The Putnam Twist: The End of Value

10Y Auction Tails As Foreign Demand Dips After yesterday's impressive 3Y auction, moments ago the Treasury sold $39 billion in benchmark, 10Y paper, in what was a mediocre auction. The auction, a 9-Year 10-Month reopening of cusip CPX8, stopped at a high yield of 4.282%, up from 4.217% last month and the highest since last August. It also tailed the When Issued 4.280% by 0.2bps, the third consecutive tail in a row. The bid to cover dipped to 2.429 from 2.449, and was also below the six-auction average of 2.48. The internals also...

President Donald Trump wrote on Truth Social that the US Navy had full control over the Strait of Hormuz. However, Tehran continues to restrict traffic through the Strait.  “We have total control over the Strait of Hormuz. No ship can enter or leave without the approval of the United States Navy,” the President wrote on […]

The Overhyped Nuclear Hazard America Has Mastered Nuclear waste remains one of the most misunderstood aspects of modern energy production in the United States. Critics continue to portray it as a dangerous, unsolvable problem, yet the country has managed it safely and effectively for decades with an impeccable safety record.  Spent fuel from commercial reactors sits securely in pools and dry casks at more than 70 sites across 35 states. Transportation casks have traveled millions of miles without any releases. Not that there was ever a concern for one of these casks...