The canal rationed. The bond auction turned buyers away.

On Thursday the US Treasury sold thirty-year inflation-protected debt at a 2.973% real yield, the highest since October 2001 — and primary dealers were left with just 2.10% of it. The same morning the Panama Canal Authority cut daily traffic to thirty-four ships while Gatun Lake sat at 84.1 feet, exactly its five-year August average. Why a 2.97% real yield makes the insurance buyout, the private-credit sleeve and the concentration trade optional — and why a lake sitting on its five-year average is the most interesting number of the week. Also: a Bulgarian reactor derated 120MW on the Danube for the first time in 52 years, MSCI quietly cut its robotics and AI index cap from 15% to 12%, and the DOE's $500m of critical-mineral money turns out to be selections to enter negotiations rather than awards.