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.
News · Macro · US · 22 Sept 2026
Nine months ago the site at Eastern Creek, a stretch of light-industrial land on Sydney's western fringe, was mostly empty. Brisbane-headquartered NextDC, Australia’s largest listed developer and operator of such…
News · Rates & FX · US · 17 Sept 2026
Kevin Warsh had a phrase ready when reporters asked him, again, why the Federal Reserve was raising interest rates into an economy he himself described as strong. The central bank, the Fed chair said, was simply…
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.
News · Rates & FX · US · 14 Sept 2026
For about four minutes on Monday morning, the bond market did something it had not done since the summer of 2007. The yield on the 10-year Treasury note, the benchmark that sets the price of everything from a 30-year…
News · Rates & FX · US · 10 Sept 2026
A $6 billion buyback was supposed to calm the $29 trillion bond market. Instead the 10-year yield closed at its highest level since 2023, a reminder for even the exalted that math has a way of teaching hubris.
News · Rates & FX · US · 10 Sept 2026
A bigger buyback lifted yields for one session in August. Three weeks later a $6 billion operation landed at the low end of expectations, and the 10-year note went on to its highest close since November 2023.
News · Markets · US · 3 Sept 2026
Twenty-two U.S. states joined the case Monday, alleging the company quietly turned a "second price" auction into something closer to a first-price one, and hid it from more than a million advertisers.
News · Rates & FX · Japan, US · 21 Aug 2026
Sometime this month, the United States Treasury reached into its own history and bought back a bond that almost everyone had forgotten.
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.
News · Rates & FX · Japan, US · 4 Aug 2026
The instructions were four words, scrawled by hand: "To Do: Buy Japanese Yen $5-10 bil."
Deep Dive · Macro · US · 30 Jul 2026
A 9–3 hold, three hawkish dissents, and the return of price discovery to the bond market
News · Markets · US · 30 Jul 2026
The Fed held rates steady Wednesday for the second time under its new chairman. The bond market's answer was a 19-year high on the 30-year yield, and a widening argument inside the Fed about how little a central bank can say out loud.
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.
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.
