ELIZA BLEU AND THE PERPETUAL TRAUMA MACHINE—PART 2

Ugly 7Y Auction Has Lowest Bid To Cover Since September, Biggest Tail Since 2024 After two "terrible" coupon auctions earlier this week, moments ago the Treasury concluded the week's final auction when it sold $44 billion in 7 Year paper. It may not have been quite as terrible as the previous two, but it wasn't much stronger either. Starting at the top, the auction stopped with a high yield of 4.255%, up sharply from 3.790% in February and the highest since Jan 2025. It also tailed the When Issued 4.247% by...

Pakistan & Afghanistan Exchange Heavy Fire After Short-Lived Truce The prior truce between warring neighbors Pakistan and Afghanistan has been breaking down since last week. Some analysts are calling it a ceasefire in name only. The globe's attention has been on the Iran conflict, but heavy AfPak fighting has been on for almost the exact same length of time as Trump's Operation Epic Fury against Iran. But it hasn't received much attention in international headlines. Getty Images Earlier this month a short-lived truce had been announced by the two sides just ahead of...

The Samson Option, Israel’s doctrine of last-resort nuclear retaliation, is no longer a theoretical contingency. At the end of seven weeks of war in the Persian Gulf, the conditions that might trigger it are not emerging; they may already be present. What began as a joint US/Israeli campaign for regime change and decapitation of Iran’s […]