According to the mainstream media, this should be a "no-brainer." Trump's economic plan would mean depression, fire, and brimstone with massive job losses and, in general, all the worst parts of the bible for America. However, Hillary Clinton's plan will 'fix' everything - more jobs, lower taxes (apart from for those nasty middle-class Americans), better economic growth, and ponies and unicorns for everyone (except the wealthy, they can buy their own unicorn).

While yesterday's 10Y auction was a stellar response to the woeful July showing, today's 30Y left a little to be desired. While today's issue of $15 billion in 30Y paper did print at a high yield of 2.274%, or stopping through the 2.277% by 3 bps, the internals were less favorable.

Is the curse of the TIME magazine cover about to help Trump (and hinder Hillary)?

"Meltdown"

Trump trough? Clinton crescendo?

Submitted by Tsvetana Paraskova via OilPrice.com,

Iraq and oil majors BP, Shell, and Lukoil have agreed to resume investments in oil fields the foreign groups are developing, which is expected to raise the country’s crude output by 250,000-350,000 barrels per day in 2017, Reuters reported on Thursday, quoting Iraqi officials - a move that has the potential to aggravate the supply glut and muddy the waters of the additional OPEC meeting in September, which some were glass-half-fulling might end with a production cap of some sort.

Yesterday, when the Reserve Bank of New Zealand cut rates by 25 bps, something surprising happened. As we reported, instead of declining as it is supposed to do, the Kiwi soared to one year highs.

As we said, one explanation for this paradoxical reaction is that the rate cut had been too widely telegraphed (indeed, the OIS market had priced in a 100% probability of a 25 bps rate cut, and in fact there was a 20% probability of a 50 bps cut), which resulted in a massive short squeeze as disappointed shorts rushed to cover. We concluded by saying: