Victor Hanson: What Is It With The Fickle Europeans?

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...

How Modern Influence Operations Work, Part 1: The New Influence Stack Authored by Charles Davis via The Epoch Times, On a Tuesday night in a dorm room, a student opens TikTok for a “five-minute break.” The first clip is a montage of rubble and sirens. The second is a professor-style explainer, neatly captioned, delivering a single moral conclusion. The third is a shaky phone video of a confrontation on another campus—shouts, police lights, a crowd surging like weather. The student doesn’t search for any of it. They don’t even follow the accounts....

Saudi Arabia is pressing the Trump administration to end its blockade of the Strait of Hormuz and return to negotiations with Iran over fears that the US move could lead to the closure of the Bab el-Mandeb Strait, according to a report from The Wall Street Journal. The Bab el-Mandeb Strait is another vital waterway […]