The moral rot of unlimited debt looks "free" but it's unaffordable in the end...

The normalisation of the Japanese real bond yield remains a significant and underestimated risk.

"Therefore, if he decides to hide in CHINA, we will now be asking the State Dept. and Treasury to freeze his assets/visa."

If realized volatility stays depressed, vol-control funds could ramp up buying—and btw, SPX 3-month realized vol just had its biggest one-day drop since 1987.

"Every time they say something or try to do something to quash that he most likely was murdered, they put their foot further in their mouth..."

The approval is for a vaccine that was previously available through emergency authorization...

Unmoored from power and panicked by Trump’s momentum, the left lashes out - from Congress to campus to the street - with rage born of fear and fading influence...

...more than two dozen of those killed remain unidentified

...dismissive explanations only whitewash over the mounting evidence: that prehistoric civilizations had advanced knowledge, and this knowledge was lost over the ages only to be developed anew in modern times...

Trump announces 50% tariff on Brazil; Dovish Daly & Waller, Hawkish Musalem; Ferrero to acquire KLG; Strong DAL earnings & restores FY outlook; OPEC+ discussing pausing output hike from Oct.; Initial jobless claims unexpectedly fall; Average US 30yr bond auction; NVIDIA's CEO to meet with Trump.

...momo down to two-month lows as 'most shorted' stocks hit YTD highs...

"In some ways it's a little terrifying, but the growth of intelligence here is remarkable,"

But the Fed, over the past 50 years or so, has atrophied into a self-serving, central-planning Deep State that is essentially ignoring and opposing the wishes of the 80 million people who voted for Mr. Trump for president...

Are we on an impossible road to bankruptcy and debt slavery?

Stocks (growth accelerating) and front-end rates (growth could be slowing) are in violent disagreement...

Brazil’s former President Jair Bolsonaro is being tried on charges of attempting to stage a coup against the current president, Luiz Inácio Lula da Silva.

Overall, this was a mediocre, forgettable auction and one which certainly took advantage of today's bid across the curve despite yet another markewide meltup.