Speaking at a press event at his golf resort in Bedminster, N.J., President Trump offered a stern warning to the rogue dictator of North Korea, Kim Jong Un, saying that he "best not make any more threats to the United States" or they "will be met with fire and fury like the world has never seen."

"North Korea best not make any more threats to the United States. They will be met with fire and fury like the world has never seen." "He has been very threatening beyond a normal statement. And, as I said, they will be met with fire, fury, and frankly power, the likes of which this world has never seen before."

.@POTUS: "North Korea best not make any more threats to the U.S. They will be met with fire and fury like the world has never seen." pic.twitter.com/nUjWck9aGk — Fox News (@FoxNews) August 8, 2017

All of which spooked markets...though we're sure a 'Buy The Fucking Fire & Fury Dip' rally will commence shortly.

Of course, first thing this morning we reported that according to a 500-page report by the Japanese Defense Ministry, North Korea may now be in possession of a miniature nuclear warhead. That said, the report did not move the market because the Japanese report was largely inconclusive and did not claim with certainty that this is the case.

Shortly thereafter, the exact same narrative escalated when the WaPo echoed what Japan said, only it "confirmed" that North Korea had successfully produced a miniaturized nuclear warhead that could fit inside its missiles, "crossing a key threshold on the path to becoming a full-fledged nuclear power, U.S. intelligence officials have concluded in a confidential assessment."

As the WaPo added, the analysis completed last month by the Defense Intelligence Agency came on the heels of another intelligence assessment that sharply raised the official estimate for the total number of bombs in the communist country’s atomic arsenal.

“The IC [intelligence community] assesses North Korea has produced nuclear weapons for ballistic missile delivery, to include delivery by ICBM-class missiles,” the assessment states, in an excerpt read to The Washington Post. The assessment’s broad conclusions were verified by two U.S. officials familiar with the document. It is not yet known whether the reclusive regime has successfully tested the smaller design, although North Korean officially last year claimed to have done so.

Key takeaway...it seems the President has had some extra time to catch up on Game of Thrones during his vacation...