Aggregator

Dismal, Tailing 10Y Auction Sees Lowest Foreign Demand Since Jan 2025 As Yields Soar

With 30Y yields trading on the wrong side of 5% today, all eyes were on today's 10Y refunding auction to see if it would be ugly enough to push yields to 4.50% or higher. Here is what happened.

Just after 1pm, the Treasury announced that the high yield on today's sale of $42 billion in 10Y paper was 4.468%, the highest yield since Jan 2025, and a 0.4bps tail to the When Issued 4.464%, the 4th consecutive tail for benchmark 10Y auctions.

The bid to cover was 2.402, down from 4.249 and the lowest since February (below the six auction average of 2.47).

Internals were also weaker, with foreign bidders awarded just 63.95%, down from 65.32% a month ago and the lowest since Jan 2025, and a far worse than the recent average of 68.5%. And with Directs taking 24.1%, the highest since Jan 26, Dealers were left holding 12.0%, slightly higher than the 10.3% recent average.

Overall, this was a very poor, tailing auction, and the only reason bonds yields are not much higher is because they were already very high to begin with, highest since July 2025 to be precise. However, the lack of demand suggests that the next move in yields is likely to be even higher, the only question being where will it stop...

Tyler Durden Tue, 05/12/2026 - 13:21

Satisfaction in refunds has also seen a rise: 63% said they were happily surprised with their tax refund this year, up from 62% last year and 40% in 2024.

Henry Cavill and Sterling K. Brown star in the live-action take on the 1980s animated series.

Demi Moore battles the wind at Cannes, Heidi Klum steps out with her pup and more snaps...

Demi Moore battles the wind at Cannes, Heidi Klum steps out with her pup and more snaps...

Plus, watch Page Six Style's exclusive behind-the-scenes glimpse at Duff's prep process.

Plus, watch Page Six Style's exclusive behind-the-scenes glimpse at Duff's prep process.

"You cannot repeatedly make things public and then act shocked when people eventually respond publicly too," the reality TV star wrote in a lengthy Instagram comment.

"You cannot repeatedly make things public and then act shocked when people eventually respond publicly too," the reality TV star wrote in a lengthy Instagram comment.

Pakistan 'Categorically Rejects' Reports It Hid Iranian Military Planes From US Attack

A day after initial allegations were first widely reported, Pakistan's government has issued a public rejection of claims that it hosted Iranian military aircraft in order to shield them from coming under US-Israeli attack during the opening weeks of Operation Epic Fury.

However, Islamabad in the statement did acknowledged the presence of some Iranian planes at its airports - but described these as legitimate escorts related to high level diplomatic visits and contacts.

Iranian jets targeted by US military during Epic Fury

"Following the ceasefire and during the initial round of the Islamabad Talks, a number of aircraft from Iran and the United States arrived in Pakistan to facilitate the movement of diplomatic personnel, security teams and administrative staff associated with the talks process," a Tuesday statement by Pakistan said. "Some aircraft and support personnel remained temporarily in Pakistan in anticipation of subsequent rounds of engagement."

The initial Monday headlines suggesting Pakistan sought to protect Iranian military assets resulted in some outrage in D.C. and among the pundit class.

A late in the day Monday CBS News report alleged that US-ally Pakistan allowed Iran to park military aircraft at its airfields, and thus outside the US-Israeli strike zone during Operation Epic Fury:

As Pakistan positioned itself as a diplomatic conduit between Tehran and Washington, it quietly allowed Iranian military aircraft to park on its airfields, potentially shielding them from American airstrikes, according to U.S. officials with knowledge of the matter. 

Iran also sent civilian aircraft to park in neighboring Afghanistan. It was not clear if military aircraft were among those flights, two of the officials told CBS News. 

President Trump and admin officials have repeatedly declared the utter and total destruction of Iran's air force and navy, but apparently some planes were missed.

According to more from CBS: 

Together, the movements reflected an apparent effort to insulate some of Iran's remaining military and aviation assets from the expanding conflict, even as officials publicly served as brokers for de-escalation. 

The U.S. officials, who all spoke only under condition of anonymity to discuss national security issues, told CBS News that days after President Trump announced the ceasefire with Iran in early April, Tehran sent multiple aircraft to Pakistan Air Force Base Nur Khan, a strategically important military installation located just outside the Pakistani garrison city of Rawalpindi. 

One well-known war correspondent who spends time in Pakistan appeared to back Pakistan's account:

As someone who was also in Pakistan for weeks after the Islamabad talks waiting in hope of round two, this checks out:

“Following the ceasefire and during the initial round of the Islamabad Talks, a number of aircraft from Iran and the United States arrived in Pakistan to… https://t.co/eLyANnlUMG

— Caitlin Doornbos (@CaitlinDoornbos) May 12, 2026

Islamabad is further framing the CBS story as one which seeks to dampen confidence in its role as a neutral mediator, as the warring sides still seek to hammer out a basis for future talks and a peace deal.

Tyler Durden Tue, 05/12/2026 - 13:00

The first four seasons are currently streaming on Hulu and Disney+!

Two of the last 10 winners of the PGA Championship cashed in at triple-digit odds.

A Spanish passenger evacuated from the cruise ship at the center of a hantavirus outbreak has tested positive for the virus, Spain’s health ministry announced Tuesday.

A trio of Giants outfielders celebrated a big win over the Dodgers on Monday night in a very bizarre manner.

Leftist CNN pundit Bakari Sellers and “Shark Tank” star Kevin O’Leary sparred over congressional redistricting in a heated debate Monday night.

Is it time to hit the panic button?

Yaoning “Mike” Sun and John Chen helped Eileen Wang win office and secretly reported back to their masters in the People’s Republic of China, according to court documents.

Film director Brett Ratner will be in China with President Trump as part of the US delegation to a closely-watched summit with Xi Jinping.

A commercial tenant filed a proposed class action just days after "ShinyHunters" and "Qilin" infiltrated the firm's systems, according to a federal complaint.

The fake reviewers left damaging feedback on her Google profile, claiming her staff was “unprofessional” and had “overcharged” them.