Woke 2.0 Will Be Worse

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,...

Syria Rejects Desperate Saudi Plea To Deploy Militants To Yemen Provocative rumors have been flying all week that Saudi Arabia has recruited Syrian militants to fight the Houthis in Yemen, at a moment the Iran-aligned rebel groups is said to be rapidly gobbling up more territory, especially along the Red Sea coast. The claim has been especially strong in Lebanese media, after prominent Al-Akhbar reported this week that hundreds of Syrian fighters were recently transferred to southern Saudi Arabia, including fighters who took part in the Jolani/HTS-led fight to topple Bashar al-Assad in...