Persistent Delusion Among the American and NATO Defense Establishment

Dismal, Tailing 10Y Auction Sees Lowest Foreign Demand Since Jan 2025 As Yields Soar With 30Y yields trading on the wrong side of 5% today, all eyes were on today's 10Y refunding auction to see if it would be ugly enough to push yields to 4.50% or higher. Here is what happened. Just after 1pm, the Treasury announced that the high yield on today's sale of $42 billion in 10Y paper was 4.468%, the highest yield since Jan 2025, and a 0.4bps tail to the When Issued 4.464%, the 4th consecutive...

Negotiators Make 'Progress' Toward 2nd Round Of Pakistan Talks, While More US Troops Prepped To Deploy Near Iran Summary The Iran war is "very close to over" with authorities in Tehran eager to agree a peace deal, Trump says, adding: "We've beaten them militarily." Axios cites 'progress' toward framework to end war. AP/Bloomberg reporting the two sides have an "in principle agreement" to pursue further diplomacy; however, this is batted down as 'unconfirmed' by Tehran & a US official. The Pentagon is sending thousands of additional troops into the Middle East in coming...

Merz Promises Fico A Spanking For Slovak Leader's Moscow V-Day Trip Slovak Prime Minister Robert Fico was once again this year the only EU leader to visit Moscow for Russia's Victory Day commemorative WW2 celebrations on Saturday, which has drawn a predictable and fierce rebuke from Germany and European officials. This was the second time Fico attended V-Day celebrations, after a similar controversial visit last year. German Chancellor Friedrich Merz in particular chastised Fico with scolding words, as if Fico was being called to the principal's office. "We will talk with him about...