ECONOMICS

Something strange happened yesterday when the Bureau of Economic Analysis released the final estimate of Q2 GDP data: as part of the release, Biden's Dept of Commerce run by Gina Raimondo, which runs the BEA, reported that GDP in since 2020 had been revised not net markedly higher (with the exception of H2 2023) …

… even though banks such as Goldman warned of, and expected, a significantly negative revision to historical GDP numbers.

So what happened (more…)

After two coupon auctions which stopped on the screws, moments ago we had a belly-busting 7Y auction which was also the strongest auction of the week. The Treasury sold $44 billion in 7Y paper in a solid auction, pricing at a high yield of 3.668%, down from 3.770% last month, and stopping through the When Issued 3.67% by 0.7bps, a reversal to the 0.9bps tail last month.

The bid to cover was 2.628, up from 2.50 in August, and above the six auction average of 2.54, otherwise it was (more…)

By Stuart Chirls of FreightWaves

The second-busiest U.S. ocean container port urged shippers to wind down cargo business less than a week before a strike deadline set by union dockworkers.

Strike preparations are underway at the Port of New York-New Jersey, Port Director Bethann Rooney said in a letter to customers, offering details on operational plans during the stoppage.

The International Longshoremen’s Association representing 25,000 members in container and (more…)