US Futures Dip As Questions Mount Over Relentless Tech Rally, Lack Of Peace Progress

US Treasury Sells $139BN In Two Polar Opposite Auctions: A Stellar 2Y And A Dismal 5Y Ahead of Wednesday's FOMC decision (where according to SOFR futures, the odds of a rate hike are a significant 38%, even as most traders expect no action by the Fed), we had the week's first two coupon auctions take place according to an abbreviated schedule, with the sale of $69BN in 2Y notes taking place at 11:30am, followed by $70BN in 5Y notes. And while the former was unexpectedly strong, the latter was one...

We Want One Solution, But One Solution Can't Solve Our Polycrisis Authored by Charles Hugh Smith via Substack, Whatever the problem, our minds seek one solution--preferably a simple one--to escape the trackless wilderness of complex, inter-connected problems. Problem-solving boils down to identifying the key problem and finding a fix that’s easy to understand and straightforward to apply. Our minds rebel when confronted with polycrisis, a knotted mess of inter-connected problems, and so we apply solutions we already have in hand. As I explained in previous Musings, this leads us to modify our...

Trump Admin Announces Criminal Charges Against Former Cuba President Raul Castro Update (1300ET): As we wrote earlier in anticipation, the US sought to unseal an indictment against former Cuban President Raúl Castro, sharply escalating a standoff with Havana as the Trump administration attempts to force change on the island after nearly seven decades of communist rule. The charges are related to the shooting of two humanitarian planes in 1996. The Department of Justice asked to unseal the indictment against Castro and five other people in a filing in federal court in Florida on...