Solid 7Y Auction Prices "On The Screws" With Solid Foreign Demand

The Department of War is preparing for President Donald Trump to order an attack on Iran.  Two officials speaking with Reuters said the military is gearing up for weeks of sustained combat. Trump has threatened to attack Iran if Tehran does not agree to a deal with the US.  The US and Israel are demanding […]

As war drums beat again, this time against Iran, we ask ourselves if recklessness from Donald Trump and European and Israeli leaders is pushing us to catastrophe.

Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance In our preview to this morning's Quarterly Refunding Statement, we said that we do not expect major changes and that, at most, the treasury might adjust its statement language to soften the forward guidance on possibly futures increase in coupon auction sizes with one likely change would be dropping “at least” while retaining the expectation for unchanged coupon sizes over “the next several quarters” (recall Deutsche Bank said it expects nominal coupon increases beginning in February 2027).  Overnight, JPMorgan agreed,...