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The US Army Corps said in a court filing it has notified Congress that it has granted the final easement needed to finish the controversial Dakota Access pipeline. The easement was needed for Energy Transfer Partners to complete work on the last pipeline portion located under Lake Oahe.

Stmt from US Army says they intend to grant the easement needed to complete the #DakotaAccessPipeline: pic.twitter.com/NgLyIzMXww

— Frank Thorp V (@frankthorp) February 7, 2017

Just day after President Trump suggests Germany is a currency manipulator, and as Merkel looks set to lose her Chancellorship, Europe's powerhouse economy just collapsed in December. Industrial production plunged 3.0% MoM in December - the biggest drop since Jan 2009 and over 8 standard deviations below expectations.

Submitted by Lance Roberts via RealInvestmentAdvice.com,

"Can we say when it will end? No. Can we say that it will end? Yes," noted Baupost's Seth Klarman in the past, warning "And when it ends and the trend reverses, here is what we can say for sure. Few will be ready. Few will be prepared.”

With the 3Y trading rather tight in repo ahead of today's auction, and if not outright special, touching on 0.1% according to SMRA, suggesting yet another notable short seller overhang...

...  moments ago the US Treasury announced that it sold $24 billion in 3Y paper in a strong auction in which the repo tightness helped the high yield print at 1.423%, stopping through the when issued 1.427% by 0.4 bps, despite a Bid to Cover which dipped from last month's 2.968 to 2.782.