en Fight Club Author Slams 'Modern Left': "I Coined 'Snowflake' And I Stand By It" <p>Now part of common parlance when referring to the overly-sensitive, easily-outraged, excessively-entitled Left, we read with particular enjoyment - for obvious reasons - that when <a href="">London's Evening Standard</a> asked Fight Club author Chuck Palahniuk about the popularisation of the term, he responded "It does come from Fight Club. There is a line, ‘You are not special. You are not a beautiful and unique snowflake.’”</p> <p><iframe src="" width="560" height="315" frameborder="0"></iframe></p> <p><a href=""><br />For those who are inexplicably unfamiliar, </a>in Fight Club Tyler Durden leads a generation of emasculated men to rediscover their inner strength by beating the hell out of each other. Two decades later, Palahniuk sees the modern generation as delicate flowers more than ever. “There is a kind of new Victorianism,” he said. </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>“Every generation gets offended by different things but my friends who teach in high school tell me that their students are very easily offended.”</strong></p> </blockquote> <p><strong>Now snowflakes have blown across the Atlantic and entered into British parlance. Last week, Boris Johnson warned François Hollande not to administer “punishment beatings” in the Brexit negotiations. His old friend Michael Gove piled in, saying those offended were “deliberately obtuse snowflakes”. And the term has already been re-appropriated by its targets: at the Women’s March in London on </strong>Saturday were signs with slogans such as “Damn right we’re snowflakes: Winter is coming”.</p> <p>Chuck says this is a problem with the Left, not the Right.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p> <strong>“The modern Left is always reacting to things,” </strong>he opined.</p> <p>&nbsp;</p> <p><strong>“Once they get their show on the road culturally they will stop being so offended.” </strong></p> <p>&nbsp;</p> <p>He added self-effacingly: “That’s just my bulls**t opinion.”</p> </blockquote> <p>And now you know.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="648" height="336" alt="" src="" /> </div> </div> </div> Cacophony Society Chuck Palahniuk Durden Fiction Fight Club Fight Club Literature Mental illness in fiction Michael Gove Palahniuk Snowflake The Narrator Tyler Durden Tue, 24 Jan 2017 19:59:35 +0000 Tyler Durden 586407 at Why The Keystone Pipeline Will Actually RAISE Gas Prices In the U.S. <div class="content"> <p>Bloomberg <a href="" target="_blank" title="notes">notes</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Completion of the entire [Keystone] pipeline would&nbsp;<strong>raise prices at the pump in the Midwest and Rocky Mountains 10 to 20 cents a gallon</strong>, Verleger, the Colorado consultant, said in an e-mail message.The higher crude prices also would <strong>erase the discount enjoyed by cities including Chicago, Cheyenne and Denver</strong>, Verleger said.</p> </blockquote> <p>CNN Money <a href="" target="_blank" title="reports">reports</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Gas prices might go up, not down</strong>: Right now, a lot of oil being produced in Canada and North Dakota has trouble reaching the refineries and terminals on the Gulf. Since that supply can&rsquo;t be sold abroad, it reduces the competition for it to Midwest refineries that can pay lower prices to get it.</p> <p>&nbsp;</p> <p>Giving the Canadian oil access to the Gulf means the glut in the Midwest goes away, <strong>making it more expensive for the region</strong>.</p> </blockquote> <p>Tyson Slocum &ndash; Director of Public Citizens&rsquo; Energy Program &ndash; <a href="" target="_blank" title="explains">explains</a>:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>How does bringing in <em>more</em> oil supply result in higher gas prices, you ask? Let me walk you through the facts. A combination of record domestic oil production and anemic domestic demand has resulted in large stockpiles of crude oil in the U.S. In particular, supplies of crude in the critical area of Cushing, OK<a href="" target="_blank" title=" increased more than 150%"> increased more than 150%</a> from 2004 to early 2011 (compared to a 40% rise for the country as a whole). Segments of the oil industry want to import additional supplies of crude from Canada, bypass the surplus crude stockpiles in Oklahoma in an effort to refine this Canadian imported oil into gasoline in the Gulf Coast <strong>with the goal of increasing gasoline exports to Latin America and other foreign markets<em>.</em></strong></p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>Cushing typically is a busy place &ndash; I noted in<a href="" target="_blank" title=" my recent Senate testimony "> my recent Senate testimony </a>how Wall Street speculators were snapping up oil storage capacity at Cushing. And all of that surplus capacity is pushing WTI prices down &ndash; and for many in the oil business, downward pressure on prices is a terrible thing. As <a href="" target="_blank" title="MarketWatch">MarketWatch</a> reports, &ldquo;[B]y running south across six U.S. states from Alberta to the Gulf of Mexico, [the Keystone pipeline] would skirt the pipeline hub at landlocked Cushing, Okla., <strong>a bottleneck that has forced Canadian producers to sell their oil at a steep discount to other crude grades facing fewer obstacles to the market</strong>.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>There are several global crude oil benchmarks, and the price differential between Brent and WTI now is around $10/barrel, which is a fairly significant spread, historically speaking. <strong>Moving more Canadian crude to bypass the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI-benchmarked Cushing stocks, the industry hopes, will align WTI&rsquo;s current price discount to be <span style="text-decoration: underline;">higher</span>, and more in line with Brent.</strong></p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>The Keystone pipeline isn&rsquo;t just about expanding the unsustainable mining of &hellip; Canadian crude, but also to<strong><span style="text-decoration: underline;"> raise</span> <span style="text-decoration: underline;">gasoline</span> <span style="text-decoration: underline;">prices</span> <span style="text-decoration: underline;">for</span> <span style="text-decoration: underline;">American</span> <span style="text-decoration: underline;">consumers</span> whose gasoline is currently priced under WTI crude benchmark prices.