As investors shuffle through airport security on their way to Thanksgiving turkeys, the U.S. Treasury quietly served up its own pre-holiday dish: $70 billion in 5-year notes at a 3.562% yield — the lowest since last September’s rate-cut kickoff. The auction even tailed the WI by 0.5 bps, marking the fifth tail in six tries… proving that while travelers may dread long lines, bond buyers seem perfectly happy standing in one.

The bid-to-cover came in at 2.41 — technically better than last month’s 2.38 and the highest since April — though in a metric that usually dances in a 5-bps range, that’s not exactly a showstopper. Behind the scenes, foreign buyers (Indirects) slipped to 61.35% from 66.84%, falling below their recent 64.7% average, while Directs crept up to 27.6% from 23.9%. Dealers were left holding 11.0% of the allocation — more than last month’s 9.3% but still shy of their 10.4% norm. In other words, the auction was a polite dinner party: slightly better behaved than usual, but no fireworks.

In short, it was another “meh” auction, as more investors wake up to the inconvenient truth: under the reign of what one might call “Educated Yet Idiots,” the real danger isn’t in stocks or commodities — it’s in the so-called risk-free assets, which aren’t risk-free anymore.

While Donald Copperfield takes a victory lap as “Peacemaker-in-Chief” for the NATO-made Ukraine fiasco, he’s already teeing up his next trick: picking a fight with Venezuela. Caracas declared itself at war with the U.S., Donald shrugged and promised to skip the paperwork and just take out smugglers, and Washington conveniently labeled Maduro a terrorist. Then came the plot twist — Maduro has heavyweight friends. Xi sent him a birthday greeting that read like a mutual-defense clause, Putin called him a “dear friend,” and China accused the U.S. of violating the UN Charter. Just like that, Venezuela morphed from a regional sideshow into the latest arena for great-power puppeteering.

https://www.scmp.com/news/china/diplomacy/article/3334007/xi-jinping-pledges-support-nicolas-maduro-and-criticises-us-actions-venezuela

China remains one of Venezuela’s top trading partners, and Beijing has no intention of letting the West treat regime change like a one-click export. Condemning U.S. aggression is one thing; offering boots, bullets, or budget lines is another — and China hasn’t crossed that line yet. Still, by signalling its readiness to push back, China is helping set the stage for a wider strategic game: stretch Western militaries thin across multiple fronts, sap their bandwidth, and force them into a long, expensive chess match they can’t easily win.

https://tradingeconomics.com/venezuela/exports-by-country

In a nutshell, Venezuela just went from regional footnote to global flashpoint, as China and Russia step in behind Maduro, turning Donald Copperfield’s latest foreign-policy stunt into the opening move of a much bigger geopolitical chess match.

As we gather with family and friends this week, I want to extend my sincere gratitude to all of you — the readers, thinkers, skeptics, and market navigators who make The Macro Butler community what it is. Your engagement, curiosity, and willingness to look beyond headlines are what keep this publication sharp and growing.

This year has been anything but quiet for markets, and 2026 promises even more complexity. That’s why I’m excited to share that The Macro Butler Financial Academy — now in its soft launch — is already building a powerful toolkit for those who want deeper frameworks, clearer signals, and a more disciplined approach to investing. It’s designed to help you move from reacting to the noise… to mastering the narrative.

If you’re ready to elevate your understanding of macro trends, portfolio strategy, and risk management — and do it with a community of serious investors — now is the perfect time to join.

Early subscribers receive 40% off before the Jubilee Year window closes.

For more information, contact The Macro Butler at info@themacrobutler.com

Thank you for your trust, your loyalty, and your sharp questions.

Wishing you and your loved ones a warm, restful, and prosperous Thanksgiving.

The Macro Butler

Listen to The Month That It Was in November 2025 from The Macro Butler.

You can now also listen to this podcast on YouTube; Rumble & TikTok.

https://themacrobutler.substack.com/p/the-month-that-it-was-november-2025

🤵 The Macro Butler Weekly Digest 🤵

🌐 As BRICS challenge the Petrodollar, is the dollar dominance really ending? 🌐

Read more here: https://themacrobutler.substack.com/p/currency-regime-change-is-dollar

Listen to a summary of The Macro Butler weekly newsletter via podcast on Substack; YouTube; Rumble & TikTok.

https://themacrobutler.substack.com/p/currency-regime-change-is-dollar-b91

As the Jubilee winds down, China’s November PMI shows the economy wobbling like a teacup on a rickety table: services tumbled into contraction, manufacturing and construction remain stuck in the doldrums, and consumption hints at a further nap. The official manufacturing PMI barely nudged to 49.2—still shy of the magical 50 that separates expansion from contraction—while the non-manufacturing PMI slipped to 49.5, marking the first post-reopening contraction. In short, growth may hit the 5% target for the year, but meaningful government support will likely arrive in early 2026, leaving the final weeks of 2025 to the patience of sages… or the stomachs of mandarins.

The Chinese economy looks set to cruise in the slow lane through year-end, with private demand stuck in neutral and no fresh stimulus on the horizon—after all, the 5% annual growth target is almost in the bag. Meanwhile, the mandarins are quietly prepping 2026, fast-tracking projects and lining up funding. For commodity investors, a softer China PMI signals gold may keep outshining copper in the coming months.

In a nutshell, China’s economy teeters in neutral as year-end approaches, with PMI contraction signaling a slow ride for growth while gold quietly outshines copper.

Dear Investors,

Please find below the November 2025 factsheet for The Macro Butler Long/Short Portfolio.

https://themacrobutler.substack.com/p/the-macro-butler-longshort-portfolio-935

Dear Investors,

Please find below the November 2025 factsheet for The Macro Butler IG Portfolio.

https://themacrobutler.substack.com/p/the-macro-butler-ig-portfolio-november-82f

Dear Investors,

Please find below the November 2025 factsheet for The Macro Butler Strategic Portfolio.

https://themacrobutler.substack.com/p/the-macro-butler-strategic-portfolio-6b6

The Macro Butler made his final November pit stop in Dubai on Asharq Bloomberg TV—where he unpacked why oil prices may soon wake up again, thanks to fresh drama stretching from the Black Sea to Venezuela, all while China stockpiles crude like it’s preparing for an oil-themed Black Friday.

The interview has been translated into Arabic.

https://themacrobutler.substack.com/p/interview-with-asharq-bloomberg-tv-af9

🤵 The Macro Butler’s Monthly Meditation 🤵

🌐 As AI sparks a voracious appetite for electricity, plug in and power up to learn how to ride the surge and profit from the looming energy demand crunch. 🌐

Read more here: https://themacrobutler.substack.com/p/the-macro-butlers-monthly-meditation-be9

Listen to a summary of The Macro Butler Monthly Meditation via podcast on Substack; YouTube; Rumble & TikTok.

https://themacrobutler.substack.com/p/mind-the-grid-podcast

As America’s inflationary boom drifts gracefully toward an inflationary bust—like a hot-air balloon leaking air while everyone insists it’s “fine”—the ISM Manufacturing PMI slid to 48.2, with employment sinking, demand softening, and prices doing the one thing the Fed wishes they wouldn’t: rising. Policymakers will pretend to focus on weak orders and sagging jobs while politely ignoring the awkward fact that tariffs are inflating steel and aluminium costs across the value chain. Production somehow perked up even as new orders fell, inventories thinned, and supplier deliveries sped up—normally a sign of efficiency, but in today’s tariff-war economy, it mostly signals chaos wearing a nice suit.