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October 2026
In August, we laid out the pressures weighing on the dollar: inflation running above target, skepticism about policy, widening deficits, and a record pace of Treasury issuance. None of that has gone away. And yet the greenback is up this year. The reason may have less to do with American strength than with how the rest of the developed world looks by comparison.
October 2026
Hyperscalers are borrowing like never before, towns are saying no, and Anthropic's prospectus shows $518b in commitments with a short leash as the AI build-out is running into the limits of the physical world.
August 2026
Every road this week led back to the bond market — rates climbing, the Fed quiet, the Treasury leaning on buybacks, and gold, crypto, and the dollar all telling on the debasement trade. Should you still own bonds? Do you need inflation protection?
June 2026
Private credit gating raises a familiar question: are we out of the woods, or just getting started?
February 2026
Jamie Dimon's "cockroach" comment reignites debate over hidden risk in private credit.
January 2026
Gold's best month in 40 years ends in a sharp reversal. What investors do next depends on why they bought it.
November 2025
Bonds are having their best year since 2020 — but the reward for active risk-taking has rarely been thinner.
September 2025
Why Microsoft can borrow more cheaply than the U.S. government — and what that says about credit and trust.
September 2025
If the U.S. matures like Europe or Japan, here's what a 50-year portfolio might hold.