Markets
Macro
Inflation, rates, and policy, written for stock pickers.
MarketsMacro
Japan's Treasury dump and AI's power problem: two clocks on the US economy
America sold euros to buy yen while Japan sold Treasuries to defend its currency — and AI spending is racing a grid that takes eight years to plug in. Here's what the headlines miss.
Aug 23, 2026 · 15 min read
MarketsMacro
Inflation is not a five-month Middle East story
Everyone blames Middle East oil for inflation. The Fed’s scoreboard — PCE — has missed 2% for years. Here’s why debt, money supply, and fiscal dominance matter more than the napkin narrative.
Jul 25, 2026 · 11 min read