Does Demand Create Supply?

Mamdani's Socialist Utopia Collides With Reality As Manhattan Rents Hit Record Socialist NYC Mayor Zohran Mamdani built his political campaign by relentlessly attacking America and, most importantly, portraying capitalism as the root cause of nearly every social problem, from affordability pressures to soaring rents. Voters were sold the idea that his administration could deliver an instant utopian transformation built on free bus rides, government-run grocery stores, and cheap housing. However, like every Marxist before him, Mamdani's vision of utopia is not grounded in economic reality. The dream pitched to millions across the...

Farage Resigns As MP To Force 'People Vs. The Establishment' By-Election Nigel Farage, leader of Britain's Reform UK party, said Tuesday he is resigning as the member of Parliament for Clacton to trigger a by-election in the Essex constituency, which he intends to contest as the party's candidate. Farage, who won the seat in the 2024 general election, cast the upcoming vote as a direct challenge to political and media elites. "This will be a people vs. the establishment by-election," he said in a statement. "A chance to stick two fingers...

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...