Stocks Hold the Record. Bonds and Oil Already Speak of Another Regime.
Hans Holbein the Younger was born in Augsburg around 1497 and died in London in 1543. He worked first in Basel, then entered the orbit […]
Fed
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 […]