Russian Missiles Pound Ukraine, Killing 10 People, Including Three Children

Ugly 7Y Auction Tails As Foreign Demand Slides Despite Record High Yield After yesterday's dismal 5Y aucton which pushed yields to multi-decade highs, moments ago the Treasury completed its last coupon auction of the week, selling $44 billion in 7Y paper. It was another ugly auction, if not quite as ugly as yesterday's shitshow. The sale stopped at a high yield of 5.085%, up from 4.512% a month ago and the highest yield on record for 7 Year paper! It was tailed the When Issued 5.078% by 0.7bps, the highest tail since March. The...

'Caution Is Warranted': Ed Dowd Warns Wall Street's AI CapEx Party Is Ending Authored by Ed Dowd via 'Beyond The Narrative' substack, The signs are piling up faster than the hype can spin them. AI capex has been the rocket fuel for markets, but the second derivative is turning. Factors ending the party: Private credit stalled — flows reversing, redemptions surging, industry effectively paused. Enterprise demand cracking — ROI skepticism, token costs biting, data/alpha extraction backlash. Power constraints hitting hard — the grid can’t scale without massive, long lead time builds or dystopian reallocation. Open-source pressure — Chinese based...

Israel Expects Iran War To Continue At Least Into April, Lebanon Conflict Longer The White House has struggled to present the American public and the world with a clear timeline or precise strategy on Operation Epic Fury, but Israel has seemed clearer on signaling it is settling in for a longer war. Israel is bracing for its war with Iran to stretch well into April, even as officials quietly concede the government in Tehran is unlikely to collapse, according to Israeli media. Damage from the June war which lasted 12 days, in...