The Economics and Ethics of Interest Rates

UAE Paid New York Firm Millions To Bury Article On Ambassador's Links To Sex Traffickers: Report Via The Cradle The UAE paid New York-based reputation management firm Terakeet more than $6 million to bury a 2017 report revealing that the Emirati ambassador to Washington, Yousef al-Otaiba, had ties to sex workers and traffickers, according to a New York Times (NYT) report published on Sunday. The campaign was designed to push the Intercept report out of public sight on Google search results. According to Foreign Agents Registration Act records cited by the paper, Terakeet's work for the UAE began in...

Mediocre 2Y Auction Prices At Highest Yield Since Feb 2025 With Treasury yields sliding 4 days in a row, today's 2Y auction was not seen as especially concerning (certainly not as much as a week ago, when the 10Y was knocking on 4.70%'s door, vs 4.50% where it trades today). Still, while the auction did have it strong sides, it was hardly stellar. Starting at the top, the $69BN sale of 2Y paper priced at a high yield of 4.071%, up 26bps from 3.812% a month ago, and the highest since...

OpenAI Misses Revenue, User Targets As CFO Fears $1.5 Trillion In Commitments Can't Be Paid Earlier today, when previewing this week's earnings by the Mag 7 which account for over $10 trillion in market cap set to report Q1 results after the close on Wednesday, Goldman's Delta-One head Rich Privorotsky said that "Equities are being driven by one thing…AI spend", and warned that "it's hard not to respect the strength of the AI bid, but the velocity has been extreme. The upside surprise vs expectations has almost entirely come from AI...