Goldman's own models still show $25 billion or more of potential CTA supply this week, with CPI and CoreWeave earnings both due tomorrow...

" ... so today could be a wild ride." 

Republicans lost the midterms because they abandoned small-government principles...

"Unfortunately, that means we need to align our staffing levels to our revised business plan, resulting in a reduction of approximately 5% through a combination of attrition and involuntary layoffs, with notifications beginning in December." 

Overall, this was a clearly subpar auction, where the slide in bid to cover and foreign demand, suggested that demand for short-end paper has gotten notably more challenging than in recent months.

In other words, in the middle of a tanker war, North Sea crude is trading like it's April 2020. How did we get here? Freight, mostly...

Ninety years ago, John Maynard Keynes dismissed gold as a "barbarous relic" and recommended the pursuit of paper money. Today, we see the inflationary fruit of the poisonous tree...

Going to get spicy. 

We move from payrolls to US inflation as the main macro focus this week, with October CPI tomorrow and PPI on Friday, alongside a busy slate of Fed speakers...

Half of college grads now expect unemployment to be higher a year from now, the most pessimistic of any education group, even as Friday's payrolls blew past every Wall Street estimate. Meanwhile, the odds of missing a minimum debt payment just jumped to 13.8%.

Sovereign borrowing remains substantial and AI-related corporate financing has not collapsed, but the forces driving yields higher are no longer reinforcing one another...

Wow...

We all just saw what happened with Nvidia and Jensen Huang. I’d watch crypto next.

"Secret Service arrests two after car crash and barricade breach outside White House." 

Emergency crews exinguish a fire that resulted...

Biden pledged to triple it, Trump to quadruple it, and Congress keeps passing it without a single "no"...