Bonds broke out. Oil is stopping out both sides. Stocks? Still calm. MOVE surges, VIX sleeps, and buybacks fade. How long can that last?

"Jane Street... appeared to take far more risk than a typical market maker..."

US and Iran reportedly discuss phased deal to reopen Hormuz and end US blockade; Weak US 7yr note auction; Fed's Williams says another rate hike is reasonable by year-end; Fed's Paulson says may need to raise rates again to lower inflation; Initial claims and continuing claims little changed W/W; Banxico, SNB and Riksbank hold rates as expected, Norges Bank hikes by 25bps; Senior Iranian adviser threatens new scene on the Red Sea and Bab al-Mandeb if US attacks again; ORCL sends force majeure notice over New Mexico data centre

The internal memos between employees and executives of Microsoft and OpenAI are under seal, but were partly revealed in a suit by more than a dozen newspapers...

They cheered the murder of his son as "payback" against white people, now they're threatening to kill him...

Put simply, the 10-year is about 5bp away from the two-week trigger in Goldman's framework...

The school was 12.6 times more likely to admit black students than white despite similar socioeconomic traits, GPAs, and MCAT scores, the DOJ said.

Wall Street remains bullish on nuclear power, if someone could just start building…

"...discovered numerous examples of the way that [white paint] figured into systems of erasure, exclusion, violence, and the masking of power in the social and natural world..."

Another ugly buyback operation as dealers try to flood the Treasury with lowball offers. 

The mining operation is expected to be a key source of the rare earth ingredients needed for energy, transportation, and defense technologies...

Turns out she's actually a white Jewish woman of "significant wealth"...

Max frustration in oil.

Sunny Hostin brags she kept a cannibal butcher out of prison...

Overall, this was a subpar auction yet it wasn't nearly as bad as yesterday's 5Y which as we noted at the time, was an absolute nuke. The lack of demand did nothing to help the secondary market and 10Y yields promptly pushed back near session highs,

We will make a decision...

The nuclear question has taken on greater significance following the expiration of the New START Treaty in February...