From TINA To TIGA: Diversification Pays Again

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,...

Iceland Summons US Ambassador After Trump Shares American Flag Post Authored by Rachel Roberts via The Epoch Times, Iceland summoned the U.S. ambassador on Monday after U.S. President Donald Trump posted an image on Truth Social showing the north Atlantic island and other countries covered by the American flag, according to local media RUV. Trump's Labor Day post depicted the United States, Canada, Greenland, Iceland, Mexico, the whole of Central America and the Caribbean covered by the stars and stripes banner, with the entire landmass labeled "United States of America." The image...

S&P Denies SpaceX Fast Index Entry, Delaying $14BN In Passive Inflows By At Least A Year Earlier today, in our forensic analysis of the SpaceX IPO, we said that according to BNP estimates, the company's inclusion into the S&P500 some 6 months after the offering would unlock $13.4 billion worth of inflows. It turns out that that is not going to happen 6 months after the IPO. In fact, the earliest it may happen is 12 months after Friday's break for trading... and realistically well after that.  That's because after the close...