The Sy Hersh effect: killing the messenger, ignoring the message

Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance In our preview to this morning's Quarterly Refunding Statement, we said that we do not expect major changes and that, at most, the treasury might adjust its statement language to soften the forward guidance on possibly futures increase in coupon auction sizes with one likely change would be dropping “at least” while retaining the expectation for unchanged coupon sizes over “the next several quarters” (recall Deutsche Bank said it expects nominal coupon increases beginning in February 2027).  Overnight, JPMorgan agreed,...

Colorblind Constitution: The Roberts Court Ends A 'Sordid Business' Authored by Jonathan Turley, The Supreme Court’s decision in Louisiana v. Callais, barring racial gerrymandering, has many on the left feigning vapors, despite the predictions of many of us that this result was likely. While figures such as Rep. Jamie Raskin (D-Md.) declared that the court itself has been “gerrymandered” to rig the upcoming elections, this decision is actually the culmination of decades of jurisprudence by various justices — particularly Chief Justice John Roberts. Indeed, the decision will cement the legacy of the Roberts Court in moving the country toward...

Kanye West Banned From UK: Wireless Festival Cancelled After Home Office Revokes Travel Authorization The UK Home Office has barred Kanye West (aka Ye) from entering the country, ruling that his presence “would not be conducive to the public good.” The decision, made hours after he received an initial Electronic Travel Authorisation (ETA) on Monday, has triggered the immediate and complete cancellation of Wireless Festival, where he was set to headline all three nights in July at Finsbury Park. "The Home Office has withdrawn Ye’s ETA, denying him entry into the...