The US Spends More On 'Defense' Than The Next 8 Countries Combined

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...

Kuwait Turns To Anduril For $2 Billion Counter-Drone Shield After Horrifying Airport Attack The moment an Iranian Shahed-136 drone struck Kuwait International Airport last week appears to have been a major wake-up call for Kuwaiti officials. The incident likely crystallized a troubling reality: legacy air-defense systems are not enough to counter the Shahed drone threat spreading across the Gulf, and Kuwait needs to supercharge the deployment of layered counter-UAS systems with both electronic and kinetic defeat capabilities. Kuwaiti officials release video showing the Iranian attack on Kuwait International Airport’s Terminal 1,...

Hormuz Exodus Begins: Ships Finally Sailing As UN-Led Evacuation Corridor Opens Several vessels have already navigated the Strait of Hormuz utilizing a fresh evacuation framework established by the United Nations' shipping agency, an official confirmed on Wednesday. More via newswires: US Energy Secretary Wright says roughly 72 ships have exited Strait of Hormuz in last 24 hours. "Ships have already begun to pass under the plan," stated a spokesperson for the UN's International Maritime Organization (IMO), though they opted not to disclose specific details regarding the transiting vessels. According to the latest LSEG...