Three of the week's largest repricings had no seller in them. The world's biggest sovereign wealth fund wrote to its finance ministry proposing to cut the government-bond weight in its benchmark from seventy percent to fifty, retiring a price-insensitive Treasury bid by letter rather than by trade.

Nobody Sold. Norges Bank recommended cutting the government share of its bond benchmark from 70 percent to 50, because 50 percent already covers its liquidity needs, in its own words even in market turbulence. That takes US Treasuries from 34.1 percent of the bond book to 21.9, roughly $80 billion of the $215 bi

Stocks gave back half a percent on Wednesday with crude holding triple digits and the ten year near a multi-year high, and the small caps that lead the year led the decline. The Treasury spent the day buying back its own long bonds and yields rose anyway; the President told reporters the war ends im

Treasury Bid. The Long End Sold Anyway.. Treasury confirmed a $6 billion buyback of ten and twenty year notes. Andy Constan of the macro shop Damped Spring annualised it: 32 operations that size is $192 billion, or 20.8 percent of what Treasury issues in a year. That is not a small operation. It is an expected one, which he said plainly, c

Three of tonight's stories are the same trade in different clothes. Qualcomm is paying its customer in its own shares, which become worth something only as that customer places orders; GameStop's best second quarter ever is mostly a mark on shares of the company it has just asked permission to print

Paid to Be the Customer. The warrant covers 25 million shares at a fixed $161.26, vesting in tranches tied to orders running up to $60 billion of AI chips. Four billion against sixty is a 6.7 percent rebate paid in the supplier's own equity, not cash, so if Qualcomm's stock falls the discount shrinks with it, in the quarter

Two markets are pricing opposite futures off the same war. The interest-rate futures ladder is priced for a hike this month while the swap market sits near the lowest spreads in its history, and both arguments are conducted over the price of a barrel. Seven months in, the barrel is not what this war

Sixty Percent of the Money, Thirty Percent of the Importers. Charlie Bilello's ranked series puts gas at 125 percent, then heating oil 77, jet fuel 62, diesel 56, rice 47, and crude last at 36. A crude shortage lifts the barrel first and drags everything refined behind it. The reverse shape puts the constraint in refining and fertiliser capacity rather than o

The price of safe money went up this week and the standard of proof for risky money went down. The two-year Treasury is paying 71 basis points more than the rate the Federal Reserve actually charges, which is a market marking up the cost of the safest thing there is. Set against that, three of the w

Nvidia Bought a Promise It Has to Keep. That million is the International Energy Agency's count of EVs shipped from China and never registered as sales. An export is a shipment; a registration is a buyer. The difference is inventory, and inventory clears on price. Tariff walls routed the surplus rather than shrinking it: sales elsewhere n