‘Conspiracy Theorists’ are right again
Harmeet Dhillon, head of the Civil Rights Division at Department of Justice confirms the DOJ has operated however they wanted no matter who’s President, “They’re immune from Democracy”
“Elections just had no bearing”
Tucker Carlson “They thought that this part of the Department of Justice was just immune to democracy”
Harmeet Dhillon “It has been. Elections just had no bearing on this.”
Tucker Carlson “So that's the definition of the deep state, what you just described.”
We do not get what we vote for. We do not get what our taxes fund. The Deep State runs the show and does whatever they want.
While it wasn't quite as catastrophic as Japan's 20Y auction earlier this week which saw the biggest tail since 1987, moments ago the US also sold 20Y paper in what was one of the worst auctions for this tenor since its launch 5 years ago.
Indeed, exactly 5 years since the first 20Year auction took place in May 2020, moments ago the US Treasury sold $16 billion in 20 Year paper in a dismal auction which sent yields spiking to session highs. The high yield was 5.047%, only the second 20Y auction to have a 5%+ yield, and only the second 20Y auction with a 5% coupon. The high yield was 24bps higher than April's 4.810% and also tailed then 5.035% When Issued by 1.2bps, the biggest tail since December.
The bid to cover was also ugly, sliding to 2.46 from 2.63 in April, and the lowest since February.
The internals were less jarring, with Indirects awarded 69.02%, down from 70.7% last month but above the 67.2 last month. And with Direct taking down 14.1%, up from 12.3% last month, Dealers were left holding 16.9%, just lower from 17.0% last month.
Overall, it was an ugly (if hardly catastrophic) auction, certainly ugly enough to send yields to session highs of 4.58%, up 4bps from 4.54% before the auction, and the 30Y yield surged back above 5.00%...
I draw, code, and make memes sometimes.