Israeli Attacks Massacre 17 Palestinians Across Gaza Despite Hamas Agreeing on Disarmament Plan

Ceased Ceasefire? By Bas van Geffen, Senior Market Strategist at Rabobank There has been little progress in the US-Iran peace negotiations over the past weekend. In fact, it feels like the two sides have been walking backwards as the ceasefire is faltering.  The US and Iran are still at odds over the frozen Iranian assets, which Iran wants released as part of any deal. But, yesterday, President Trump said that he will not unfreeze any amount of Iranian assets, nor lift sanctions, immediately after a deal is closed: “If they behave, if they...

Intervening Oneself Out Of Quagmire? By Elwin de Groot, head of macro strategy at Rabobank Intervening Oneself Out Of Quagmire? Yesterday’s market moves again showed that jawboning and temporary interventions are rarely enough when the underlying problem is fundamental. As a “thank you” for Trump’s last-minute intervention to reduce joint US-South Korean military drills – and his claim to have spoken with Kim Jong Un – Pyongyang launched around 10 ballistic missiles on Thursday, according to South Korean news agencies. The message was clear: action versus words. Developments in the Middle East, where...

Solid 20Y Auction Stops Through With Above Average Foreign Demand The week's lone coupon auction priced at 1pm when the Treasury sold $13 BN in 20Y paper, in a solid if not stellar auction. The auction stopped at a high yield of 4.883%, up from 4.817% in March and the highest since last July. It also stopped through the 4.892% When Issued by 0.9bps, the highest since January. The bid to cover was 2.68, down from 2.76 in March but above the 2.63 six-auction average. The internals were also solid with Indirects taking...