Too many headlines
10.03.2026 18:29
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Too many headlines
Oil just shot up on this Walter tweet:
(Bloomberg) -- Led by Amazon’s $37 billion 11-part offering, 11 issuers flooded the US investment-grade primary market, marking the biggest single-day volume on record at $65.75 billion.
The previous daily record was set in 2013, when Verizon came with the largest-ever bond sale of $49 billion
34 weeks until the midterms.
This is really worth your time.
Kind of like a curve flattener but it's the back end of the curve grinding higher rather than the front end collapsing, which was yesterday's trade.
Signaling this morning seems to be that the war will last at least until the end of the week, which pushes Strait of Hormuz uncertainty at least into next week, so markets are repricing the duration of energy stress.
If something happens, I'll hear about it, but I'm not going out of my way to track the results as they come in.
There's a special election for MTG's seat in GA-14 today -- in Georgia special elections unless college grads or suburban counties have been involved, we haven't really seen swings to Dems, so I'd be pretty surprised if anything noteworthy happens today (which would make a shift more meaningful).
Especially for a content-driven admin, it'd make for good content.
Did you really believe XYZ, or were you just young and mad about a certain issue and the political establishment of the era?
One of the hardest parts about going through a political awakening is feeling like you’ve finally discovered your forever truth rather than just getting swept up in the endless ever-changing cycles of politics.
Definitely not saying the situations are analogous but the sensitivity of all risk assets to ticks in oil prices reminds me of CDS in 2007.
AMZN 11-Part IG debt offering
“Trump has hinted in public, and told aides in private, that he would back the killing of the younger Khamenei if he proves unwilling to cede to U.S. demands, current and former U.S. officials said.” www.wsj.com/world/middle...
It helps that in baseball our players are much better than theirs.
It’s cool to finally have a big US-Mexico game in Houston instead of like Provo.
Images in DM’s!
My 2-cent take — he’ll try to jawbone to keep oil below $100, but he won’t deescalate to bring oil below $80 (to the extent he’s really in control here anyway). And the oil floor probably keeps going up while SoH flows are impaired.
I’m not the first to make this observation but it is a bit curious how they did the whole thing about calling it the Department of War but are going out of their way to call this everything except a war.
🤷🏻♂️
No need to decide in the next 10 minutes whether this means anything, we’ll see what tomorrow brings.
Well here’s the TACO attempt.
Financials are interesting because private credit has been a boom but regional banks have largely been on the sidelines since SVB.
Residential construction and non-investment bank/non-alt asset manager financials are the most interesting names on my watch list.
$LEN at a 3-year low, reports earnings this week.
Case in point just there.
*LESCURE: G-7 NOT THERE YET ON RELEASING OIL STOCKPILES
While Irans use of the energy weapon is probably going to work it will degrade it through the policy response elsewhere: absolutely breakneck decarbonisation. A bit like US sanctions.
