Business

Moments ago the US Treasury priced its 4 Week Bill auction, which was unique in that at just $35 billion, was not only $10 billion lower than a month ago, but was the lowest since October 15.

This may or may not explain why after last week's curious auction yield of 0.20%, or 5 bps below the effective Fed Funds floor, today's auction showed an even more dramatic scramble for short term liquidity, when the government sold 4 Week Bills at a rate of 0.185%, or 6.5 bps below the rate charged by the Fed!

The ongoing feud between Puerto Rico and its mostly hedge fund creditors is promptly shaping up as the next "Argentina", where "vulture investors" may well end up holding the island commonwealth hostage for years, during which time, however, they won't get paid.

We're gonna need a bigger bailout...

Just when you thought it was safe to catch a falling knife and that all the systemic fears in the world had been washed away by coordinated central bank manipulation, this happens...

Deutsche Bank stock price is retesting record lows as - just like Lehman - all the soothing words merely enabled a dead-cat-bounce to let some 'insiders' out with less pain.

As Deutsche itself notes: What explains the weakness in banks?

What goes up (for no good reason) must come down (for fundamental and earnings-driven reality)...

The ISM bounce died too this morning...

Gold is also lower as bonds surge...

So after all that, the market finally sees through March payrolls.

With media attention squarely falling on the foreigners exposed by the Panama Papers offshore tax haven scandal, everyone has been asking for more information on who are the Americans involved in this biggest data leak in history. After all, as we showed, Mossack Fonseca had over 400 American clients. But who are they?

Today, courtesy of McClatchy, we get some answers: while there are no politicians of note are in files but plenty of others. Among them: Retirees, scammers, and tax evaders, all of whom found a use for secrecy of offshore companies.