</strong></p> </blockquote> <p>Slocum <a href="" target="_blank" title="notes">notes</a> that oil is America&rsquo;s number 1 <em>import</em> at time same that fuel is America&rsquo;s number 1 <em>export</em>.</p> <p>Specifically, more oil is being produced now under Obama than under Bush. But gas consumption is flat.</p> <p>So producers are exporting refined products. By exporting, producers keep refined products off the U.S. market, creating <em><strong>artificial scarcity</strong></em> and keeping U.S. fuel prices high.</p> <p>Slocum said that the main goal of the Keystone Pipeline is to import Canadian crude so the big American oil companies can export more refined fuel, <strong>driving up prices for U.S. consumers.</strong></p> <p><center>&nbsp;</center><center> <p>&nbsp;</p> <p></p></center> </p><p>Tom Steyer <a href="" target="_blank" title="points out">points out</a>:</p> <p><center><iframe frameborder="0" height="505" src="" width="700"></iframe></center> </p><p>&nbsp;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Statements from pipeline developers reveal that the intent of the Keystone XL is <strong>not to help Americans, but to use America as an export line to markets in Asia and Europe</strong>. As Alberta&rsquo;s energy minister Ken Hughes acknowledged, &ldquo;[I]t is a strategic imperative, it is in Alberta&rsquo;s interest, in Canada&rsquo;s interest, that we get access to tidewater&hellip; to diversify away from the single continental market and be part of the global market.&rdquo;</p> </blockquote> <p>And <a href="" target="_blank" title="see this">see this</a> NBC News report.</p> <p>As Fortune explains, the U.S. is now an exporter of refined petroleum products, but Americans aren&rsquo;t getting reduced prices because <a href="" target="_blank" title="the oil companies are now pricing the fuel according to European metrics:">the oil companies are now pricing the fuel according to <em>European </em>metrics:</a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The U.S. is now selling more petroleum products than it is buying for the first time in more than six decades. Yet Americans are paying around $4 or more for a gallon of gas, even as demand slumps to historic lows. What gives?</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>Americans have been told for years that if only we drilled more oil, we would see a drop in gasoline prices.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>But more drilling is happening now, and prices are still going up. That&rsquo;s because Wall Street has <a href="" rel="external nofollow" target="new" title="changed the formula for pricing gasoline">changed the formula for pricing gasoline</a>.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>Until this time last year, gas prices hinged on the price of U.S. crude oil, set daily in a small town in Cushing, Oklahoma &ndash; the largest oil-storage hub in the country. Today, gasoline prices instead track the price of a type of oil found in the North Sea called Brent crude. And Brent crude, it so happens, trades at a <a href="" rel="external nofollow" target="new" title="premium to U.S. oil by around $20 a barrel.">premium to U.S. oil by around $20 a barrel.</a></p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>So, even as we drill for more oil in the U.S., the price benchmark has dodged the markdown bullet by taking cues from the more expensive oil. As always, we must compete with the rest of the world for petroleum &ndash; including our own.</p> <p>&nbsp;</p> <p>This is an unprecedented shift. Since the dawn of the modern-day oil markets in downtown Manhattan in the 1980s, U.S. gasoline prices have followed the domestic oil price &hellip;.</p> <p>&nbsp;</p> <p>In the past year, U.S. oil prices have repeatedly traded in the double-digits below the Brent price. That is money Wall Street cannot afford to walk away from.</p> <p>&nbsp;</p> <p>To put it more literally, if a Wall Street trader or a major oil company can get a higher price for oil from an overseas buyer, rather than an American one, the overseas buyer wins. Just because an oil company drills inside U.S. borders doesn&rsquo;t mean it has to sell to a U.S. buyer. There is patriotism and then there is profit motive. This is why Americans should carefully consider the sacrifice of wildlife preservation areas before designating them for oil drilling. The harsh reality is that we may never see a drop of oil that comes from some of our most precious lands.</p> <p>&nbsp;</p> <p>***</p> <p>&nbsp;</p> <p>With the planned construction of <a href="" rel="external" target="_blank" title="more pipelines from Canada to the Gulf of Mexico">more pipelines from Canada to the Gulf of Mexico</a>, oil will be able to leave the U.S. in greater volumes.</p> </blockquote> <p>This isn&rsquo;t old news &hellip; or just a hypothetical worry.</p> <p>As Bloomberg <a href="" target="_blank" title="reported">reported</a> in December 2013:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>West Texas Intermediate crude gained the most since September after TransCanada Corp. (TRP) said it will begin operating the southern leg of its Keystone XL pipeline to the Gulf Coast in January.</p> <p>&nbsp;</p> <p>[West Texas Intermediate oil] prices jumped to a one-month high, narrowing WTI&rsquo;s discount to Brent. TransCanada plans to start deliveries Jan. 3 to Port Arthur, Texas, via the segment of the Keystone expansion project from Cushing, Oklahoma, according to a government filing yesterday. Cushing is the delivery point for WTI futures. Crude [oil pries] also rose as U.S. total inventories probably slid for the first time since September last week.</p> <p>&nbsp;</p> <p>&ldquo;With the pipeline up and running, you are going to see drops in Cushing inventories,&rdquo; said Michael Lynch, president of Strategic Energy &amp; Economic Research in Winchester, Massachusetts. &ldquo;It drives up WTI prices far more than Brent. You are going to see a narrowing of the Brent-WTI differential.