Bonds Becoming Hard to Ignore
28th October 2026
The recent bond selloff rhymes with the mid 1980s, with many of the same solutions required CLICK HERE TO READ THE FULL ARTICLE more
AI’s Inverted Funding Pyramid
28th October 2026
Why the largest privately financed project in history rests on a narrow base, where the strain is already showing and what it could mean if it fails CLICK HERE TO READ THE FULL ARTICLE more
What Cannot Go On Forever: Rates Near Breaking Point
28th October 2026
Markets have interpreted today’s combination of resilient growth and elevated yields as evidence that the neutral rate has risen, strengthening the case for further rate hikes. A Warsh-led Fed is facing an additional incentive to tighten: establishing its inflation-fighting credibility after five years of above-trend inflation. CLICK HERE TO READ THE FULL ARTICLE more
Time to Pay the Piper
28th October 2026
Thirty years of manipulated interest rates created an economy that cannot afford its own asset prices. The bill is now being prepared. CLICK HERE TO READ THE FULL ARTICLE more
Warsh and the Bond Market: Right Diagnosis, Real Tests Ahead
28th October 2026
Kevin Warsh’s first two meetings as Federal Reserve Chair have produced a striking, and somewhat contradictory, market narrative. He is being portrayed as soft on inflation, even dovish, despite prepared remarks, dot plots and balance-sheet guidance that have all pointed in a more hawkish direction. In this note, we argue that this judgment is both […] more
Adding a New Predator to the Ecosystem
28th October 2026
Markets are pricing the AI revolution as though ecosystems don’t change. History says otherwise CLICK HERE TO READ THE FULL ARTICLE more
A Fed Revolution?
28th October 2026
Warsh’s regime change – an end of the all-powerful central bank, and the return of price discovery? CLICK HERE TO READ THE FULL ARTICLE more
Extraction, not Productivity, has driven Record Margin Expansion
28th October 2026
What Actually Drove Record US Corporate Profit Margins — and Why It Was Not Productivity CLICK HERE TO READ THE FULL ARTICLE more
No Más: Why Bond Markets Are Now Forcing the Hand of Policymakers
28th October 2026
On 15 May 2026, the global bond market staged a coordinated revolt against political uncertainty, fiscal recklessness, and rising inflation concerns — a definitive “no más” to a generation of accommodating bad policy. CLICK HERE TO READ THE FULL ARTICLE more
The Decoupling Illusion
28th October 2026
How Concentration, Not Decoupling, Explains Today’s Divergence Between Markets and the Economy CLICK HERE TO READ THE FULL ARTICLE more
