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As part of the Treasury's Q3 refunding announcement, which as discussed earlier sent 30Y yields to session lows after it failed to either boost upcoming debt issuance or mention ultra-long dated bonds, the Treasury Borrowing Advisory Committee or TBAC, a select group of bankers from Wall Street's biggest firms tasked with providing periodic guidance to the Treasury, released its latest presentation, whose topic this quarter was "Normalization of SOMA Portfolio", or a breakdown of i) how Wall Street expects the Fed's balance sheet reduction will play out from a chronological and structural b

The following article by David Haggith is from The Great Recession Blog: 

WTI prices dumped on last night's surprise crude build but have limped back above $49 heading into the DOE prints this morning (although Russia sanctions headlines dipped it). DOE did not help as the report was a disappointment for the bulls with production rising to a new cycle high, crude inventories drawing less than expected but total U.S. oil inventories (that's crude plus all products, including the often volatile "other oil" category) rose by 1.1 million barrels last week.

API

Authored by Tsvetana Paraskova via OilPrice.com,

The four countries leading the boycott against Qatar are going back to their list of 13 demands for Doha to meet before talks can start, essentially reverting the Arab Gulf spat back to square one.    

At the same time, economic data for June shows that Qatar’s imports plummeted due to the blockade imposed by most of its neighbors, and foreign deposits at Qatari banks dropped to their lowest in nearly two years. 

Having 'predictweeted' Dow 22k yesterday, Apple's 6% surge (after missing iphone sales estimates) has confirmed President Trump's forecast and crossed the Dow Maginot Line for the first time... as Trannies diverge drastically (testing the 200DMA).

We note that Dow Futures briefly spiked above 22,020 last night...

But as the cash market opens, The Dow is now above 22,000...