&rdquo;</p> </blockquote> </div> <p>&nbsp;</p> B+ Brent Crude Business Commodity markets Crude Crude Oil Cushing, Oklahoma Economy Economy of Canada Energy Gulf Coast Gulf of Mexico Latin America Mexico Midwest NBC Oklahoma Petroleum Petroleum geology Petroleum industry Price of oil Reality Senate Testimony Unconventional oil West Texas West Texas Intermediate Tue, 24 Jan 2017 19:43:44 +0000 George Washington 586406 at Why The World Economy Is Likely To Collapse (In 1 Simple Chart) <p><em><a href="">Submitted by Chris Hamilton via Econimica blog,</a></em></p> <p><u><strong>No difficult economic terms, no tough charts, just simple math.</strong></u></p> <p><strong>1 - The worlds population of under 40 year olds (excluding Africa) has essentially peaked</strong> (chart below...bars represent 0-40yr/old population, dashed lines UN future estimates).&nbsp; <strong><em>What is interesting about the under 40 year old population is that they are responsible for about 97% of all pregnancies / births.</em></strong>&nbsp; It&#39;s not impossible for 40+ year old women to have children, just statistically very rare (particularly outside the developed world).</p> <p><a href=""><img alt="" src="" style="width: 500px; height: 332px;" /></a></p> <p>Ok, we&#39;ve established the global under 40 population (excluding Africa)&nbsp;has essentially we lay out&nbsp;the chart below that<strong> a shrinking population (above)&nbsp;isn&#39;t replacing themselves.</strong>&nbsp; Chart below shows world fertility rates, again breaking world fertility (ex-Africa) from the African fertility rate.&nbsp; The world (ex-Africa) has fallen below the 2.1 births per female replacement level...and even Africa is rapidly slowing.</p> <p><a href=""><img alt="" src="" style="width: 500px; height: 301px;" /></a></p> <p>A flat to shrinking child bearing population that is not reproducing at a rate to replace themselves and the fertility rates continue to fall.&nbsp; This all points to&nbsp;the potential the low&nbsp;UN&nbsp;0-40yr/old population estimate could be fairly accurate (chart 1, lower bound).&nbsp;<u><em><strong> With either the medium or low estimate, the UN is telling us they expect a massive depopulation of&nbsp;under 40 year olds&nbsp;world-over.&nbsp; Somewhere&nbsp;between 1 billion&nbsp;to 2.5 billion fewer under 40yr/olds by&nbsp;the turn of the century&nbsp;&amp; perhaps well&nbsp;in excess of a 50% decline&nbsp;</strong></em></u>(except for Africa?!?).&nbsp; I lay out why the Ex-Africa approach to viewing global economics makes sense, <a href="" target="_blank">HERE.</a></p> <p><strong>The next three charts show annual global population growth, excluding Africa (the charts show average annual population growth per five year periods). </strong></p> <p>Chart below,&nbsp;(1) annual population growth clearly peaked in the &#39;85-&#39;90 timeframe at&nbsp;about +75 million year over&nbsp;year&nbsp;growth, and 2 - the makeup of that growth has entirely shifted from primarily among under 40yr/olds to primarily 65+yr/olds.&nbsp; <strong>These trends are about to get much worse, from an economic and consumption standpoint.</strong></p> <p><a href=""><img alt="" src="" style="width: 500px; height: 250px;" /></a></p> <p>The chart below is focusing on the changing nature of the annual global population growth.</p> <p><a href=""><img alt="" src="" style="width: 501px; height: 263px;" /></a></p> <p>Finally, a quick look at select years to show the changing nature of the global population growth...shifting from nearly entirely growth among the young to declines among the young only somewhat offset by the elderly living far longer.</p> <p><a href=""><img alt="" src="" style="width: 500px; height: 326px;" /></a></p> <p><strong>All the interest rate cuts and debt has been undertaken&nbsp;under the paradigm&nbsp;that it would be more easily repaid in the future...but now we&#39;ve come to &quot;the future&quot; where there are fewer of us to service the debt, buy homes, buy cars, consume our way to prosperity...or pay the taxes to keep the social systems solvent.&nbsp; </strong>Basically, we are doing our best Wile E. Coyote impression...<strong>we&#39;ve gone over the cliff but somehow haven&#39;t realized it quite yet.&nbsp; </strong>What this has looked like in the US and globally...<a href="" target="_blank">HERE.</a></p> <p>Of course, the flipside is the 40+ year old world (ex-Africa) population is set to continue soaring (chart below).&nbsp; Unfortunately, by age 65, the population consumes at about 70% of it&#39;s peak earning years...and by 75, consumption falls to somewhere around 50-60%.&nbsp; The elderly are credit averse, have made their major life purchases and spending (kids, homes, college) and turn to net sellers in retirement.&nbsp; Absent a growing population of young to buy their assets (IRA&#39;s, homes, etc.), we have a small problem (central bank asset purchases to the rescue).&nbsp; As for Africa, the population growth&nbsp;there&nbsp;generally consume at a&nbsp;rate of&nbsp;5-10% the consumption of the depopulating young&nbsp;they are replacing.&nbsp; <u><strong>Global economic activity and consumption are likely to fall off a steep, high precipice.</strong></u></p> <p><a href=""><img alt="" src="" style="width: 501px; height: 304px;" /></a></p> <p>The implications economically, financially,&nbsp;societally, etc. etc. of a collapsing population of young and soaring older population should be ringing alarm bells...but instead our politicians seem officially mindless (or intentionally misleading the populace)&nbsp;in the face of a cataclysmic shift.</p> <p><strong>Just to make the is what the shift looks like for the US.&nbsp;</strong> The breakdown in growth among&nbsp;25-54yr/old employees (blue line)&nbsp;coinciding with interest rate cuts&nbsp;(black line)&nbsp;and massive&nbsp;federal debt increases (red line).&nbsp;</p> <p><a href=""><img alt="" src="" style="width: 500px; height: 229px;" /></a></p> <p>The chart below shows&nbsp;total&nbsp;federal debt apportioned&nbsp;per the nearly 100 million 25-54yr/old employees (red columns)&nbsp;vs. the non-growth in wages shown by the real median household income (green line).