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%...
Category: MARKETS
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 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...
The Euro Is Becoming Europe’s Risk Premium
The euro is no longer simply falling because the dollar is strong. It is falling because Europe is becoming more expensive to trust. The single...
The Bond Market Has Stopped Waiting for Cheap Money to Return
The US 30-year Treasury yield has moved above 5.6%. For the first time since 2002. The important question is no longer why yields rose another...
Washington and Tehran Are Now Negotiating With the Clock
The US-Iran war has acquired another battlefield. The calendar. After seven months of conflict, talks in New York have produced little progress. Iran has offered...