Soundings

Taking Measure of the Markets

Drawing from the nautical practice of measuring depth, Soundings explores the underlying forces, risks, and opportunities beneath the market's surface.

Time and Tide Pods

October 2026 | Kate Dumas, CFA

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.

Bad Breadth

October 2026 | Kate Dumas, CFA

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.

Three Things

October 2026 | Kate Dumas, CFA

A week out in the world gave us three takeaways. Preparing for a panel at Markets Group’s Allocators Retreat reminded us how much perspective shapes outlook. A GP’s annual meeting showed how much the people behind a business matter. And our second annual TCR dinner reminded us how much the people beside us matter.

Data Center Blues

October 2026 | Kate Dumas, CFA

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.

It’s the End of the World as We Know It

September 2026 | Kate Dumas, CFA

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.

Severe Clear

September 2026 | Kate Dumas, CFA

Twenty-five years later, it comes back as if we'd just lived it. A personal reflection on September 11th, and a promise to never forget.

Summer Reading

September 2026 | Kate Dumas, CFA

With summer coming to a close, the TCR team looks back on their favorite summer reads.

Outsourced Chief Investment Officers and the Modern Family Office

August 2026 | Kate Dumas, CFA

In our latest whitepaper, Kate Dumas, CFA looks at what an Outsourced Chief Investment Officer does, how the model compares to a traditional wealth manager, and what families and foundations should look for when evaluating an OCIO relationship.

Hold Me Now

August 2026 | Kate Dumas, CFA

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?

Passing the Puck

August 2026 | Kate Dumas, CFA

Volatility Shares files for ETFs tied to NHL team performance via a new CME index — a lighter-hearted test of how far the SEC's appetite for "novel" products will stretch.

Passing the Test

August 2026 | Kate Dumas, CFA

Truth Social's new pay-per-month API gives high-frequency traders early access to Trump's posts, raising fresh insider-trading questions as the SEC weighs a wave of "novel" prediction-market ETFs.

Big In Japan

August 2026 | Kate Dumas, CFA

The US and Japan intervene to stabilize the yen amid historic currency pressure, Fed-BOJ rate divergence, and Iran War oil shocks.

New (World) Order

July 2026 | Kate Dumas, CFA

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.

Bench Pressing

July 2026 | Kate Dumas, CFA

Why the right benchmark matters: a guide to policy indexes, blended benchmarks, and spending-plus-inflation targets for institutional portfolios.

AI Meets ESG

July 2026 | Kate Dumas, CFA

Corporate governance in the AI era: MSCI's CCC rating on SpaceX's IPO raises questions about voting power, oversight, and shareholder rights.