Stock Rally Pauses As Attention Turns To Warsh's First FOMC

Stellar 2Y Auction Stops Through On Most Foreign Buying Since March 2025 After last week's post "Bessent buyback" fireworks, which sent yields on a rollercoaster ride in the subsequent days, many were very curious to see how today's sale of $69BN in 2 year paper, the week's first coupon auction, would go and whether Bessent inadvertently had impaired primary market issuance. In the end, the auction went through without a glitch. The $69BN auction of 2Y notes priced at a high yield of 4.204%, down notably from 4.315% last month...

Iranian Strikes On US Bases In Jordan Aided By 'Accurate Intel' From Locals, IRGC Says Via The Cradle Iran's Islamic Revolutionary Guard Corps (IRGC) announced Monday that its most recent retaliatory operations against US military assets in Jordan were carried out with "cooperation and accurate information" provided by the Jordanian people. "Honorable people and troops of Jordan, thank you for your sincere cooperation and accurate information that led to the precise targeting of US forces… and the destruction of 20 shelters where child-killing US forces were stationed in the Al-Azraq (Muwaffaq Salti) Base," it...

Iranian Currency Hits All-Time Low As Tehran Threatens 'Unprecedented' Response To US 'Maritime Piracy' Via The Cradle Iran’s currency plummeted to a record low on Wednesday, dropping to 1.8 million against the dollar following the brutal US-Israeli war, coinciding with uncertainty over the fragile truce and rising energy prices worldwide.  The currency began a sharp descent two days ago after several weeks of artificial stability. During the initial weeks of the US-Israeli war on the Islamic Republic – which broke out on February 28 – the rial remained relatively steady, largely due to a total...