US Strikes Iran for the First Time in Weeks

Average 7Y Auction Stops On Screws As Foreign Demand Drops A stellar 2Y auction, a subpart 5Y, and it only makes sense that we end the week with a perfectly average sale of $44BN in 7Y bonds. The last coupon auction of the week priced at a high yield of 4.512%, up from last month's tailing 4.473%, and on the screws with today's When Issued 4.512%. Remarkably, this is the 3rd 7Y auction to price on the screws in 2026 alone, suggesting this tenor may be the most relevant one for...

One Day Until Trump's Self‑Imposed 5-Day Deadline On Iran But Markets Appear Increasingly Numb By Molly Schwartz, Cross Asset Macro Strategist at Rabobank More persistent inflation Yesterday, Iran rejected the US-proposed 15-point plan, instead laying out its own conditions in a 5-point plan; (1) halt the killing of Iranian officials; (2) means to make sure no other war is wage against it; (3) reparations for the war; (4) an end to all hostilities; and (5) Iran’s “exercise of sovereignty over the Strait of Hormuz.” The probability that Washington would accept these terms in...

The Iranian Foreign Minister warned Israel of an immediate response if officials continue to call for the death of the Supreme Leader.  On Monday, Israeli Defense Minister Israel Katz said that  Iran’s Supreme Leader Ayatollah Mojtaba Khamenei was “marked for death.” At the onset of the current war, the US and Israel assassinated Khamenei’s father, […]