Hot Inflation and Expensive AI Infrastructure Debt
Why markets were frightened by the same thing on Wednesday In 1881 Ferdinand de Lesseps, the builder of the Suez Canal, began construction in Panama […]
Macro, Fed and Rates
Banks Report, Inflation Decides: What JPMorgan, Goldman and the Others Showed Ahead of CPI
In the second half of the 1970s inflation in the United States spun out of control not because of a single event, but because of […]
The Same Text, a Different Manuscript
Ten-year U.S. Treasuries closed Wednesday at a yield of 5.11 percent. That level was last seen in July 2007. The figure is the same. The […]
The Fed Raised Rates by 0.25 Percent in September 2026
CPI, the labor market, mortgages, and what to expect A king’s command does not halt the tide September 17, 2026 · Pavel Bandilov Toward the […]
Why long-term yields are rising when inflation is not
The 10-year US Treasury yield is near 4.80 per cent. Japan’s 10-year has reached 3 per cent for the first time since 1996. Brent is […]
Money matters: Warsh, the clipped shilling and the work the Fed has not yet done
Kevin Warsh’s Jackson Hole speech did not change the Federal Reserve’s regime. It sharpened the measure. PCE inflation remains above target, M2 is still growing, […]
When Debt Speaks Louder Than the Fed
In 1588, Philip II of Spain sent against England the largest fleet Europe had ever seen - the Spanish Armada. The objective was clear: to […]
Fed Holds Rates Under Kevin Warsh: What the Steepening Yield Curve and the Meta & Microsoft Earnings Mean for Investors (July 2026)
In ancient times the Athenians were forced every year to send seven young men and seven young women to Crete as tribute. There the Labyrinth […]
Fed June 2026: Kevin Warsh Rules Out Rate Cuts - What It Means for Markets Through Year-End
In 1961, John Steinbeck published his novel The Winter of Our Discontent. The story follows Ethan Hawley, a descendant of a once-respected family who works […]