Blistering Demand For 5Y Trasury Auction; First "Stop Through" In 2017

After 4 consecutive 5Y auctions that resulted in a "tail", moments ago the Treasury sold $34 billion in 5Y paper which finally "stopped through" the When Issued for the first time since December, printing at a High Yield of 1.831%, 0.7bps through the 1.838% When Issued.

Social Media: Stick A Fork In It

"It’s not that I’m saying “social media” is going away, as in no longer will be around or, will not have any use or value going forward. What I am stating is this: Everything that you’ve been told, as well as sold, about social media as it is currently argued and used, along with why the companies or platforms that supply it should be valued not just mere $Billions, but rather $10’s and $100’s of Billions is over. The signs are there for anyone paying attention..."

The Keynesian Cult Has Failed: "Emergency" Stimulus Is Now Permanent

What do we call a status quo in which "emergency measures" have become permanent props? A failure. The "emergency" responses to the Global Financial Meltdown of 2008-09 are, eight years on, permanent fixtures. Everyone knows what would happen if the deficit spending, money-printing, zero interest rates, shadow banking, asset purchases by central banks and all the rest of the Keynesian Cult's program stopped: the status quo falls apart.

Existing Home Sales Slump As Prices Soar To Record Highs

Following yesterday's collapse in new home sales, NAR reports that existing home sales in April also disappointed - dropping 2.3% (and March revised lower). This drop happens as median home prices spiked 6.0% YoY to record highs as sales declines are blamed once again on a lack of supply (forget affordability?).

Joe Lieberman "No Longer Being Considered" For FBI Director: Report

Just days after it was reported that the frontrunner to replace James Comey as head of the FBI was career democrat Joe Lieberman, it now appears that Trump has gotten cold feet about installing a career democrat as head of the agency and according to CNN the team tasked by Trump with finding a new director for the FBI "is resetting its search" with Reuters reporting that according to CNN, Joe Lieberman is "no longer being considered for FBI director."