Finance
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6 articles
Reading the inflation report: the three sub-indices most people miss 4 Bips
CPI headlines move markets for an hour. What actually matters for Fed policy is in the services-ex-housing line.
Macro · 5 min
The curve un-inverted. The recession signal didn't fire. What happened? 5 Bips
Every inversion cycle in the last 50 years preceded a recession. This one looks like a partial exception.
Rates · 6 min
Passive fund concentration: the structural risk most portfolios ignore 4 Bips
The top 10 stocks in the S&P 500 are roughly 37% of the index. Portfolios hold them through multiple ETFs simultaneously.
Markets · 5 min
Credit spreads at multi-year tights: what history says happens next 5 Bips
High-yield spreads over Treasuries are compressed to levels only seen four times in 30 years.
Credit · 5 min
Private credit at $2 trillion: the tier-one banks got out, PE moved in 5 Bips
A decade of regulatory pressure pushed middle-market lending off bank balance sheets. The next-downturn implications are underappreciated.
Credit · 6 min
The US personal savings rate quietly fell below 4% 3 Bips
Headline consumption kept humming through 2025, but the composition is changing.
Macro · 4 min