</p> <p><a href=""><img alt="" src="" style="width: 500px; height: 333px;" /></a></p> <p>&nbsp;</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="502" height="333" alt="" src="" /> </div> </div> </div> Demographic economics Demography Environmental social science ETC Fertility Human geography Human overpopulation Population Population decline Population growth Total fertility rate United Nations Wile E. Coyote World population Tue, 24 Jan 2017 19:37:06 +0000 Tyler Durden 586402 at Trump Signs Executive Orders Renegotiating Keystone XL, Dakota Access Pipelines <p><strong>Update</strong>: it's official, Trump has signed executives orders to advance the construction of the controversial Keystone XL and Dakota Access pipelines, according to which the US will renegotiate terms on the two pipelines.</p> <p><img src="" width="500" height="276" /></p> <p>As part of the announcement Trump said "if the US build pipelines, the pipes shoudl be made in the US" and added that "order streamlines cumbersome manufacturing regulations." He called the regulatory process a "tangled up mess." </p> <p>Trump told reporters in the Oval Office that the moves on the pipelines will be subject to the terms and conditions being renegotiated by the U.S. </p> <blockquote class="twitter-video"><p dir="ltr" lang="en">President Trump signs executive actions to advance construction of the Keystone XL and Dakota Access oil pipelines <a href=""></a></p> <p>— Bradd Jaffy (@BraddJaffy) <a href="">January 24, 2017</a></p></blockquote> <script src="//"></script><p>President Barack Obama killed the proposed Keystone XL pipeline in late 2015, saying it would hurt American efforts to reach a global climate change deal. The pipeline would run from Canada to U.S. refineries in the Gulf Coast. The U.S. government needs to approve the pipeline because it crossed the border. </p> <p>The Army decided last year to explore alternate routes for the Dakota pipeline after the Standing Rock Sioux tribe and its supporters said the pipeline threatened1 drinking water and Native American cultural sites.</p> <p>* * * </p> <p>According to Bloomberg's FX strategist, Vincent Cignarella, the announcement should be favorable for the USD/CAD in the short term.&nbsp; According to him, "the U.S. economy would get an immediate benefit from construction of the project, while Canada would not gain from oil exports for at least 5 years, FX traders in Toronto said."</p> <p>Keystone project could add as many as 42,000 jobs, according to a U.S. State Department estimates.&nbsp; Keystone could help support market share but would likely exacerbate oil pricing issues, according to TD’s Mark McCormick said. In the same view, producers are unlikely to make new investments, which is key for the revival in economic growth, until oil can hold a $70-80/bbl range for a few years. </p> <p><strong>Earlier:</strong></p> <p>It is just day two of his presidency, and already Trump is taking a sledgehammer to the Obama legacy: in his latest move reported moments ago by Bloomberg, president Trump intends to sign two executive actions today <strong>that would advance construction of the controversial Keystone XL and Dakota Access pipelines</strong>, putting a spoke, so to say, in the train wheels of Warren Buffett's train-based oil transportation quasi-monopoly.</p> <p><a href=""><img src="" width="500" height="313" /></a></p> <p>The orders would fulfill campaign promises Trump made to approve both pipelines, which face strong opposition from Democrats and environmentalists, but ardent support from the oil industry and the GOP. <strong>The White House said Trump plans to sign executive orders at 11 a.m. Tuesday morning, but did not provide more details, nor did it respond to the Bloomberg report.</strong></p> <p>It’s unclear what exactly the orders would do and whether they would fully approve the pipelines or take some other steps in that direction.</p> <p>If fully built by developer TransCanada Corp., Keystone would run from Alberta, Canada’s oil sands to the Gulf Coast in Texas, bringing heavy oil sands petroleum to refineries. Last month, the Obama administration ordered a comprehensive environmental impact statement to be conducted on the Dakota Access Pipeline before any decision could be made on building its final section below Lake Oahe in North Dakota. </p> <p>Dakota Access has been the subject of internationally recognized protests that have fired up environmentalists and indigenous rights activists. They say that the pipeline threatens the water supply of the Standing Rock Sioux tribe, and further development of oil infrastructure threatens the climate.</p> <p>More details from <a href="">Bloomberg</a>:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Keystone was rejected under former President Barack Obama. Trump’s move on Energy Transfer Partners LP’s 1,172-mile Dakota Access project aims to end a standoff that has stalled the $3.8 billion project since September, when the Obama administration halted work on land near Lake Oahe in North Dakota. </p> <p>&nbsp;</p> <p>The moves, taken on Trump’s fourth full day in office, mark a major departure from the Obama administration’s handling of the controversial oil pipelines. The steps vividly illustrate Trump’s plan to give the oil industry more freedom to expand infrastructure and ease transportation bottlenecks.</p> </blockquote> <p>The two projects require different approvals. Keystone needs a presidential permit to build across the Canadian border, while Dakota Access, developed by Energy Transfer Partners, needs an Army Corps of Engineers easement to build under Lake Oahe.</p> <p>Expect an angry reaction from Buffett, which will promptly flow through to funded environmental protest groups, who will double down in their defense of the two pipelines, of which the Dakota Access was the prominent center of media attention in the waning days of Trump's presidency.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="422" height="245" alt="" src="" /> </div> </div> </div> army Army Corps Barack Obama Barack Obama Business Business CAD Dakota Access Pipeline Department of State Donald Trump Finance Geography of South Dakota Gulf Coast Keystone Keystone Pipeline Market Share Money Obama Administration Obama administration Oil sands Petroleum Petroleum geology Petroleum industry Politics Presidency of Barack Obama Republican Party S&P/TSX 60 Index S&P/TSX Composite Index Standing Rock Indian Reservation TransCanada Corporation United States US government Warren Buffett White House White House Tue, 24 Jan 2017 19:19:49 +0000 Tyler Durden 586376 at You're Buying, They're Selling: Big Bank Execs Dump $100 Million In Stock As Market Soared <p>Shortly after the melt-up in US bank stocks began following Trump&#39;s election victory, <a href="">we noted heavy insider-selling (and options expiration) among Goldman Sachs executives</a>. Well the selling never stopped, as <a href="">WSJ reports </a><strong>executives at the biggest Wall Street banks have sold nearly $100 million worth of stock</strong> since the presidential election, <strong>more than in that same period in any year over the past decade</strong>.