Ceasefire Without Peace
Donald Trump has extended the ceasefire with Iran, but only in the peculiar modern sense of the term, where a truce is prolonged, threats continue,...
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Victory? May be but Without Control
Donald Trump went on television to declare that the war was nearly over. Markets heard something else entirely. Five weeks into a conflict that was...
The Empire of Threats Meets the Price of Reality
The war has entered its second month, and what is becoming visible now is not American strength, but American exposure. Over the weekend, missile strikes...
No Cuts, No Illusions: The Fed Rediscovers Inflation
There are moments when central banks guide markets. And there are moments when they remind them, quietly but firmly, who is still in charge. This...
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....
The Great Tariff Reboot: Old Ideas, New Damage
Donald Trump’s radical new tariff regime officially kicked in this week, marking yet another act in his headline-grabbing, trade-remoulding drama.After months of policy whiplash, the...