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Thursday was the worst day for stocks since April 2025. The S&P 500 fell 4.4%, the Nasdaq 100 fell 6.4%, and the semiconductor index dropped
If you want to know where monetary policy is going, stop reading the press conferences and start reading the personnel announcements. Over the past four
Something odd is happening in the Treasury market, and almost nobody is talking about it. Yesterday the Fed held rates at 3.75% to 4%. Two
Yesterday the Conference Board reported that consumer confidence rose 7.5 points in October to 91.7. It was the first increase in four months and it
While everyone here was watching the Fed and the AI earnings, a G7 bond market cracked. Last Wednesday the yield on French 10-year government debt
This morning EQT announced it is buying Range Resources in an all-stock deal. The combined company will be the largest natural gas producer in the
On Monday the Army’s top financial officer published an opinion piece in The Hill with a blunt headline: without private capital, the U.S. will miss
Last week I wrote that the Everything Bubble was already deflating, just not where everyone was looking. The asset letting air out was housing, where
On Saturday the Department of War’s Office of Strategic Capital signed a conditional loan commitment of up to $80 million to Antheia, a Menlo Park
On Thursday I wrote that JPMorgan naming a critical minerals chief inside its $1.5 trillion Security and Resiliency Initiative marked the moment private capital decided
JPMorgan just created a job that did not exist two years ago. This week the largest bank in America named Andrew Frame as its chief
Everyone is watching the wrong asset. Stocks are at or near record highs. The S&P 500 is trading around 7,800. Every headline this week is
Something happened in the bond market at the start of this month that we haven’t seen in over a decade, and it involves one of
In 2014, I coined a term to describe what the Federal Reserve was doing to the financial system: the Everything Bubble. Three years later, I
Many of Ukraine’s long-range drones cost between $20,000 and $100,000, according to public estimates. When one gets through, it can knock out refinery equipment that