Emotion versus Principle: The Fragility of Modern Governance

5Y Auction Tails Despite Jump In Foreign Demand, Yields Hit Session High After a mediocre 2Y auction to start the week's coupon issuance this morning, moments ago the Treasury sold 5Y notes in another average auction. The sale of $70BN in 5 Year paper stopped at a high yield of 3.955%, down fractionally from 3.980% last month, and tailing the When Issued 3.950% by 0.5bps. This was an improvement from last month's 1.4bps tail, but more concerningly this was the 11th tail in a row for 5Y issues. The bid to cover...

A typical US tactic against a strategic target is to ‘boil the frog’ by slowly increasing the temperature of the water it is sitting it. The conflict in Ukraine is an good example for this. Hits against Russia, directed by the CIA, are escalated bit by bit while Russia is reluctant to more severe deterrence […]

States Must Report Illegal Immigrants To Feds Or Risk Losing Federal Welfare Funding: DOJ Authored by Troy Myers via The Epoch Times, States must alert the federal government to known illegal immigrants when they opt into receiving certain federal welfare benefits, the Department of Justice (DOJ) announced Wednesday. The move withdraws a 1998 DOJ opinion and clarifies that under a 1996 welfare-reform law - the Personal Responsibility and Work Opportunity Reconciliation Act - all state agencies, including those that administer welfare funding, have the duty to report individuals unlawfully in the United...