Market Lesson: Why Panic Is A Costly Mistake

Mediocre 5Y Auction Tails As Foreign Demand Slides After yesterday's solid 2Y auction, today's 5Y auction was an uglier mirror image.  The sale of $70BN in 5 year paper priced at a high yield of 4.200%, up from 4.182% in May and the highest since Jan 25. It tailed the When Issued 4.193% by 0.7bps, and was the 8th consecutive tail for the 5Y tenor. The bid to cover was 2.351, better than the 2.340 in May and the highest since October.  The internals, however, a disappointment: Indirects took down just 61.60%, a...

Microsoft Triples-Down On Data Centers, As Half Of Planned Projects Face Cancelations, Delays Microsoft unveiled plans to triple its data center footprint in Cheyenne, Wyoming, snapping up roughly 3,200 acres on the city's south edge.  The deal covers a 200-acre parcel in Bison Business Park plus an adjacent 3,000-acre tract, turning what is already one of the company's longstanding hubs into a sprawling complex.  With 11 data centers operational and three more under construction across four campuses, the tech giant is betting big on the Cowboy State's energy resources and workforce.  A company...

Microsoft Plans Thousands Of Job Cuts As Stock Suffers Worst Start In Years Microsoft shares are on track for one of their worst starts to a year in two decades, down roughly 21% year to date as of Tuesday’s close, as a cloud and sales hiring freeze and a broader “reset” of the Xbox unit have made recent headlines. This comes on top of growing concern over Microsoft’s AI spending boom. Like much of the technology sector, Microsoft and other tech giants became labor-heavy after years of overhiring before and during...