Kukata Tamaa an.

The world will experience "peak youth" in 2020 for the first time in human history, as the number of people aged over 65 is expected to outnumber those under 5 years old. As BofAML notes, a key implication of an aging population is that an economy's savings rate tends to rise while increases in investments tend to decline. It is this aging global population that has thwarted the "war on deflation" in recent years (among other things like excess debt, deleveraging, and technical disruption)...

If the nationalists get their way, this November might be the last time Texans vote for a US president. On Wednesday, the Platform Committee of the Texas Republican Party voted to put a Texas independence resolution up for a vote at this week's GOP convention, according to a press release from the pro-secession Texas Nationalist Movement. The resolution calls for allowing voters to decide whether the Lone Star State should become an independent nation.

Following yesterday's record-breaking, blockbuster 10 Year auction it would have been difficult to follow the unprecedented scramble for benchmark OTR paper, and sure enough it was. Moments ago the Treasury sold $15 billion in 30 Year paper in what may have been one of the weaker ultra-dated bond auctions in recent months, when it printed at 2.615%, tailing the When Issued by 0.7 bps, the first 30Y tail since February, and about 2 bps higher than the 30Y auction in April.