Hormuz Is Becoming a Toll Road
The latest development in the Strait of Hormuz is more important than another temporary reopening. Iran says it has reached a revenue-sharing agreement with Oman...
Ukraine Is Entering the Escalation Trap
The war in Ukraine is moving into a more dangerous phase, not because Russia is suddenly winning or because nuclear war has become likely, but...
Trump Is Turning North America Into a Trade Battlefield
The US-Canada dispute has crossed an important line. What began as tariff pressure designed to extract concessions is becoming a reciprocal trade war in which...
The Administration Has a Market Problem and No Policy
There is a certain irony in watching Scott Bessent fight the bond market. The Treasury Secretary built much of his career alongside George Soros and...
The Weak Dollar Is Creating an Emerging-Market Paradox
The weakening dollar is beginning to transform emerging markets. But not in the simple way investors usually imagine. For traditional investors, the combination looks almost...
The More Iran Is Squeezed, the More Dangerous the Gulf Becomes
Donald Trump is making a different bet on Iran. If military power cannot force Tehran to capitulate, economic exhaustion might. Scott Bessent is expected to...
If Bessent Caps Yields, the Dollar Will Pay
Scott Bessent is discovering the limits of financial engineering. After doubling planned buybacks of long-dated Treasuries, the US Treasury Secretary is now promising a new...
Iran Is Losing the Gulf
The collapse of the US-Iran truce matters. But the more consequential development may be happening somewhere else. The United Arab Emirates has suspended commercial and...
Bessent Is Trying to Control the Price of America’s Debt
Scott Bessent has spent much of his career believing that markets send information. As Treasury Secretary, he is increasingly trying to change the message. Washington...