Deep Dives
Long-form research reports with their own charts and data.
Deep Dive · Macro · US · 30 Sept 2026
The McKinsey Global Institute estimates the country could add more jobs than automation removes. About 11 million workers would have to change occupations to fill them, and only one in seven has a direct route.
Deep Dive · Rates & FX · Japan · 21 Sept 2026
The Bank of Japan's September hike was priced, and markets read it as dovish. The effects on global yields, yen carry and risk assets run through slower channels.
Deep Dive · Rates & FX · US · 14 Sept 2026
The 10-year Treasury touched its highest yield since 2007 on Monday. Buyers showed up again. A term premium near 0.9 percentage point means the next test will be harder to pass.
Deep Dive · Macro · India · 12 Sept 2026
The 7.8 percent print survives arithmetic reconstruction. What it rests on is a set of price assumptions that published data cannot verify.
Deep Dive · Rates & FX · Japan, US · 4 Aug 2026
The joint intervention pulled USD/JPY back from a 40-year low in four trading days. It left Japan's fiscal overhang, its energy-driven trade deficit and its rate gap with Washington exactly where they were.
Deep Dive · Banks · India · 31 Jul 2026
HDFC Bank spent two decades outrunning India's benchmark index. A deposit deal booked as marketing spend, a bond scandal out of Dubai and a chairman who quit over "values and ethics" have turned the country's model bank into its biggest governance story.
Deep Dive · Macro · US · 30 Jul 2026
A 9–3 hold, three hawkish dissents, and the return of price discovery to the bond market
Deep Dive · Macro · China, Japan · 27 Jul 2026
A structural shift in the geography of low-cost financing is underway across trade finance, bond markets and official liquidity channels, though not yet in headline policy rates.
Deep Dive · Policy · China, US · 9 Jul 2026
Why a US statutory gold revaluation is a balance-sheet exercise, not a monetary regime change, and what fifty years of monetary history actually teach about the limits of coordinated adjustment.
Deep Dive · Macro · Japan · 6 Jul 2026
USD/JPY is trading near four-decade lows even after the Bank of Japan ended yield curve control and raised rates three times. A comprehensive look at forty years of yen intervention, what the tool can and cannot do from here, and the policy mix that gives Tokyo the best odds.
Deep Dive · Banks · China · 3 Jul 2026
PBOC monetary survey data puts Chinese banks' net foreign assets near $1.5 trillion. BoP-consistent SAFE data says $624 billion. The whole gap sits on the liability side, where $1.49 trillion of gross external obligations still needs watching.
Deep Dive · Rates & FX · Japan · 30 Jun 2026
The yen carry trade has rebuilt to a nine-year speculative short. Japan spent $74 billion between April and May trying to stop it. The yen is still at 161.
Deep Dive · Credit · Global · 29 Jun 2026
Funding-structure risk, redemption pressure, and the bifurcation of BDC platforms as the zero-rate expansion unwinds
Deep Dive · Credit · US · 23 Jun 2026
Goldman Sachs is building total return swaps on AI-exposed corporate loans. The product isn't ready. The demand is. Here's what the structure does, what it doesn't do, and what happens when it goes live at scale.
Deep Dive · Rates & FX · Global · 19 Jun 2026
Rising yields across the U.S., Europe, and Japan are no longer a cyclical footnote — they reflect a structural repricing of sovereign supply, term premium, and central-bank retreat that changes the rules for every major asset class.
