The Global Price of Money is Rising

Sep 8, 2026

6:13 am

• Equity market calm looks mistaken: bonds and commodities repriced sharply higher last week even as major indices barely moved • Seven developed market central bank meetings in the next two months could deliver up to three hikes, against a growth backdrop that is accelerating, not slowing • The marginal buyer of US Treasuries is…

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Macro and Markets Review for August 2026

Sep 3, 2026

9:11 am

August was a good month for risk assets, but not a comfortable one. Global equities rose 2.6%, the US gained 2.7%, technology returned to leadership and emerging markets advanced 3.4%. Gold rose almost 10% and Bitcoin more than 25%. Yet the most important market during the month may have been the bond market, where long-dated…

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When the Tech Growth Story Meets the Bond Market

Aug 31, 2026

10:51 am

Two forces pushed markets in opposite directions last week. Nvidia’s quarterly results provided a fantastic boost to the AI investment theme. Meanwhile, Federal Reserve Chairman Kevin Warsh sounded cautious on inflation, saying it was still too high and suggesting that interest rates needed to rise. Nvidia encapsulates the bull market. The chipmaker delivered almost everything…

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Manipulating the Price Isn’t Solving the Problem

Aug 24, 2026

10:28 am

The United States still enjoys some extraordinary advantages: the world’s deepest capital markets, its leading technology companies, the dollar’s reserve currency status, and an economy that has repeatedly confounded those predicting its demise. But markets are increasingly being made to believe in something that really doesn’t add up — exceptional growth, heavy private investment, extraordinarily…

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