Solid 2-Year Auction: Highest Indirects Since February 2016

After last month's stellar 2 Year auction, today's issuance of $26 billion in 2 year paper was a bit of a let down, printing at a yield of 1.261%, or a 0.1 bp tail to the 1.260% When Issued. However, the internals were decidedly better with the highest Indirect bid going back to February 2016.

"Traders Have Lost Confidence In Their Ability To Trade"

"Watching things trade on Friday afternoon baldly made the point that traders have lost confidence in their ability to interpret what’s plainly market-moving news. Far from hoping to be the first to trade, they need someone else to commit and help create the narrative."

Bill Gross Awarded $81 Million In PIMCO Lawsuit Settlement

Bill Gross and his former employer PIMCO announced that they have reached an amicable settlement of the breach-of-contract lawsuit filed by Mr. Gross in October 2015, under which Gross would reportedly be awarded $81 million.

Democrats Delay Gorsuch Supreme Court Panel Vote For One Week

While Democrats debate whether or not to filibuster the Neil Gorsuch nomination for Supreme Court, moments ago they delayed for one week an initial committee vote on Gorsuch. Senator Chuck Grassley, the chairman of the committee, said Democrats had requested that the committee's vote on Gorsuch be punted to next week.

Trump Son-In-Law Kushner To Testify On Russia Ties

A week after giving his daughter Ivanka an office in The White House, President Trump is reportedly creating a new position for his son-in-law and senior adviser even as Jared Kushner faces a Senate panel investigation into his Russia connections.

Goldman Warns OPEC Production Cut Extension Will Backfire, Result In Lower Prices

"Oil prices above $60/bbl would prove self defeating in our view given the flattening of the oil cost curve and the unprecedented velocity of the shale supply response." A decision to extend cuts, "would only exacerbate the backwardation that we project... and created downside risk to our 2018 $58/bbl forecast."

'Soft' Data Slump Continues - Dallas Fed Misses, Tumbles Most In 14 Months

Following disappointing Manufacturing and Services PMIs last week, this week has not started well for the hope embedded in 'soft' survey data. After six straight months higher, The Dallas Fed Manufacturing Outlook slumped in March (down 7.6pts to 16.9). This is the biggest drop since Jan 2016 and was lower than all estimates.

Iraq Denies US Air Raid Killed Over 200 Civilians In Mosul

Two days after the US military confirmed that a coalition airstrike may have killed as many as 240 civilians in a March 17 Mosul air raid, the Pentagon found an unexpected defender when the Iraqi military said on Sunday a blast that killed scores of civilians in western Mosul was triggered by an Islamic State booby trap, contradicting local officials and residents who claimed a U.S.-led coalition airstrike caused the deaths.

Two Trends That Will Force The Fed To Start Buying Stocks

While the Japanese and Swiss central banks have turned themselves into hedge funds by loading up on equities, the US Fed has stuck to supporting the stock market indirectly, by buying bonds. It’s worked, obviously, with all major US indexes at record highs. But it won’t work going forward, thanks to two gathering trends.