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09.09.26 - 22:45
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Scarcity Warnings In Physical World Send Commodities To 14-Year High, Threatening Stock Rally (ZeroHedge)
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Scarcity Warnings In Physical World Send Commodities To 14-Year High, Threatening Stock Rally
Readers are familiar by now with the broad-based commodity rally, with energy, agricultural products and metals moving sharply higher as former Goldman Sachs commodities head Jeff Currie warned this summer of growing scarcity in the physical economy.
The Bloomberg Commodity Index has climbed to levels last seen in 2012...
... while the Quantix Commodity Index has hit a new record high.
Bloomberg macro strategist Simon White is out with a new note this morning warning that the commodity rally is threatening to squeeze corporate margins and household spending, raising questions about how long stocks can withstand an inflation shock spreading well beyond oil.
White wrote:
Stocks are reacting negatively to the inflation and growth risks from commodities, which have just reached levels not seen since 2012.
Commodities are rallying, but this is no longer principally an oil story. The rally is instead broad...
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09.09.26 - 22:45
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Treasury Yields Surge After Bessent Disappoints Market With Small Buyback Size (ZeroHedge)
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Treasury Yields Surge After Bessent Disappoints Market With Small Buyback Size
Ahead of today's highly anticipated Treasury buyback announcement - which put a number to the shocking Aug 19 news from the Treasury that the maximum size of $2 billion per longer-dated buyback operation would be "at least $4 billion" - we warned that no matter what was unveiled at 11am ET, the market would be disappointed...
Bessent will reveal the expanded Treasury buyback size at 11am ET. It will disappoint.
— zerohedge (@zerohedge) September 9, 2026
... for the simple reason that when it comes to $2+ trillion in gross issuance every year and hundreds of billions in annual duration (DV01) supply, $4 billion - or even $10 billion as some expected - would be a drop in the bucket as this chart from Goldman shows (where if you use a microscope, you can even see the size of the TSY buyback in context).
So at precisely 11am, the Treasury did release the long-awaited number.... and it was a huge disappoint...
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