Unlike yesterday's 3Y auction, which saw a modest squeeze in the repo market ahead of what was otherwise a strong auction, and continued today trading at 0.0%, earlier today the 10Y was trading comfortably positive, with repo rates around 0.30%, suggesting no shortage of underlying and no incipient short squeeze into today's auction.
It's a story that has been told many times in part, but not in total. While Goldman Sachs' role in helping to create the environment for Greece's government-debt crisis is well known, less discussion is given to the role the Clinton family played in helping Angela Merkel to consolidate political control of Greece while also assisting Goldman as it continued to benefit from the meltdown once austerity measures had begun. The Clintons appear to have received funds from both Germany and Goldman Sachs during this period.
It's like deja vu all over again. Despite the ugliest of ugly data, WTI is spiking...
Just like it did last week...
And the week before...
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Following last night's shockingly massive crude build reported by API, DOE data confirmed the ugliness with a 13.83mm build (over 5 times larger than the expected 2.5mm build). Cushing also saw a major unexpected build but Gasoline and Distillates saw lower than expected builds (Gasoline draw). Production rose to a new cycle high.
Less than one year ago, we reported that Marc Mezvinsky, the husband of Chelsea Clinton and the son in law of Hillary and Bill Clinton, had shut down its Greek Fund after suffering 90% losses. To wit:
It appears the ugly reality under the polished turd of payrolls headlines is leaking out into the market as Treasury yields are accelerating their decline this morning...
Slamming 5Y yields to the lowest since November...
With near-record short positions, we wonder if the squeeze is just beginning...