The Fed Pauses. Politics Looms
Jerome Powell has two formal opportunities left to move interest rates before the end of his term at the helm of the Federal Reserve. He...
Dollar in Hell
Donald Trump has finally said the quiet part out loud. Asked in Iowa whether he was concerned by the dollar’s slide, the US president smiled...
When Washington Turns Predator: Europe and India Are Building a World Without America
After nearly twenty years of sterile negotiations, India and the European Union have suddenly done the unthinkable: they have agreed. A free-trade pact, announced this...
When Silence Becomes Intervention
By quietly asking New York traders to confirm prices as the yen surged on Friday, US authorities sent a message louder than any communiqué: the...
Frozen Continent, Bought Fire: How Europe Paid for Its Own Gas Delusion
American natural gas has just punched through the $6 mark for the first time since 2022. A polar blast swept across the United States, froze...
Japan Pulls the Thread, the Bond World Unravels
A sudden surge in volatility on the Japanese government bond market is no longer a local curiosity. It is fast becoming a global stress test....
Davos by Threat: Trump Brings Tariffs, Territory and Theatre to the Alps
Donald Trump never travels quietly. But his latest appearance at the World Economic Forum in Davos was not merely performative; it was deliberately destabilising. On...
When the Safe Haven Starts Leaking, Treasuries Discover Geopolitics Has a Price
US Treasuries retreated as investors reassessed what had long been treated as an unquestioned refuge. The trigger was not data, nor central bank guidance, but...
The Inflation Mirage: When the Numbers Behave but the Empire Still Burns
US core inflation slowed more than expected in December, offering Washington a rare moment of numerical relief at the end of a year disfigured by...