Little Caesars
July 25, 2025
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–Quiet session. Curve flatter. Two-yr note yield up 4 bps to 3.923%. 30-yr unch’d at 4.947%. Red to green (2nd to 3rd year) SOFR pack spread made a new recent low just over 12 bps. Red pack avg 9673.5, green pack 9661.375. Contracts from SFRM6 to SFRM8 are between 9652 and 9677… 3.25% to 3.5%. Ten year at 4.406%, about 100 higher. Vol edged lower.
–One thing that did catch my attention was a Sam Altman interview on account authorizations (voice and video). He is warning of a “significant impending fraud crisis” due to AI. Gee, I thought we were already in the midst of that…
“That is a crazy thing to still be doing. AI has fully defeated most of the ways that people authenticate currently — other than passwords,” he [Altman] added.
So maybe I’m safe just sticking with ABC123.
–I’m not much for the new emphasis on ‘feedback’ for every mundane thing that comes our way. I ordered carry-out lunch yesterday and instantly received a text asking to rate the service. “Likes” and surveys on overload, obligatory tips. But some experiences rate a 5-star review. I’d like to believe this one is true:
“Will absolutely return.” What a fantastic closer. Sometimes it’s not the food…it’s the service.
