Venezuela as the First Protectorate of the New Empire
The declaration came without hesitation and without disguise. Hours after the capture of Nicolás Maduro, Donald Trump announced that the United States would govern Venezuela...
The Empire Is Back, and It Doesn’t Ask for Permission
The overnight seizure of Nicolas Maduro, flown from a guarded military base near Caracas to a New York prison, was not merely a spectacular operation....
Disinflation or Statistical Mirage? America’s CPI Blinks — and the Fed Squints
US core inflation has conveniently settled at its lowest annual pace in four years — an outcome as reassuring as it is suspect. According to...
Europe Calls Time on Rate Cuts
Markets are quietly, but decisively, signalling that Europe’s great rate-cutting adventure is already drawing to a close. Across the continent, investors are converging on the...
The Fed’s 2026 Reckoning: When Data Meets Debt and Illusion
The long-simmering argument in the US Treasury market over what the Federal Reserve will dare to do in 2026 is about to turn openly confrontational,...
The Fed Cuts Again: a new piece of theatre
The Federal Reserve, ever anxious to appear both decisive and contemplative, has delivered its third consecutive rate cut, trimming another 25 basis points from the...
The Funeral of Easy Yield
For income-hungry investors, the age of lazy, state-sponsored abundance is drawing to an unceremonious close. For years, one could be handsomely paid for doing precisely...
The ECB’s 2% Illusion
Consumer prices rose 2.2% in November compared with a year earlier, up from 2.1% in October and slightly above the median forecast of economists surveyed...
When the Fed Loses the Plot
Investor certainty over a December rate cut, a confidence the Federal Reserve had itself so carefully stage-managed, has evaporated with theatrical brutality. US Treasuries endured...