Cui Bono
October 10, 2025
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“To the extent we have been successful, it is because we concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.” -Warren Buffet
I don’t really think Argentina is a one-foot hurdle, but that didn’t stop the US Treasury from directly buying pesos to save Milei, or rather to save the Dead Cow, (Vaca Muerta LNG/shale development). More on that in another note…
–SOFR and treasury futures trading remains fairly quiet, though the Fed Effective setting moving up another 1 bp to 4.10% set off a flurry of FF vs one-month SOFR spreads. For example, FFX5 settle 9613.5, -0.5 while 1m SOFR SERX5 settled unch at 9607.5, spread of 6 (FF volume 100k and SERX 70k). Not much change following the 30y auction. Tens up 1.7 bps to 4.144%. SOFR contracts unch’d to -2.0 out to blues.
–Below doesn’t really have a direct impact on markets, but is still interesting:
First, an X-post by @AllVentured
‘We are quite literally taxing poor Americans via their power bill to subsidize AI cat videos’
Not so fast, Friskers. There’s a great story on ZH about community opposition to data centers bringing people of different views together. The below concerns a proposed Google project near Indianapolis:
But in the weeks leading up to that vote, Franklin Township neighbors began to organize. Neighbors of all backgrounds—farmers, homeowners, parents, retirees—organized across political lines. They put up yard signs, and launched a Facebook group that quickly drew hundreds of members and launched a resident petition that gathered 7,600+ signatures. They wrote and called their council representatives, and word spread through churches, schools, and community meetings. By the time of the final hearing, the chamber was packed wall to wall with residents, standing shoulder to shoulder in opposition. They had packed City Hall so tightly that the chamber was standing-room only.
District Councilor, Michael-Paul Hart told reporters for More Perfect Union who were present on the night of the vote, “In my six years on the council, I’ve never seen all the rooms filled to the max with people waiting in the lobby. I’m overjoyed by the amount of community support that came out for this.” One local resident said: “This was do or die. We came prepared to fight with everything we have against this data center.” “I’ve been hoping that something would bring us together,” said a community organizer. “And it looks like data centers are.”
https://www.zerohedge.com/energy/americas-growing-pushback-against-data-centers
From a local news outlet:
People against the project cite not enough jobs, power and water strain and no tax benefit.
