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Payrolls, Prices, and the Story the Bond Market Refused
An equity rally can stay resilient while rates, energy, and credit proxies quietly raise the burden of proof.
Volatility Cannot Price This Risk
Every gauge a portfolio owns reads calm. The exposure that already did the damage is not one of the things they measure.
The Long End Is Setting Policy
A 162 basis point gap between the 30-year and the funds rate is not a forecast. It is an instruction.
Moved to Today, 12:00 PM ET: The Venezuela Thesis with Mercator, 1 CFP CE Credit
Rescheduled from yesterday to today at 12:00 PM ET. Washington has taken majority control of more than 65 billion barrels of Venezuelan reserves, and this session was built on that thesis before the news broke.