Collateral Damage

Solid 20Y Auction Stops Through With Above Average Foreign Demand The week's lone coupon auction priced at 1pm when the Treasury sold $13 BN in 20Y paper, in a solid if not stellar auction. The auction stopped at a high yield of 4.883%, up from 4.817% in March and the highest since last July. It also stopped through the 4.892% When Issued by 0.9bps, the highest since January. The bid to cover was 2.68, down from 2.76 in March but above the 2.63 six-auction average. The internals were also solid with Indirects taking...

The Great Normalization (Nobody Declared Martial Law... Yet America Began Looking Like It Anyway) Authored by Madge Waggy, There are stories that announce themselves with explosions, riots, or breaking-news headlines, and then there are stories so subtle that they quietly rewrite an entire society before anyone realizes what has happened. This is one of those stories. During the preparation of this investigation, several retired police officers, private security professionals, emergency responders, and ordinary citizens described nearly identical experiences despite living hundreds or even thousands of miles apart. None believed they were...

Iran has been exporting more oil through the Strait of Hormuz over the past week than it was before the US and Israel launched the war against the Islamic Republic on February 28, The Wall Street Journal has reported. The report cited data from Kpler, a tanker-tracking firm, which found that since February 28, seven […]