Four-Letter Economic Words

Elites And Their Contempt Authored by Reverend John F. Naugle via The Brownstone Institute, Last week, I was unexpectedly hit with a post-lockdown trauma response. While driving to a baseball game days before the NFL Draft came to Pittsburgh, I passed a digital highway sign instructing me to avoid nonessential travel. Suddenly, memories of empty highways with signs instructing drivers to “Stay Safe and Stay Home” came flooding back to me. As the week developed, it began to occur to me that the parallels were deeper than my subjective emotional response. Road closures intensified, rendering...

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...