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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
On October 6th, the S&P 500 Index notched a new peak. But all is not as it might seem on the surface. Read this week's Soundings post for a deeper look.
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.
September 2026
With the U.S. debt exceeding $40 trillion and the debasement trade in full swing, we take stock of whether Bitcoin has earned its place as a hedge alongside gold.
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?
August 2026
The US and Japan intervene to stabilize the yen amid historic currency pressure, Fed-BOJ rate divergence, and Iran War oil shocks.
July 2026
Andy Burnham becomes the UK's 7th PM in 10 years amid global upheaval. A look at Mark Carney's "rupture" thesis and the new world order taking shape.
June 2026
Growth stocks are wobbling after years of AI-fueled outperformance. Three charts from Apollo show rising tech volatility, a valuation premium for non-earners, and how narrow this year's rally really is.
May 2026
A new Fed Chair takes over. What changes, what doesn't, and why independence still matters most.
May 2026
The Iran war exposes a hidden fuel divide — and an airline goes under as a result.
March 2026
Conflict in the Middle East pushes oil and gas higher — a region-by-region look at who's exposed.
March 2026
Markets shrug off a shocking escalation in the Middle East, closing higher within hours.
February 2026
Gold's best month in 40 years ends in a sharp reversal. What investors do next depends on why they bought it.
January 2026
Skipping the annual list of risks for something rarer: real reasons for optimism heading into the new year.
October 2025
Index funds now own half the market. A closer look at what that concentration really means.