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The Federal Reserve accepted a total of $1.133 billion from seven counterparties in its fixed-rate reverse repurchase operations.
The US 3-year Treasury auction on May 11th yielded a winning bid of 3.965%, compared to 3.90% previously.
The bid-to-cover ratio for the 3-year U.S. Treasury bond auction on May 11 was 2.54, compared to 2.68 previously.
On May 12th, according to Axios, three US officials stated that after negotiations with Iran stalled on Sunday, Trump met with his national security team on Monday to discuss the next steps in the war with Iran, which could include resuming military operations. US officials said Trump wants to reach an agreement to end the war, but Iran has rejected many of his demands and refused to make meaningful concessions on its nuclear program, bringing military options back on the agenda. Trump has recently made several public threats to bomb Iranian infrastructure if diplomatic efforts fail. Officials said one option is to strike the 25% of targets that US forces have identified but not yet hit. US officials said Vice President Vance, US Special Envoy Witkov, Secretary of State Rubio, Secretary of Defense Hergese, Chairman of the Joint Chiefs of Staff General Dan Kane, CIA Director John Ratcliffe, and other senior officials are expected to participate in the meeting on Iran.
French President Emmanuel Macron: €23 billion (approximately US$27 billion) will be invested in Africa.