Human Interest

With the FOMC members currently huddling deep inside the bowels of the Marriner Eccles building, perhaps scheming how to spook markets by announcing a surprise rate hike tomorrow, one would have assumed demand for 2 Year paper in today's auction would be less than stellar. One would be wrong, because moments ago the Treasury sold $26bn in 2 year paper to what was clearly an overabundance of demand: the high yield of 1.395% stopped through the When Issued 1.401% by 0.6 bps, and was the highest yield going back to October 2008.

In front of a crowed of over 35,000 last night, President Trump delivered one of his most unusual speeches at the Boy Scouts of America National Jamboree. With topics ranging from boasting about his election victory, to cocktail party banter with bankrupt real estate developers, and even lambasting HHS secretary Tom Price if they don't get the votes for the healthcare bill.

Thanks to 'beats' by MCD, CAT, and UTX, The Dow is soaring in the pre-market - up over 110 points, back near record highs.

Despite GOOGL hovering near post-earnings lows (-2.8%), Nasdaq Futs are levitating along with S&P Futs...

as VIX is clubbed like a baby seal to 9.12...

Following his lengthy prepared remarks and closed-door hearings this morning, Presidential-son-in-law Jared Kushner is about to make a statement (presumably to front-run the leaks which will inevitably flow from the hearing).

Kushner reiterated that he did not collude with Russia, and added that President Trump won the election because he ran a "smarter campaign."

Presented with no comment...

Source: Branco