"Good Things Could Happen"

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...

From Whiskey To Weed: A Second Amendment Fight Authored by John R. Lott Jr. & Laura Lott via RealClearPolitics, Are regular marijuana users the modern equivalent of “habitual drunkards” at the Founding? What about someone who regularly takes a sleep gummy? In oral arguments before the Supreme Court today in United States v. Hemani, the federal government argues that they are the same. In August 2022, FBI agents searched Ali Danial Hemani’s home and found a Glock 9mm pistol, 2.1 ounces of marijuana, and 1.7 ounces of cocaine. Hemani told agents that he...

Three Contrarian Signals That Aren't Easy To Ignore As Earnings Season Begins Authored by Lance Roberts via RealInvestmentAdvice.com, 💰 Q1 Earnings Season Begins As a fragile ceasefire with Iran hangs in the balance and oil trades near multi-year highs, the Q1 earnings season is arriving in one of the most negatively positioned markets in years. That backdrop may be exactly the reason it’s worth reconsidering the “fade the rally” stance we posited last week. For individuals who have not been in the financial markets for very long, there is an important lesson to learn. “The...