US Warns Ally Oman That It Better Pick The 'Right' Side In Hormuz Standoff

Bridgewater CEO Warns Unregulated AI Could Trigger 'Societal Breakdown' - Even As The Firm Profits From It Artificial intelligence could displace nearly one-fifth of the US labor market, threatening profound societal disruption if left unregulated, according to Bridgewater Associates CEO Nir Bar Dea. Speaking on an upcoming episode of The David Rubenstein Show: Peer-to-Peer Conversations, Bar Dea projected an 18% labor dislocation rate, noting that a technology capable of radically improving the world carries equally severe downside risks. Nir Bar Dea Photographer: Zak Bennett/BloombergThe stark warning aligns Bar Dea with other...

Average 2Y Auction Stops Through, Has Highest Yield Since Jan 2025 In the week's first coupon auction, moments ago the Treasury sold $69BN in 2Y notes at a high yield of 4.189%, up from 4.071% and the highest yield since January 2025; the auction also stopped through the When Issued 4.192% by 0.3bps, the biggest through since January. The bid to cover was perfectly average at 2.643, unchanged from last month's 2.640 and right on top of the recent average of 2.61. Internals were a bit on the weak side, with Indirects...

Memorial Day Gas Demand Surge Collides With Hormuz Shock As $5 Demand-Destruction Line Nears Drivers heading into Memorial Day weekend are set to face some of the highest regular gasoline prices at the pump in years. With the U.S. national average sitting at $4.53 per gallon (according to AAA data) and no resolution yet on a U.S.-Iran peace deal or the reopening of the Strait of Hormuz, pump prices risk rising even higher into the holiday weekend as the summer driving season begins. Let's start with the chart of the day: AAA...