally knows three of the most disciplined and effective White House chiefs of staff in recent history — John Sununu, Jim Baker, and Andy Card.

A friend of James Comey told PBS Newshour that Comey was "disgusted" when Trump tried to hug him at an event with law enforcement officials in January. He wasn't the only person to receive a Trump hug, though.

In fact, according to this video which was tweeted around today, Hillary Clinton prepared for a Trump hug in her debate practices.

The FBI's ongoing Russia probe has identified a White House official as "a significant person of interest," the Washington Post reported Friday, citing people familiar with the matter.

WaPo's exact description of the official: "The senior White House adviser under scrutiny by investigators is someone close to the president, according to these people, who would not further identify the official."

Spicer statement: "As the President has stated before — a thorough investigation will confirm that there was no collusion between the campaign and any foreign entity."

And another tidbit: McClatchy is reporting that Deputy Attorney General Rod Rosenstein briefed members of Congress that the Russia investigation is now working to determine whether White House officials had engaged in a cover-up.

Why this matters: The report reveals the Russia investigation is gaining momentum and reaching the highest levels of government. The Post writes the "intensity of the probe is expected to accelerate in the coming weeks."

What to expect from the trip.

And the two big stories that broke after he took off:

1. Firing "nut job" Comey eased pressure on me, Trump told Russians
2. Senior WH official under scrutiny in Russia probe

This week a conspiracy theory tying the death of a young DNC staffer to Wikileaks spread through conservative media. The story ignited outrage from the victim's parents and the public. Then today:

Why it matters: The President tries to distance himself from the idea that his campaign colluded with Russia, but conservative media that helped elect him (and who go to great lengths to defend him) is pushing the same false narratives as the Russian government.

Former Democratic congressman Anthony Weiner, who has been under FBI investigation since January 2016 for swapping sexually explicit messages with a 15-year-old girl, plead guilty to "transferring obscene material to a minor" in a federal courtroom Friday, per The New York Times.

According to "two people who have been briefed on the matter," Weiner agreed to a plea agreement that will likely result in him registering as a sex offender. He is also expected to face anywhere from zero to 10 years in prison, so there's a chance he may not face any jail time.

Don't forget: During the FBI's investigation into Weiner's "sexting" scandal, in which they searched his computer, authorities found a series of emails to Weiner's wife Huma Abedin, one of Hillary Clinton's top campaign aides. The findings ultimately led to a separate investigation into Clinton's emails, something Clinton credits as being partly responsible for her election loss.

Update: Huma Abedin filed for divorce today after Weiner's court hearing.

It's not only Democrats who think it's a terrible idea for President Trump to make the former Connecticut Senator Joe Lieberman his next FBI director to replace Jim Comey.

Lieberman works at the same law firm as Trump's longtime lawyer, Marc Kasowitz, and an administration source tells me that connection — which could make it look like Trump is trying to install an ally at the top of the bureau — has become a matter of concern within the White House.

Curious footnote: The Daily Beast's White House reporter Lachlan Markay found that somebody edited Wikipedia to remove Trump from Lieberman's law firm's list of clients. As Markay pointed out, the IP used to make those edits previously edited the page for White House senior advisor Stephen Miller.

The quote you'll want from Rod Rosenstein's remarks to the House and Senate on his memo:"My memorandum is not a legal brief; these are not issues of law. My memorandum is not a finding of official misconduct; the Inspector General will render his judgment about that issue in due course. My memorandum is not a statement of reasons to justify a for-cause termination. My memorandum is not a survey of FBI morale or performance. My memorandum is not a press release. It is a candid internal memorandum about the FBI Director's public statements concerning a high-profile criminal investigation. I sent my signed memorandum to the Attorney General after noon on Tuesday, May 9. I wrote it. I believe it. I stand by it."Full remarks here.

"Good afternoon. I welcome the opportunity to discuss my role in the removal of FBI Director James Comey, although I know you understand that I will not discuss the special counsel's ongoing investigation.

Most importantly, I want to emphasize my unshakeable commitment to protecting the integrity of every federal criminal investigation. There never has been, and never will be, any political interference in any matter under my supervision in the United States Department of Justice.

Before I discuss the events of the past two weeks, I want to provide some background about my previous relationship with former Director Comey. I have known Jim Comey since approximately 2002. In 2005, when Mr. Comey was Deputy Attorney General, he participated in selecting me to serve as a U.S. Attorney. As a federal prosecutor, he was a role model. His speeches about leadership and public service inspired me.

On July 5, 2016, Director Comey held his press conference concerning the federal grand jury investigation of Secretary Clinton's emails. At the start of the press conference, the Director stated that he had "not coordinated or reviewed this statement in any way with the Department of Justice…. They do not know what I am about to say."

Director Comey went on to declare that he would publicly disclose "what we did; what we found; and what we are recommending to the Department of Justice." He proceeded to disclose details about the evidence; assert that the American people "deserve" to know details; declare that no "reasonable" prosecutor would file charges; and criticize Secretary Clinton.

I thought the July 5 press conference was profoundly wrong and unfair both to the Department of Justice and Secretary Clinton. It explicitly usurped the role of the Attorney General, the Deputy Attorney General and the entire Department of Justice; it violated deeply engrained rules and traditions; and it guaranteed that some people would accuse the FBI of interfering in the election.There are lawful and appropriate mechanisms to deal with unusual circumstances in which public confidence in the rule of law may be jeopardized. Such mechanisms preserve the traditional balance of power between investigators and prosecutors, and protect the rights of citizens.

