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PCE Inflation Above Fed Target for 65 Months, and the Gasoline Numbers Don’t Add Up
The consensus read on July’s inflation data is that PCE inflation above the Fed’s 2.0% target came in slightly hot but remains broadly manageable. The numbers underneath that…
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US Canada Tariff Collapse Leaves USMCA Future in Doubt
The prevailing read on the US Canada tariff collapse frames it as a breakdown caused by bad faith on Washington’s side and political stubbornness on both. That framing is not wrong, but…
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Treasury Bond Buyback Yields Dip, but the Maths Still Does Not Add Up
The consensus read on today’s move is that Treasury bond buyback yields have responded obediently to Scott Bessent’s intervention, with the 30-year rate falling 0.09 percentage…
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Ulchi Freedom Shield exercises cut short as Trump cites Kim Jong Un friendship
The Ulchi Freedom Shield exercises cut short by White House instruction is the headline. The detail underneath (specifically what happened in Pyongyang the same day Trump posted his rationale)…
