What Would Happen if Spain Had an Open Border with Morocco

US Secretary of War Pete Hegseth held a “worship service” at the Pentagon on Wednesday, where he prayed for God to inflict violence on “those who deserve no mercy” and for “wicked souls” to be delivered to “eternal damnation,” as the US war chief continues to portray the US-Israeli war against Iran as one sanctioned […]

Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance In our preview to this morning's Quarterly Refunding Statement, we said that we do not expect major changes and that, at most, the treasury might adjust its statement language to soften the forward guidance on possibly futures increase in coupon auction sizes with one likely change would be dropping “at least” while retaining the expectation for unchanged coupon sizes over “the next several quarters” (recall Deutsche Bank said it expects nominal coupon increases beginning in February 2027).  Overnight, JPMorgan agreed,...