Vance Says US Will Use Iran MoU To Replenish Global Oil Supply Then ‘See Where the Hand Is’

Mediocre 5Y Auction Tails As Foreign Demand Slides After yesterday's solid 2Y auction, today's 5Y auction was an uglier mirror image.  The sale of $70BN in 5 year paper priced at a high yield of 4.200%, up from 4.182% in May and the highest since Jan 25. It tailed the When Issued 4.193% by 0.7bps, and was the 8th consecutive tail for the 5Y tenor. The bid to cover was 2.351, better than the 2.340 in May and the highest since October.  The internals, however, a disappointment: Indirects took down just 61.60%, a...

Anduril Unveils Tiltrotor Killer Drone Straight Out Of 'Terminator' Palmer Luckey's defense company Anduril Industries unveiled Thunder, an autonomous aircraft designed to deliver missiles, drones, electronic-warfare systems and cargo into heavily contested airspace. "In this new era of maneuver warfare, we need eyes for what's ahead and a shield for what we can't afford to lose," Anduril wrote in a tweet. Thunder is a Group 5 autonomous attack rotorcraft, meaning it weighs more than 1,320 pounds, as shown in the UAS classification chart below, courtesy of Piper Sandler. Anduril noted, "A first...

Israel Seeks To Disrupt Russian-Iranian Arms Transfer Route In The Caspian Sea Russia and Iran have long had positive bilateral relations, which deepened in the context of the Ukraine war, and now in the midst of Trump's Operation Epic Fury, where Moscow is said to be sharing vital intelligence and targeting information with Tehran. Fresh reporting in The Wall Street Journal suggests that recent large-scale Israeli attacks in the Caspian Sea could mean flirting with WW3 and potential attacks on Russian interests and assets. "An Israeli strike on a naval outpost in...