The Fed Is Fighting Inflation It Cannot Fully Control
The Federal Reserve has an inflation problem again, but it is not quite the same one it faced in 2022. US consumer prices rose 0.6%...
Ukraine Has Discovered the Price of Digital Dependence
Ukraine has spent four years proving that technology can compensate for military disadvantage. It is now discovering that the same technology can also create a...
The Banks Are Telling the Fed Something
The Federal Reserve believes higher interest rates are slowing the US economy. The banks are showing a more complicated picture. JPMorgan, Citigroup and Wells Fargo...
The ECB Is Tightening Into a Fiscal Problem
The European Central Bank still has an inflation problem. It now also has a bond-market problem. Euro-area inflation is approaching 4%, well above the ECB’s...
The Price of Cheap Diesel
Donald Trump’s agreement with Vladimir Putin on Russian diesel is being presented as an energy solution. It is really a test of priorities. The White...
When Debt Becomes Sovereign Again
Italy is considering buying back MTS, the main wholesale trading platform for Italian government bonds, from Euronext. At first sight, this looks like a relatively...
The Bond Market Is Doing the Central Banks’ Job
For months, investors have asked how far central banks will raise rates to contain inflation. The bond market may now be answering the question for...
The Gulf Is Running Out of Safe Routes
The Strait of Hormuz is moving more oil again. That should be good news. It may actually be the dangerous part. Oil flows through the...
Growth Is Not a Fiscal Strategy
Scott Bessent believes America can grow its way out of its debt problem. The bond market wants more evidence. The Treasury Secretary argues that the...