US SPR Falls Below 300 Million Operational Limit As Oil Drain Unexpectedly Surges To 6.1MM Barrels, Most In 2 Months

UMich 'Current Conditions' Sentiment Crashes To Record Low As 'Independents' Lose Faith After sliding back near cycle lows in September (as Republicans lost faith in the recovery and MidEast tensions re-escalated), analysts expected UMich consumer sentiment to fall further in preliminary October data released this morning. And the analysts were right as The University of Michigan’s preliminary sentiment index decreased to 46.3, the lowest reading since May (below the median estimate of 47.6). However, the current conditions gauge sank to 44.7, the lowest on record, from 50.9 in the previous month, while...

Qatar’s Foreign Ministry said on Tuesday that US envoy Steve Witkoff and President Trump’s son-in-law, Jared Kushner, who have arrived in Doha, will hold talks with mediators but will not meet directly with Iranian officials, contradicting Trump’s claim that Iran had “requested” a meeting in the Qatari capital. “Mr. Steve Witfoff and Mr. Jared Kushner […]

Mediocre 30Y Auction Prices At Highest Yield Since August 2000 After a subpar 3Y auction on Tuesday, and a stellar 10Y yesterday, moments ago the Treasury concluded the week's final coupon sale when it sold $22BN in 30Y paper in an average auction.  The 30Y sale priced just after 1pm, stopping out at a 5.618% high yield, up sharply from 5.308% in September, and the highest since August 2000! The high yield stopped through the When Issued by 0.1bps: good, but not as good as last month's amazing 2.7bps stop through. The bid...