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Terrible 5Y Auction: Worst Bid To Cover In 4 Years, Highest Tail Since 2024, Dealers Jump
Terrible 5Y Auction: Worst Bid To Cover In 4 Years, Highest Tail Since 2024, Dealers Jump
Another day, another very ugly auction.
After yesterday's appallingly bad 2Y auction, moments ago the Treasury sold $70BN in 5Y paper in what was another terrible auction.
Just after 1pm, the auction stopped at a high yield of 3.966%, up from 3.608% in February and the highest since May 2025. It also tailed the When Issued 3.966% by 1.4bps, the biggest tail since Oct 2024.
The bid to cover was 2.29, down from 2.32 last month and...
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Mar 21, 2026 / Tyler Durden
US Removes Sanctions On Iranian Oil Stranded At Sea To Boost Overall Supply
US Removes Sanctions On Iranian Oil Stranded At Sea To Boost Overall Supply
On Thursday, Scott Bessent told Fox News that the US is considering unsanctioning Iranian oil, thereby making the 140 million barrels stuck on Iranian tankers, available to any buyer in the world and not just China, to ease the supply-chain bottlenecks that emerged after the Strait of Hormuz was blocked. In doing so, another formerly sanctioned US nemesis would be allowed free access to global markets, after Russia received a similar "temporary" permit a week earlier.
"In the coming...
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Mar 17, 2026 / Tyler Durden
Fire Erupts Atop Manhattan Skyscraper
Fire Erupts Atop Manhattan Skyscraper
Dramatic footage has flooded X, showing what appears to be a fire atop a skyscraper in Midtown Manhattan at 6 East 43rd Street, New York City.
The FDNY is operating at a fire on East 43rd Street in Manhattan. pic.twitter.com/SlJ0UrbSY8
— FDNY (@FDNY) March 17, 2026
6 East 43rd Street is on fire. #nyc #fire pic.twitter.com/6rEynZ3u9J
— John Smith (@JohnSmithrx3e) March 17, 2026
Going on right now in Manhattan job site my son is on pic.twitter.com/wbkZPPGQ7T
— PeterAnthony (@PeterA1331) March 17, 2026
*Developing
Tyler Durden
Tue, 03/17/2026 -...
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Apr 5, 2026 / Tyler Durden
Trump Seeks $152 Million To Reopen Alcatraz Prison
Trump Seeks $152 Million To Reopen Alcatraz Prison
Authored by Kimberley Hayek via The Epoch Times,
The White House on Friday requested $152 million to reopen Alcatraz, which is offshore from San Francisco, as a federal prison.
The funding appears in the proposed budget for fiscal year 2027, released by the administration.
It would cover first-year costs for the Federal Bureau of Prisons to rebuild the island facility into “a state-of-the-art secure prison facility,” according to the document. Alcatraz has operated as a National Park Service tourist site since 1973, after the federal...
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