</p> <p><a href=""><em>As we detailed in mid-November,</em></a> while the mainstream media proclaims the surge in bank stocks as heralding a new dawn in everything-is-awesome-ness for America, we note that <span><span style="text-decoration: underline;"><strong>insiders at Goldman Sachs sold $205 million of stock since Nov. 8, company filings show. </strong></span></span></p> <p><span><span style="text-decoration: underline;"><strong>That&rsquo;s three times more than the group has sold in any month for at least five years,</strong></span> data compiled by Bloomberg show.</span></p> <p><span>Not a bad week for Cohn, Blankfein, and Viniar...</span></p> <p><a href=""><img src="" style="width: 600px; height: 248px;" /></a></p> <p>&nbsp;</p> <p>And since then, as the bank&#39;s stock prices have soared, despite lackluster earnings expectations and a yield curve that did not steepen (pumping up NIM)...</p> <p>&nbsp;</p> <p><a href=""><img src="" style="width: 600px; height: 317px;" /></a></p> <p><a href="">The Wall Street Journal reports,</a> <strong>bankers sold nearly $100 million worth of stock since the presidential election, more than in that same period in any year over the past decade...</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The share sales occurred as financial stocks soared since Nov. 9 on expectations of lighter regulation, lower taxes and pro-growth economic policies. The KBW Nasdaq Bank index is up nearly 20% since Donald Trump&rsquo;s victory, about triple the gains notched by the broader market.</p> <p>&nbsp;</p> <p><strong>In addition to the share sales, bank executives have sold another $350 million worth of stock to cover the cost of exercising options</strong>, filings show. That is twice the amount sold for that purpose at big banks in the year leading up to the election.</p> <p>&nbsp;</p> <p>An added bonus: <strong>The post-election run-up in share prices gave value to some options that were likely to expire worthless. </strong>At Goldman Sachs Group Inc., for instance, the postelection bounce turned half a billion dollars worth of stock options into winners&mdash;some just days before they were set to expire.</p> </blockquote> <p>They are all doing it...</p> <p><a href=""><img alt="" src="" style="width: 600px; height: 249px;" /></a></p> <p><a href=""><img alt="" src="" style="width: 600px; height: 253px;" /></a></p> <p><a href=""><img alt="" src="" style="width: 600px; height: 252px;" /></a></p> <p><strong>Further selling may be in store,</strong> and not all big banks have filed reports on selling by all their top executives.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>What&rsquo;s more, bank employees typically can&rsquo;t sell shares or exercise options in the run-up to earnings reports. The big banks finished posting their latest round of earnings last week, meaning <strong>employees will now in most cases be free to sell.</strong></p> <p>&nbsp;</p> <p>Those sales won&rsquo;t be as apparent, though. <strong>Banks only have to disclose trades for a handful of top executives, although some rank-and-file employees are paid largely in stock and options.</strong></p> </blockquote> <p><em><strong>So who is the sucker at this table?</strong></em></p> <p>Dick Bove gets it... &quot;<em>banks won&#39;t be able to hold on to the earnings boost they get from higher interest rates. The hole in the bottom of the piggy bank, as he described it, would be that higher rates would also hurt the value of financial assets held by the bank, thus leaking out any benefits from increasing borrowing costs.</em>&quot;</p> <p><iframe allowfullscreen="true" bgcolor="#131313" height="298" src=";byGuid=3000586989&amp;size=530_298" type="application/x-shockwave-flash" width="530"></iframe></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="957" height="403" alt="" src="" /> </div> </div> </div> Bank Index Borrowing Costs Business Dick Bove Donald Trump Economy of New York City Executive compensation in the United States Finance goldman sachs Goldman Sachs Goldman Sachs NASDAQ Nasdaq Bank New York City NIM Rockefeller Center Subprime mortgage crisis Troubled Asset Relief Program Wall Street Journal Yield Curve Tue, 24 Jan 2017 19:17:16 +0000 Tyler Durden 586401 at Trump Orders Media Blackout At EPA: Bans Use Of Social Media, Bars New Contracts <p>The Trump administration has instituted a media blackout at the Environmental Protection Agency and barred staff from awarding any new contracts or grants according to the AP. </p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">BREAKING: Trump bans EPA employees from providing updates on social media or to reporters, bars awarding new contracts or grants.</p> <p>— The Associated Press (@AP) <a href="">January 24, 2017</a></p></blockquote> <script src="//"></script><p>Emails sent to EPA staff since President Donald Trump's inauguration on Friday and reviewed by The Associated Press, <strong>detailed the specific prohibitions banning press releases, blog updates or posts to the agency's social media accounts. </strong>On Monday, the <a href="">Huffington Post reported </a>that EPA grants had been frozen, with agency employees barred from speaking of the matter.&nbsp; The memo ordering the social media blackout is shown below.</p> <p><a href=""><img src="" width="500" height="493" /></a></p> <p>Cited by The Hill, Myron Ebell, who leads the Trump EPA transition, confirmed the freeze to ProPublica.&nbsp; “They’re trying to freeze things to make sure nothing happens they don’t want to have happen, so any regulations going forward, contracts, grants, hires, they want to make sure to look at them first,” Ebell told ProPublica. </p> <p>Trump's pick for EPA director, Oklahoma Attorney General Scott Pruitt, has frequently challenged agency policy in court.