Raising Interest Rates Does Not Counter Inflation

Strong 30Y Bond Auction Stops Through For First Time Since March On the heels of yesterday's stellar 10Y auction, this afternoon saw an even more stellar-er 30Y auction with the US government selling $22 billion bonds at 5.058%, the highest result since 2007, vs a 5.061% when-issued yield at the 1 p.m. New York time bidding deadline. That is the first stop-through (0.3bps) since March (after three ugly tails - June's reopen was the weakest since July 2024)... The 2.44 bid-to-cover ratio compares well with the 2.39 average for the past six reopenings Dealer:...

Draft Of US-Iran Agreement Reportedly Reached, But Trump Still Pressing Nuclear Issue, As Iran President Says 'Won't Back Down' Summary Iranian president vows to not back down, as Trump still vows to get nuclear material. AI Arabiya TV obtains what it describes as final draft of US-lran agreement, oil tumbles. Reuters reported that Ayatollah ordered that stockpile of uranium enriched to 60% remain strictly inside Iranian territory. Some Iranian officials then denied report to Al Jazeera. WH says make a deal or else... "they can face a punishment from our military the likes of...