September 24
Mkts 2Y 10Y 30Y
10Y yield is higher by 6.4bp to 5.180% | 3:18
S&P is up 0.01%
Crude oil is up 3.17%, extending 1.8% gain yesterday
Gold is down $17
Dollar is 101.30, up 0.20%
Yields Spike As Treasury Accepts Just 68% Of Maximum Buyback Offers | Zero
Cleveland Fed sees Sept CPI up 0.50 m/m and 3.57 y/y
Cleveland Fed sees core CPI up 0.20 m/m and 2.39 y/y|
News
Signs that the US and Iran could be working to re-establish exports from the Persian Gulf. Reports suggested that US and Iranian negotiators were exploring a deal that would lift naval blockades against tankers crossing the Strait of Hormuz and ease US sanctions on the Iranian economy.
Initial jobless claims 197K, continuing the streak near its 60-year lows
Higher Treasury yields reflected an increasingly adverse macroeconomic backdrop.
Hot PMIs have with Inflation Written All Over | Wolf
Diesel dipped to $6.514 vs $6.521 yesterday
When Everything Becomes a National Security Threat
“National security” has become the government’s all-purpose permission slip to behave badly.
Ukraine’s New Strategy: Urgent Ceasefire Before Winter Firestorm | Simpl
Zelensky and his sponsors have begun campaigning for this ceasefire in full force
Russians are targeting substations in the Kyiv region in an attempt to cut off Kyiv's electricity supply. | Report
That lesbian Covid-conscious bar is beyond a satirist’s wildest dreams
There is not a single comedian or satirist on Earth who could come up with a better parody of woke. Yet however much we might laugh, this lunatic fringe is not exactly fringe any longer. The obsessions these ladies demonstrate – with disability, with Covid, with queerness – have made their way into the bloodstream of the body politic through an increasingly influential Democratic Socialists of America and an increasingly radicalised cohort of downwardly mobile, overeducated and unemployable children of elites.
Today’s Peak Digest
Palantir’s Maven strike, Meta Muse, tokenization, weak Treasury auction, rising mortgages, Pennsylvania health rules, Missouri Congressional map, California welfare, NYT lawsuit, Piker’s DSA remarks, Iran flights, and psychiatry overmedication.
Insta
No one watches TV. No one misses the press pool. You are extinct, you just haven't realized it yet.
Debt Rattle
Doug Casey on the Diesel Crisis
It’s said that war is nature’s way of teaching Americans geography. It can now be said that diesel is another way of teaching them geography—plus chemistry. And they’re getting a graduate degree in it right now. The wars in the Ukraine, Iran, and now Houthiland have doubled the price of fuels in the last six months. And I believe they’re going higher.
I don’t see that there’s any reasonable solution between the American-Israeli camp and the Iranian camp at this point. The Iranians are demanding $300 billion in compensation for damage so far, plus that the Americans leave all Middle East bases and drop their sanctions. Meanwhile, the Americans are moving to punish third parties that have anything to do with the Iranians. A rock has met a hard place. Both sides are adamant, and both sides are escalating.
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