&nbsp; </p> <p>The Trump administration reportedly told the Department of the Interior <strong>to stop tweeting from its accounts over the weekend after the National Park Service's Twitter account retweeted a post about the crowd sizes at Trump's inauguration Friday. </strong>The agency <a href="">brought back </a>its accounts on Saturday.</p> <p>As part of the Trump administration's "temporary suspension" of all new business activities at the department, the EPA has been told to halt all contracts, grants and interagency agreements pending a review, including issuing task orders or work assignments to EPA contractors. The orders are expected to have a significant and immediate impact on EPA activities nationwide. </p> <p>According to <a href="">Reuters</a>, the White House sent a letter to the EPA's Office of Administration and Resources Management ordering the freeze on Monday, an EPA staffer told Reuters. "Basically no money moving anywhere until they can take a look," the staffer said, asking not to be named. </p> <p>The EPA awards billions of dollars worth of grants and contracts every year to support programs around environmental testing, cleanups and research. It was unclear if the freeze would impact existing contracts, grants and agreements or just future ones. Myron Ebell said he believed the move was related to Trump's executive order on Monday temporarily halting all government hiring outside the military. </p> <p>Trump has promised to slash U.S. environmental regulation as a way to promote oil drilling and mining. An administration official told Reuters the president would sign two executive actions on Tuesday to advance construction of the Keystone XL and Dakota Access pipelines, a sharp reversal from the Obama administration. Trump's nominee to run the EPA, Oklahoma Attorney General Scott Pruitt, is awaiting Senate confirmation. Pruitt sued the EPA repeatedly as Oklahoma's top prosecutor.</p> <p>Trump also has drawn heavily from the energy industry lobby and pro-drilling think tanks to build its landing team for the EPA, according to a list of the newly introduced 10-member team seen by Reuters on Monday.</p> <p>* * * </p> <p>It appears that the first intra-agency vendetta for the new president has broken out not surprisingly with the agency that is most at risk from Trump's upcoming policy changes, and which was catalyzed by the EPA's role in the bizarre media scandal over the "participation" in Trump's inaguruation rally. The EPA has yet to make an official statement. </p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="640" height="360" alt="" src="" /> </div> </div> </div> American people of German descent Business Climate change skepticism and denial Department of the Interior Donald Trump Economy Environmental Protection Agency EPA's office of Administration and Resources Management Myron Ebell National Park Service Obama Administration Obama administration Oklahoma Political positions of Donald Trump Reuters Scott Pruitt Senate The Apprentice Trump Administration Trump: The Art of the Deal Twitter Twitter United States United States Environmental Protection Agency White House White House WWE Hall of Fame Tue, 24 Jan 2017 18:54:05 +0000 Tyler Durden 586400 at The Guardian Wants Other Newspapers to Help Share in Trump Investigations <blockquote style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><p>Via <a href="">The Daily Bell</a></p> <p>&nbsp;</p> <p>Here is the key to investigating Donald Trump … We were successful because we collaborated with other journalists. Now it is time for the media to join forces once again – especially given the threat Trump poses &nbsp;trump towers &nbsp;‘We are faced with a story that is too big and too important to handle on our own.’</p> </blockquote> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">The Guardian claims it “broke” the story of the Panama Papers and can&nbsp; use the same techniques to harass Donald Trump. What they need to do is cooperate better with other newspapers and share a sense of joint purpose.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">The Panama Papers, they claim, provided a big learning experience. They learned to cooperate better with other newspapers on a variety of fronts.</p> <blockquote style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><p>Donald Trump is now president. This challenges many of us, not least members of the press. Countless reporters are still shaken and stunned by how he singled out a CNN reporter, one of the most respected news outlets in the world, to attack and humiliate him during his first press conference since winning the elections.</p> <p>&nbsp;</p> <p>Worryingly, none of his fellow journalists in the room stood up for him at the time.&nbsp; This wasn’t Trump’s first attack on the press, and it certainly won’t be his last. The first White House press briefing, held on Saturday, featured bullying, threats and unproven claims. That is why a new level of solidarity and cooperation is needed among the fourth estate.</p> <p>&nbsp;</p> <p>American journalists should stop him from dividing their ranks – however hard their professional competition may be. They should do the opposite: unite, share and collaborate. Even if doing so would mean embracing something quite unfamiliar and new to American journalism.&nbsp; The Panama Papers has showed that a formerly unthinkable project of collaboration can work.</p> </blockquote> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">The paper elaborates on its experience, saying it shared with over 400 reporters, including many who ordinarily competed with each other. It was simply too large a story to handle without the help of others.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">The paper claims it faces a similar situation with Trump. “There’s a wide range of possibilities for how news outlets could work together. “</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Concrete solidarity is one approach, the paper claims. When one person is denied the opportunity of an answer, the next person should ask the same question, and the next, until the question is answered.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Additional solidarity goes beyond answering questions. Reporters should reach out to rivals on other newspapers if they are having trouble corroborating a story. Why not collaborate, the newspaper asks.