The yen is near 158. Who is borrowing it?
The yen is weak, Japanese yields are near 3 percent, and the carry trade question that matters is who has to sell.
Tech Slips From Three Sigma as Credit Turns and the Utilities Streak Ends
XLK/SPY eases to +2.09 sigma, JNK/GOVT logs its first negative month, and utilities end a ten-week losing streak in a hot-CPI week.
The Labor Market Stopped Hiring And Has Not Started Firing
Payrolls rose 29,000 in September, claims sit near 197,000 and wage growth hit its lowest since 2021. The recession signals are missing and the expansion signals are fading.
The Yen Is The Other Side Of The 10-Year
The Bank of Japan has raised rates twice this year and the yen still trades near 158 per dollar. With the 10-year Treasury above 5%, the funding currency has nowhere to go.
The Fed Is Hiking Into A Supply Shock
Gasoline is up 39% in a year and crude has round-tripped from $56 to $115 to $96, yet the Fed is raising rates against it. A central bank can tighten demand. It cannot produce a barrel.
BlackRock's Troubled BDC Pays 17%. The Loan Sale Is The Tell
A valuation probe, three dividend cuts, and now a $523 million portfolio sale at 95% of marks. The stress test is live.
PSEC Pays 21% At A 65% Discount. The Market Thinks The NAV Is Fiction
A covered payout, a freshly cut distribution, and the widest discount in the BDC space. Which side is mispriced?
An 18.6 Year Duration Book Yielding 10.8%: The Purest Rates Trade In The Drawer
36% leverage on long duration credit. The distribution is 31% return of capital. Know what you are underwriting.
A 17.6% NAV Return, A 13.7% Distribution Raise, A 10% Discount: The EM Fund Nobody Watched
Frontier sovereigns quietly posted one of the best income years anywhere while the share price went nowhere.
The quiet currency that decides global markets
Japan's history, the yen carry trade, and the difference between an attractive asset and a resilient investment position.
Tech Crosses Three Sigma While Gold Breaks: The Streak Turns Ten
Tech crosses +3 sigma, gold breaks to a two-month low, credit confirms at +1.64 sigma, and utilities log a tenth straight negative week.
The Preferred Stock Fund That Raised Its Payout Three Times In 2026
Three raises, a special, a 9.8% discount, and a bank preferred book yielding 8.4%. The quiet quality play.