BREAKING: In a stunning moment, Republican Senator John Cornyn just called Ken Paxton lazy and said he wouldn't campaign for him. There's some big drama happening down in Texas. Let's go!
Stanley Druckenmiller renders an unfavorable opinion of Treasury Secretary Scott Bessent's use of buybacks to defend against higher yields in a market that is functioning normally.
"I have spent five decades trading on a simple premise: Markets aggregate information no committee possesses, and prices are how that information reaches decision makers. The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the U.S. has left."
"Every basis point of artificial yield suppression is a subsidy to procrastination."
"Return buybacks to their stated purpose: small, scheduled, off-the-run liquidity operations announced at quarterly refundings, never off-cycle responses to yield levels. Term out the debt honestly and pay the price the market sets."
"If the 30-year must trade at 5.5% to clear, that isn’t a crisis. It is an invoice. Then do the only thing that durably lowers long-term yields: address the primary deficit."
https://t.co/Xe8Vi38WiI
China now has 1.2 terawatts (TW) of solar capacity and built more solar in 2025 than the US has built in its entire history.
The US needs to build more solar, and fast.
“.. an ominous milestone for an economy that sits on a shaky fiscal foundation after decades of borrowing to pay for the rising costs of the military, social safety net programs and President Trump’s tax cuts.”
@arappeport
https://t.co/q58CKiLox8