Goldman's Johnson said the sentiment from the event was mostly positive, with several names showing clearer paths to value-creating data in 2026.

And then there the benefits cliff...

This was an ugly, tailing 5Y auction but it could have been even worse had Directs not stepped up

Tech stocks will be up over 20% in 2026 as the 2nd/3rd/4th derivatives around the AI Revolution take shape across software/chips/infrastructure...

China has employed “sweeping non-market policies” to capture global market share and displace foreign competitors.

Front-end funding is heading into year-end looking tight, but not stressed...

"Volatility is sitting at the lows of the year, while credit spreads are among the most compressed we’ve seen in decades."

Markets don’t move in straight lines. The problem with 2026 isn’t a forecast. It’s the imbalance between expectations and risk...

Has a bottom finally formed?

"...been around long enough to know... there are times when the signals from [stocks and bonds] seem to diverge - now is one of those times, so it’s worth asking why...”

After the failed raid on Russian assets at Euroclear, Berlin now turns its gaze to the hoped-for comeback of the German economy. Yet here too awaits the next bitter realization for naïve statisticians: wealth cannot be printed with debt.

"Investor FOMO, conflicting AI narratives and the US administration as a source of volatility are creating a supportive backdrop for trading volatility, making preparation for both the left and right tails key in 2026"

"This isn't a 'hope-and-hype' cycle like the Dot-Com era..."

"We should be very worried [about a 'heart attack' US debt crisis]..."

...you need to believe to receive.

Corporates will have to deliver on earnings to sustain positive market sentiment — and this time the bar is high.

Overall, this was a soft, subpar auction, with weak demand metrics, confirmed by the jump in 10y yields to session highs after the break.