Director Comey attended the Maryland U.S. Attorney's Office training seminar on October 27, 2016, and gave a detailed explanation of his reasons for making public statements about the conclusion of the Secretary Clinton email investigation. I strongly disagreed with his analysis, but I believe that he made his decisions in good faith.

The next day, October 28, Mr. Comey sent his letter to the Congress announcing that the FBI was reopening the Clinton email investigation. He subsequently has said that he believed he was obligated to send the letter. I completely disagree. He again usurped the authority of the Department of Justice, by sending the letter over the objection of the Department of Justice; flouted rules and deeply engrained traditions; and guaranteed that some people would accuse the FBI of interfering in the election.

Before the Senate Judiciary Committee on May 3, 2017, Director Comey testified under oath about his public statements concerning the Secretary Clinton email investigation. I strongly disagreed with his explanations, particularly his assertion that maintaining confidentiality about criminal investigations constitutes concealment. Nonetheless, I respected him personally.

Former Department of Justice officials from both political parties have criticized Director Comey's decisions. It was not just an isolated mistake; the series of public statements about the email investigation, in my opinion, departed from the proper role of the FBI Director and damaged public confidence in the Bureau and the Department.

In one of my first meetings with then-Senator Jeff Sessions last winter, we discussed the need for new leadership at the FBI. Among the concerns that I recall were to restore the credibility of the FBI, respect the established authority of the Department of Justice, limit public statements and eliminate leaks.

On May 8, I learned that President Trump intended to remove Director Comey and sought my advice and input. Notwithstanding my personal affection for Director Comey, I thought it was appropriate to seek a new leader.

I wrote a brief memorandum to the Attorney General summarizing my longstanding concerns about Director Comey's public statements concerning the Secretary Clinton email investigation. I chose the issues to include in my memorandum. Before finalizing the memorandum on May 9, I asked a senior career attorney on my staff to review it. That attorney is an ethics expert who has worked in the Office of the Deputy Attorney General during multiple administrations. He was familiar with the issues. I informed the senior attorney that the President was going to remove Director Comey, that I was writing a memorandum to the Attorney General summarizing my own concerns, and that I wanted to confirm that everything in my memorandum was accurate. He concurred with the points raised in my memorandum. I also asked several other career Department attorneys to review the memorandum and provide edits.

My memorandum is not a legal brief; these are not issues of law. My memorandum is not a finding of official misconduct; the Inspector General will render his judgment about that issue in due course. My memorandum is not a statement of reasons to justify a for-cause termination. My memorandum is not a survey of FBI morale or performance. My memorandum is not a press release. It is a candid internal memorandum about the FBI Director's public statements concerning a high-profile criminal investigation. I sent my signed memorandum to the Attorney General after noon on Tuesday, May 9.

I wrote it. I believe it. I stand by it."

Trump's first foreign trip is a noted break from his predecessors, as he becomes the first president to select the Middle East as his primary stop on his maiden voyage, per CNN.

Nah-FTA: The last five presidents — back to Ronald Reagan — all hit Canada or Mexico for their first trip, so it's interesting to note that Trump snubbed the other members of the trade pact.

Why it matters: Trump's a showman who likes a flourish, so it makes sense that he'd break convention and head to Saudi Arabia first on a trip built around the three major world religions. And it's certainly worth noting that the administration is on the verge of announcing a Kushner-negotiated arms deal worth more than $100 billion with the Saudis.

During an appearance on The Hugh Hewitt Show this morning, Paul Ryan said the GOP is "back on track" after a "rough couple of weeks" and set to be a governing party.

Two big promises: Ryan said tax reform will get done in 2017 and the Senate should pass health care by its August recess.

• On losing the House in 2018: "Blah, blah, blah, blah, blah, this is what I call the white noise of Washington beltway media."
• On Trump: "He clearly did have a bad two weeks. Clearly, it's my hope that he does right the ship, that he improves."

The Associated Press gets one good tidbit in a write-up of how President Trump's Saudi Arabian hosts are preparing for his visit:

In Saudi Arabia, people with knowledge of the planning for Trump's trip say the caterers are planning to offer the president steak and ketchup alongside the lamb and hefty portions of rice on the menu. All the meat will have been butchered in a Shariah-compliant halal manner as per Islamic custom.

Why it matters: Trump is notoriously averse to long trips. During the campaign he regularly flew home to New York each night. The AP cites a "worldwide effort to accommodate America's homebody president" that included his aides spending "weeks trying to build daily downtime into his otherwise jam-packed schedule."

President Trump jets off today on his first foreign trip — and it's a doozy. Over nine days, he's tackling five countries, three major world religions, and two core American alliances. Here's a quick look at the biggest items on the itinerary:

Trump met with his legal team Thursday to discuss the Russia investigation, according to Politico. A White House official told Politico the discussion "centered around the nuts and bolts of how the investigation would work – and how the administration will need to handle the inquiry."

White House Counsel Don McGahn has reportedly been telling Trump to be guarded when talking about the appointment of a special counsel, and informing aides of records retention guidelines.

Context: The meeting came a day after Deputy Attorney General Rod Rosenstein blindsided the White House by appointing Robert Mueller as special counsel overseeing the probe.