Trump Says $5 Billion Pledged for Gaza Reconstruction, But Hamas Must Disarm

Solid 5Y Auction Despite 12th Consecutive Tail, Thanks To Stellar Foreign Demand After a mediocre 2Y auction on Tuesday, moments ago the Treasury sold the week's second coupon auction when it auctioned off $70BN in 5Y paper to solid demand, some superficial weakness notwithstanding.  The auction stopped at a high yield of 4.182%, up from 3.955% in April and the highest yield since Jan 2025. The auction also tailed the 4.181% When Issued by 0.1bp, which was the 12th consecutive tailing auction for the tenor, the longest stretch on record. The bid...

US PMIs Signal Stagflation Fears Accelerating As War Started With 'hard' US macro data having drifted weaker all year, consensus was expecting only a modest decline in S&P Global's US Composite index in preliminary March data (that presumably will be affected in some part by the war and its consequences). The consensus was right, but the picture was mixed with Manufacturing PMI surprising to the upside (52.4 vs 51.5 exp vs 51.6 prior) - highest since Oct 2025. Services PMI, on the other hand, disappointed, falling to the lowest since April 2025... Source: Bloomberg Overall,...

Eyewitness Testimony Undercuts Self-Defense Claim In Austin Metcalf Killing Via American Greatness, Testimony from multiple eyewitnesses cast doubt on Karmelo Anthony’s claim that he acted in self-defense when he fatally stabbed 17-year-old Austin Metcalf at a track meet. Several student witnesses described a confrontation in which Anthony, 19, allegedly refused repeated requests to leave a tent occupied by students from Frisco Memorial High School before the encounter turned deadly. One 17-year-old student-athlete testified that Anthony did not appear to be acting in self-defense. According to the witness, Anthony kept his hands inside his backpack until...