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">At the highest level of collaboration &nbsp;are special joint projects. &nbsp;Trump has dozens - even hundreds - of companies, too many for a single person to investigate. But a collaborative investigation offers the possibility of a more successful approach.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Trump’s potential cooperation with Russia is also promising. “Unknown conflicts of interests in both fields can turn out to be a huge danger to the national security of the US.&nbsp; Collaboration could even mean working with foreign news outlets in different countries, whose reporters certainly might have more knowledge of Trump’s respective business partners than a US-based journalist.”</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Such cooperation gave the Guardian much success with the Panama Papers, according to the Guardian and should be replicated with Trump if possible.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Of course a lot of this is not entirely true from our point of view. We don’t believe the Panama Papers were simply discovered by newspapers. It’s certainly likely that government played a part in the discovery of the papers before handing them off to various newspapers for a variety of reasons.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">We’ve written a previous article indicating that Trump would have difficulties with the kind of negative articles the Guardian has in mind writing. Large-scale ongoing cooperation between&nbsp;newspapers would be a further challenge, though one he would likely overcome in time.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Conclusion:</strong>&nbsp;Trump is already said to be downcast that current coverage doesn't always recognize his to govern as he hoped.&nbsp;Large-scale newspaper cooperation would just make things worse, but&nbsp;perhaps it&nbsp;won't happen. The Guardian is exaggerating in our view with the Panama papers.</p> <div class="content" style="box-sizing: border-box; margin-bottom: 30px; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: inherit; font-family: lucida_granderegular, Verdana, sans-serif; overflow-wrap: break-word;"> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.3; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; color: #333333;">Other stories:</p> <div class="secondary-article-title" style="box-sizing: border-box; margin-top: 10px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: Roboto, sans-serif; color: #303030;"><a href="" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a; outline-style: none; outline-width: 0px;">Worldwide Container Woes Now Hitting German Banks</a></div> <div class="secondary-article-title" style="box-sizing: border-box; margin-top: 10px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: Roboto, sans-serif; color: #303030;"><span style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 24px; line-height: inherit; font-family: inherit; color: #1e439a; text-decoration: underline;">More Cooperation Between America and China Than There Seems</span></div> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.3;">&nbsp;</p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.3;"><a href="" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a; outline-style: none; outline-width: 0px;">Bank of England’s Andrew Haldane Admits Economic Forecasting Errors</a></p> </div> Alt-right Bank of England Business China Climate change skepticism and denial Conservatism in the United States Donald Trump Donald Trump Economy Entertainment Fourth Estate Journalism national security Newspaper None Panama Papers The Apprentice The Fourth Estate The Guardian Trump International Hotel and Tower Trump Tower White House White House WWE Hall of Fame Tue, 24 Jan 2017 18:44:08 +0000 TDB 586398 at Brexit: The Full Timetable Of What Happens Next <p>Despite today's <a href="">expected decision </a>by the UK Supreme Court, which ruled that Theresa May has to put the Brexit decision to a vote in parliament - in line with what May recently said she would - the government announced that the decision would not adversely impact its timeline for triggering Article 50 before the end of March, and that it would introduce Article 50 legislation "within days." The result was little if any reaction from various asset classes, with the pound largely unchanged after some initial volatility.</p> <p>So what happens next? Here, courtesy of <a href="">Danske Bank's Mikael Olai Milhoj</a>, is a quick recap of next steps in the Brexit saga;</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Government to introduce Article 50 legislation ‘within days’</strong></p> <ul> <li><strong>As expected, the Supreme Court ruled that the parliament and not the government has the power to invoke Article 50</strong>, which formally starts the exit negotiations with the EU. Thus the Supreme Court upheld the High Court’s decision in November. Market reaction was limited.</li> <li>Based on stories in UK media, most cabinet ministers expected to lose the appeal case. <strong>In PM Theresa May’s Brexit speech, it also seemed that she had already accepted that the parliament needs to be involved in the negotiation process, </strong>as she mentioned the final deal will be put to a vote in both Houses of Parliament. For more details on PM May’s Brexit speech where she outlined her 12 Brexit principles please see Brexit Monitor #21, 17 January.</li> <li>However, <strong>it was a victory for the government that it does not need to consult the assemblies in Northern Ireland, Scotland and Wales before triggering Article 50.</strong></li> <li><strong>We do not think the Supreme Court’s ruling will delay the triggering of Article 50. Brexit Minister David Davis has said the government will introduce Article 50 legislation ‘within days’ </strong>(see Reuters, UK to introduce Article 50 legislation ‘within days’ – Brexit minister, 24 January) and it seems unlikely that either the Conservative Party or Labour will block the legislation in the House of Commons. In a&nbsp;&nbsp; non-binding vote in December, MPs voted overwhelmingly to support PM Theresa May’s Brexit time table. It could be more problematic to pass the legislation in the pro-EU House of Lords where the Conservatives do not have majority, but it would probably create a constitutional crisis if the House of Lords tries to block or delay Brexit, see Reuters,<em> Brexit plans unlikely to be slowed by Article 50 defeat, 24 January.