August 12
Mkts 2Y 10Y 30Y
2Y is 4.193%, lower by 2.9bp | 10:17
10Y is 4.672%, lower by 2.4bp
No Major Reaction to As-Expected CPI
Dollar index is 99.75, down 0.08
S&P is up 0.30%
Gold is up $64, tests weekly high as CPI report cools rate hike talk
Oil is down 0.28% to $82.98
News
CPI for all items increases 0.1% in July; shelter rises
CPI rose 3.4 percent over the last 12 mo
Core rose 0.2 percent in July (SA); up 2.5 percent over the year
Real average hourly earnings for all employees decrease 0.1% in July
AAA
Gasoline is $4.036 vs $4.099 two days ago
AlJz
Mediators push for US-Iran talks as MoU deadline approaches
Putin warns of tit-for-tat seizures of European vessels
Russian Pacific Fleet Ready to Board and Detain Shadow Fleet Vessels of Western Nations | Sput
Debt Rattle
* Trump reacts to newly released Fauci texts: "It's unimaginable what they did."
* The best queation is short:“Why would Anthony Fauci need criminal immunity?”
* Tehran’s shift away from negotiations toward a more permanent state of military resistance
* Massachusetts Legalizes Abortion Up To Birth As Liberals Cheer. Previous law allowed abortions after 24 weeks in limited circumstances.
* AOC’s career is carefully scripted. It has to be, because she’s not terribly bright. But this is the party that can’t find a face/leader.
RT
How bad is the Patriot shortage? In short: very.
The US fired more than half of its 2,200 Patriot interceptors during 38 days of war with Iran earlier this year, according to an analysis by the Center for Strategic and International Studies (CSIS) in Washington. Between 759 and 827 remain available to the US military, a figure that includes interceptors stored on allied soil, in countries like South Korea and Germany.
David Stockman
The Silver Lining: The Donald’s Impending Defeat in Iran May Finally Bring the Empire Home
Indeed, based on the currently leaked essentials of the impending bilateral agreement between Iran and Oman, there is no other way to describe the current state of play than as a humiliating defeat for Donnie & Bibi:
Turley
Gavin Newsom made his latest pitch to the mob by proclaiming himself “an established insurgent.” Newsom believes that there is a pocket of delusional free-market Marxists who are longing for his leadership. If so, they do not live in New Hampshire, where Newsom is being trounced by Rep. Alexandria Ocasio-Cortez. Voters can spot the real thing; AOC is authentically bananas. That is better than a Newsom banana split that is part establishment and part insurgency.
Zero
Ukraine Suspends Attacks On Tankers Using Russian Black Sea Port, At Vance's Urging
Vance's plea (made in July) sprang from the Trump administration's worries that Ukraine's attacks were creating dangerous instability in global fuel markets. There were also concerns that strikes on vessels transporting Kazakhstan crude oil to the Caspian Pipeline Consortium (CPC) terminal at Novorossiysk were detrimental to American companies.
Peak
Persian Gulf energy producers have reportedly concluded that Iranian control over the Strait of Hormuz will remain in place indefinitely, according to statements from regional officials who described a return to full-scale conflict with the U.S. and Iran as the worse option. Negotiations to reopen the waterway have stalled. Tehran has demanded financial relief and a ban on American and Israeli warships in the strait, while Washington has refused to accept Iranian restrictions on shipping. Crude flows through Hormuz have fallen to about 2.2 million barrels a day from 8.5 million a month ago
A.Muse
The Delivery Act: How DSA and the Teamsters Plan to Kill New York City Small Businesses
Why does ownership matter more than wages?
Naked
Mamdani Backs Proposal to End Amazon’s ‘Exploitative’ Delivery Model in New York City
This Mamdani move, to stop Amazon from hiding behind subcontractors, is an important, concrete measure to reduce abuse of delivery drivers.
The University of Michigan’s College of Literature, Science and the Arts will replace letter grades with pass/no-credit for first-semester students, citing mental health concerns. Similar programs exist at Caltech, Swarthmore, Wellesley, and MIT.
NYC: The Nanny State
‘BYO Hot Sauce’: Senior Centers Struggle With Mandatory Plant-Based Meals
Surber
Trump finds a use for the press. Reporters make good sitting ducks when it comes to protecting a president
Tesla
Elon Musk told SpaceX staff AI revenue will soon dwarf rockets and Starlink combined entirely.
Gnomic is a formal word that describes something cryptically said or written in few words.
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