Sabrin in WSJ: Independence Won’t Save the Federal Reserve

How Iran's Mosaic Doctrine Is Fracturing Authored by Zineb Riboua via Beyond the Ideological, Following President Trump’s announcement of a cease-fire, US Central Command (CENTCOM) commander Admiral Brad Cooper stated: “Iran has suffered a generational military defeat.” Tehran’s response has been a single counterargument: the Islamic Republic still stands. That argument mistakes the question. The survival of the Islamic Republic is not in dispute. What is in dispute is whether the surviving entity retains the capacity to direct the forces operating in its name. Iran developed its mosaic military doctrine by drawing direct lessons...

Wyoming's Helium Empire Ascends As Qatar Gas Goes Flat Readers have already been well briefed, see here and here, that roughly one-third of global helium supply has been disrupted, setting the perfect storm of chaos to spread across high-tech industries, particularly semiconductors. The shock is being driven by shipping restrictions through the Gulf and the shutdown of output from top producer Qatar, where damage to the Ras Laffan complex could keep supplies constrained for years.  As the U.S.-Iran conflict enters its second month, one of the clearest second-order effects of...

Ugly 7Y Auction Has Lowest Bid To Cover Since September, Biggest Tail Since 2024 After two "terrible" coupon auctions earlier this week, moments ago the Treasury concluded the week's final auction when it sold $44 billion in 7 Year paper. It may not have been quite as terrible as the previous two, but it wasn't much stronger either. Starting at the top, the auction stopped with a high yield of 4.255%, up sharply from 3.790% in February and the highest since Jan 2025. It also tailed the When Issued 4.247% by...