US, South Korea and Japan Begin Joint War Games

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...

"This Is Not Normal": China's DeepSeek Cuts New AI Model Fees, Again DeepSeek senior researcher Victor Chen announced on X that the company's newly released DeepSeek-V4-Pro model will be offered at a huge discount over the next week, a move that threatens to unleash an AI platform price war just as Anthropic, OpenAI, and Google are rolling out newer, more expensive models. "Second price drop in two days! On top of the base 75% off, stack an extra 90% discount for cache hits. That brings it down to just 0.003625 USD/0.025...

Bessent Insists US Treasury Will Oversee Unfrozen Iranian Funds: Food & Medicine Only There remains a major divergence in how Iran and the United States are interpreting the results of the MoU signing in the wake of the historic Switzerland peace talks, as lower-level teams remain in place to hammer out the technical details of the agreement. The divergence/contradiction continues to be seen in not only the latest statements from President Trump himself, but also from the US Treasury: US Treasury Secretary Scott Bessent has insisted that a large portion of unfrozen Iranian...