#TreasuriesToday: Yields little changed. Ahead of May jobs data, swaps price in about 17bp of Fed tightening by year-end & 25bp by end of 1Q. Auctions ahead next week: $58b 3Y new issue Tuesday, $39b 10Y & $22b 30Y reopenings (1st) Wednesday & Thursday.

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Gift Link / Free to Read Opinion Newsletter | @johnauthers.bsky.social, Columnist What If Vanguard's Va-Va-VOOm Follows Magellan? The first trillion-dollar ETF brings excitement, but looming IPOs are unsettling passive funds. www.bloomberg.com/opinion/news... via @opinion.bloomberg.com

#TreasuriesToday: Yields lower (with oil prices) by 2bp-5bp. Curve steeper. Next week's auction sizes at 11am: $58b 3Y new issue, $39b 10Y & $22b 30Y reopenings (1st) projected. Buyback (cash management) of up to $12.5 billion in 1M-2Y sector closes at 2pm.

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Gift Link / Free to Read Politics Supreme Court Keeps Backing GOP Even as Justices Say They Don’t Play Politics - www.bloomberg.com/news/article... via @bloomberg.com @gregstohr.bsky.social

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Opinion Newsletter @johnauthers.bsky.social Columnist The Chips Are All-In for the Trillion-Dollar Club Boom makes Micron and SK Hynix the newest members. www.bloomberg.com/opinion/news... via @opinion.bloomberg.com

#TreasuriesToday: Yields narrowly mixed with curve flatter, off session lows reached amid oil price drop & gains for European bonds. New 2Y 4.045% vs Tuesday's 4.071% auction result. $70b 5Y auction at 1pm has WI yield near 4.18%, last exceeded in Jan 2025 auction.

Gift Link / Free to Read Businessweek + Equality The Used-Car Dealer of Last Resort Big markups and double-digit interest rates are the bedrock of Byrider’s business model. www.bloomberg.com/news/feature... via @bloomberg.com @emilyflitter.bsky.social

Free to Read/ Gift Link Opinion Newsletter | @johnauthers.bsky.social Columnist Bond Market Fright May End Cheap Funds Era What’s the same, and different, between now and the run-up to the Global Financial Crisis. www.bloomberg.com/opinion/news... via @opinion.bloomberg.com

#TreasuriesToday: Yields lower with oil and UK yields, by 2bp-4bp inside Tuesday's ranges. $16b 20Y new-issue auction at 1pm has WI yield near 5.175%, exceeding all but one previous result (5.245% in October 2023) since 20-year issuance resumed in 2020.

My latest for @opinion.bloomberg.com on the rapidly escalating Ebola outbreak--and why the US's decimation of USAID, cuts at CDC and exit from the WHO could make an already-tough situation worse (gift link):

GIFT LINK / FREE TO READ Management & Work US Is Starting to See Heavy Job Losses in Roles Exposed to AI - @boes.bsky.social www.bloomberg.com/news/article... via @bloomberg.com

This Andean nation’s celebrated cuisine endures despite fading traditions and fragile supply chains.

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FOIA Files Secret Navy Report Details Undersea Surveillance Struggles A heavily redacted DoD report on undersea surveillance system from the Cold War has been released to Bloomberg after a four-year FOIA battle. - @jasonleopold.bsky.social www.bloomberg.com/news/newslet... via @bloomberg.com

Longtime followers have read my complaining about this in increments of 280-300 characters for about a decade so here it is in 1000 words. www.ft.com/content/631a... American healthcare costs drive global imbalances

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Opinion @noahfeldman.bsky.social , Columnist The Supreme Court Just Neutered the Voting Rights Act `The Voting Rights Act has been near death since 2013, and today the Supreme Court administered the coup de grâce.' www.bloomberg.com/opinion/arti... via @opinion.bloomberg.com

#TreasuriesToday: Yields higher by as much as 4bp with oil prices & inflation expectations rising & Fed rate-cut expectations ebbing. $44b 7Y note auction at 1pm has WI yield near 4.18%, between last two monthly results. New 2Y & 5Y trade cheap to Monday's auction stops.

Opinion Newsletter | @johnauthers.bsky.social Columnist Hate to Suggest Partying Like It's 1999, But... At the risk of overstating, the similarities are getting too big to ignore. www.bloomberg.com/opinion/news... via @opinion.bloomberg.com

Do consider, please - a wonderful man is running for an important cause www.justgiving.com/page/alexmor...