</em></li> <li>In the Supreme Court’s judgement, it says in section 122 that ‘<em>What form such legislation should take is entirely a matter for Parliament</em>’, which allows the Government to present a very short bill, which makes it more difficult for the MP’s to make amendments. Both Labour and the Scottish National Party (SNP) have already said that they want to be heavily involved during the negotiation process.</li> <li>In other words, <strong>we will have some arm wrestling between the government and the members of parliaments in the coming two months ahead of the triggering of Article 50. </strong>However, it is worth noting that the EU is not bound by whatever strings may be attached by the UK government, so <strong>we still think we are heading towards a hard Brexit, as the UK cannot stay within the single market and get control over EU immigration at the same time.</strong></li> <li><strong>We still expect EUR/GBP to come under pressure as the triggering of Article 50 moves closer. We target EUR/GBP at 0.88 in 3M but see risks skewed to the upside.</strong> </li> </ul> </blockquote> <p>The calendar of next steps in visual format:</p> <p><a href=""><img src="" width="601" height="217" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1119" height="404" alt="" src="" /> </div> </div> </div> Article 50 of the Treaty on European Union Brexit conservative party EU House of Lords European Union European Union Euroscepticism High Court House of Commons Ireland Politics R (Miller and Dos Santos) v Secretary of State for Exiting the European Union Reuters Scottish National Party (SNP) SNP Theresa May Time UK Government UK Supreme Court United Kingdom European Union membership referendum United Kingdom invocation of Article 50 Volatility Withdrawal from the European Union Tue, 24 Jan 2017 18:37:14 +0000 Tyler Durden 586397 at Sean Spicer's Second White House Press Briefing - Live Feed <p>After a<a href=""> bizarre first press briefing</a> earlier this week in which Sean Spicer slammed the media for their obsession with Trump's inaugural crowd sizes, Spicer is set to take questions once again from an undoubtedly anxious press corps starting at 3:30PM EST.&nbsp; Although yesterday's briefing was somewhat more subdued, we suspect the press will be eager to pepper Spicer with questions regarding Trump's rapid-fire signing of several executive orders aimed squarely at dismantling key components of Obama's "legacy".&nbsp; </p> <p>And even though yesterday's breifing was somewhat more subued than his first, <a href="">Spicer sent a clear message</a> that White House Press Breifings going forward will be anything but "traditional" by calling on the <strong>New York Post and the Christian Broadcasting Network for his first questions</strong>.&nbsp; </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Sean Spicer, the new White House press secretary, <strong>made it clear in his first official briefing that, like his boss, he would break with Washington precedents.</strong> After he stepped to the lectern yesterday and read a lengthy readout of the President’s day—three Presidential memoranda signed and several meetings with corporate C.E.O.s, union officials, and congressional leaders—<strong>he called on his first news organization, the New York Post.</strong></p> <p>&nbsp;</p> <p><strong>So it was no surprise when Spicer ignored the first row of correspondents from the major news wires and TV networks and selected the Post, whose correspondent inquired, “When will you guys commence the building of the border wall?”</strong></p> <p>&nbsp;</p> <p><strong>From the Post, Spicer moved on to a reporter from the Christian Broadcasting Network, who asked about abortion policy. </strong>Spicer eventually came back to the mainstream outlets in the front row. He did a commendable job of taking questions from a wide range of news organizations in a briefing that lasted well beyond the typical time period. He announced one change to the format: he would soon bring in reporters from outside Washington to ask questions via Skype, a modernization that seems harmless. Once Spicer got going, the briefing seemed almost routine—almost.</p> </blockquote> <p>With that, tune in below to see what surprises today's briefing will bring.</p> <p><iframe src="" width="600" height="337" frameborder="0"></iframe></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="514" height="292" alt="" src="" /> </div> </div> </div> Mike Pence New York Post Sean Spicer Spicer White House White House White House Press Secretary Tue, 24 Jan 2017 18:25:15 +0000 Tyler Durden 586396 at 2 Year Treasury Auction Stronger Than "Tailing" Headline Thanks To Surge In Foreign Demand <p>With no pressure in the repo market anywhere along the curve, there was little probability of a "surprise" squeeze into today's 2Y auction, and predictably, today's sale of 2 Year paper closed with a wide tail, printing at 1.21%, some 0.6bps wide of the When Issued 1.204%, which in turn was also well outside of the 1.176% yield the 2Y was trading at just ahead of the auction. This was below the 1.27% in December, but above the 1.085% in November and 0.92% 6 month average. </p> <p>On the flipside, the internals were decidedly better with the Bid to Cover of 2.68 rising materially from December's 2.436, and just better than the 2.62 6 month average. </p> <p>Finally, after a foreign buyer strike over the past 6 months which saw Indirect bidders under 40% and even under 30% in July and August, foreign central banks were back, taking down 48.8% of the auction, compared to just 32.7% last month and 33% on average in the prior 6 auctions. With directs taking down 9.3% this means that Dealer were left holding 41.2% of the auction, the lowest takedown by primary dealers since May 2016. </p> <p>Overall, while nothing to write home about, today's auction was stronger than the "tailing" headline would suggest.</p> <p><a href=""><img src="" width="500" height="298" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1652" height="983" alt="" src="" /> </div> </div> </div> 2 Year Treasury Auction Auction theory Auctions Bidding Central Banks Economy Foreign Central Banks Market economics) Repo Market Repurchase agreement Shop at Bid Tue, 24 Jan 2017 18:12:19 +0000 Tyler Durden 586395 at