Germany's Silent Shift: From Entrepreneurs To State Dependence

Average 2Y Auction Is A Big Improvement From Last Month's Debale In today's first of two coupon auctions (due to the week's truncated schedule as the Fed is on Wednesday), the US Treasury sold $69BN in 2 year paper in a mediocre auction, yet one which was notably stronger than last month's issuance. The sale stopped at a high yield of 3.812%, down from last month's 3.936% and tailing the When Issued 3.811% by 0.1bps. This however was a big improvement from last month's 1.8bps tail, which was the biggest since...

US To Order 3,000 82nd Airborne Troops To Mideast Amid Reports Of Potential Thursday Peace Talks Summary WSJ, Fox reporting 3,000 elite Army Airborne soldiers to be ordered to Middle East. Axios says US awaits Iran response to proposed Thursday peace talks. Trump says Iran has been destroyed "militarily".  Backchannel diplomacy vs skepticism: Abbas Araghchi reportedly signaled openness to negotiations with the US via envoy Steve Witkoff, but Israel has appeared cool on deal prospects or offramp. Heavy exchange of fire and testing red lines: Iran continues missile and drone waves targeting Israel and US...

UMich 'Current Conditions' Sentiment Crashes To Record Low As 'Independents' Lose Faith After sliding back near cycle lows in September (as Republicans lost faith in the recovery and MidEast tensions re-escalated), analysts expected UMich consumer sentiment to fall further in preliminary October data released this morning. And the analysts were right as The University of Michigan’s preliminary sentiment index decreased to 46.3, the lowest reading since May (below the median estimate of 47.6). However, the current conditions gauge sank to 44.7, the lowest on record, from 50.9 in the previous month, while...