Gift Link / Free to Read `This is terrible originalism.' Opinion @noahfeldman.bsky.social , Columnist Thou Shalt Not Overturn Supreme Court Precedent www.bloomberg.com/opinion/arti... via @opinion.bloomberg.com

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'Trump’s homicidal hysteria . . . makes a kind of sense only if one’s own voters, supposed international allies are also legitimate targets of mad threats, if they too are to be terrorized by the specter of the deranged emperor.' www.nybooks.com/articles/202... via @nybooks.com @fotoole.bsky.social

Politics | Putin’s High-Tech Russian Submarines Goad NATO Deep Below the Atlantic NATO is fighting back against Russia’s submarine threat in cat-and-mouse games reminiscent of the Cold War www.bloomberg.com/features/202... via @bloomberg.com @acberlin.bsky.social Heidi Taksdal Skjeseth

Gift Link / Free to Read Opinion Newsletter | @johnauthers.bsky.social , Columnist It Doesn’t Matter What Kevin Warsh Has to Say The Powell case and future economic challenges are out of the Fed nominee’s hands. www.bloomberg.com/opinion/news... via @opinion.bloomberg.com

Gift Link / Free to Read Opinion Newsletter | @johnauthers.bsky.social , Columnist Markets Get in Tune to the Strait and Narrow Earnings hopes counter the volatile lack of message discipline by the US and Iran. www.bloomberg.com/opinion/news... via @opinion.bloomberg.com

www.nytimes.com/2026/04/20/w.... Plus www.ft.com/content/3634... is a good paired set on the where the consequences will be felt.

Now DOJ is demanding 2024 ballots from Michigan without a proper legal basis. Is it just a coincidence that it’s targeting swing states like Michigan, Georgia, and Arizona in the lead-up to the 2026 election? www.nbcnews.com/politics/ele...

Just as technology is changing the way war is waged, so it is changing how war affects the economy

Across all measures — diplomacy, education, entertainment, rizz — the US under Trump is losing its soft power

Donald Trump’s second big shock to the world economy since he returned to the White House looks increasingly likely to force central banks into a new round of tightening.

#TreasuriesToday: Yields lower by 3bp-7bp with oil benchmarks down more than 15%. New 3Y 3.75% vs Tuesday's 3.897% auction result. $39b 10Y reopening (2nd) at 1pm has WI yield near 4.24% (vs 4.38% peak yday), still higher than 10Y auction results since August.

Gift Link / Free to Read Opinion Newsletter | @johnauthers.bsky.social , Columnist A Civilization Doesn’t Die, and Markets Go Up Crude has fallen more only during Covid and the outset of Desert Storm. www.bloomberg.com/opinion/news... via @opinion.bloomberg.com

Talk of deploying the US Constitution's 25th amendment to remove the president from office has erupted again, this time in response to Donald Trump’s handling of the war with Iran. Here's what to know.

#TreasuriesToday: Yields higher as much as 3bp (2Y), near high end of Friday's selloff ranges, despite lower oil prices. Auctions ahead this week: $58b 3Y new issue Tues, $39b 10Y & $22b 30Y reopenings (2nd) Weds & Thurs respectively.

Opinion Newsletter | @johnauthers.bsky.social , Columnist If Only the Profanity Meant an End Was in Sight Markets have a lot to weigh up, but optimism took a bruising over Easter weekend. www.bloomberg.com/opinion/news... via @opinion.bloomberg.com

In Bloomberg Weekend: Trump’s ballroom blitz is about more than a building, Lionel Shriver imagines a home overrun by migrants, and everyone has AI FOMO.

“We deserve an independent Justice Department. We must demand it.” - @barbmcquade.bsky.social www.bloomberg.com/opinion/arti...

I scored 45 out of 50 points on @TheEconomist Friday news quiz! 🎯⚪️🎯🎯🎯 Can you do better? economist.com/interactive/pint-sized-news-quiz

I scored 44 out of 50 points on Dateline, @TheEconomist history game! 🎯🎯🎯⚪️⚪️ Can you do better? economist.com/dateline

Want to know why the bond market is open for an shortened session tomorrow (Friday) while the stock market is closed? It's happening for the first time since 2023 (with previous occurrences in 2021, 2015, 2012, 2010, 2007, 1999). 1/6

Opinion Hegseth’s Culture Wars Are Inviting a Military Disaster www.bloomberg.com/graphics/202... via @opinion.bloomberg.com By Tobin Harshaw

Four-byline alert: 🚨 “.. A broker for Pete Hegseth, the US defence secretary, attempted to make a big investment in major defence companies in the weeks leading up to the US-Israeli attack on Iran, according to three people familiar with the matter.” www.ft.com/content/744e...