News · Markets · US · 29 Jul 2026
South Korea's stock market lost as much as $2.18 trillion in value over two trading days this week. The cause wasn't a Korean problem. It was a chip company's earnings report that beat every record in its history and still wasn't good enough.
News · Macro · Japan, China · 27 Jul 2026
Japan's path to normalization has given way to a new source of cheap funding to not just the region, but to the wider world as China's two-pronged strategy to stoke its economy and negate the effects of U.S. tariffs keeps rates low.
News · Macro · India · 19 Jul 2026
A Reserve Bank of India program built to draw dollars from wealthy Indians abroad is losing momentum, undercut by the same overseas funding costs it was designed around
News · Policy · China, US · 9 Jul 2026
The International Monetary Fund cut its global growth forecast this week, and the reasoning was almost more revealing than the number itself. The fund said Wednesday it was modestly downgrading its outlook for the world…
News · Ideas · Global · 7 Jul 2026
Google Research has built an artificial intelligence model capable of analyzing spreadsheet-style data and generating predictions without the hours of manual setup that such work has traditionally required — a step the…
News · Rates & FX · Japan · 6 Jul 2026
The dollar bought 162.5 yen in early July, within a fraction of a four-decade high hit on July 1. That the yen is this weak is not, by itself, surprising after three years of a strong dollar. What is surprising is that…
News · Ideas · US · 3 Jul 2026
Andrew Mellon cut taxes, raised tariffs, and restructured sovereign debt. His grandson just spent half a billion dollars electing an administration doing the same thing.
News · Banks · China · 3 Jul 2026
China's banks hold either $1.5 trillion or $624 billion in net foreign assets, depending on which branch of the Chinese government is doing the counting. The difference is not a rounding error.
News · Credit · Global · 30 Jun 2026
In the first quarter of this year, the average withdrawal request across the 12 largest funds was 12.1% of total invested money. They are only allowed to release 5%. Seven of the twelve hit that limit, spread the withdrawals proportionally across everyone who asked, and ended up paying out just 53 cents on every dollar requested.
News · Rates & FX · Japan · 30 Jun 2026
With speculative shorts at a nine-year extreme and the currency at its weakest since 1986, Tokyo's reserves are depleting faster than the carry trade is breaking.
News · Markets · Global · 29 Jun 2026
The Bank for International Settlements has done what few institutions will -- named the AI investment surge as a potential systemic threat, compared it to the canal mania of the 1830s, and explained, precisely, why a bust this time wouldn't stay contained beyond Silicon Valley.
News · Policy · Global · 23 Jun 2026
In 1849, a merchant named Sam Brannan ran through the streets of San Francisco clutching a vial of gold dust and shouting that fortunes were waiting in the hills to the northeast.
News · Rates & FX · US · 19 Jun 2026
The 30-year Treasury yield hit 5.198% in May. The Federal Reserve hasn't raised rates since 2023. Inflation is lower than it was two years ago. If your mental model still insists the long end dutifully follows the short…
News · Policy · China · 18 Jun 2026
Beijing made a quiet decision to stop fighting its own currency. The bill is coming due for the exporters who weren't paying attention.
News · Ideas · US · 16 Jun 2026
The new Fed Chair's case for lower interest rates rests on a productivity story that hasn't materialized yet -- and new evidence suggests the A.I. buildout is already pushing prices higher.
