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Michigan Consumer Sentiment Record Low Masks a More Awkward Split
The preliminary October 2026 reading from the University of Michigan puts the Michigan consumer sentiment record low at 44.7 for current conditions, a figure the consensus has predictably read…
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Six Structural Reasons the Long-Term Bond Yields Surge Has Further to Run
The consensus read on the long-term bond yields surge pins it on the deficit and oil prices. The data underneath that narrative suggests both explanations are, at best, incomplete, and that…
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30-Year Treasury Yield Spike to 2002 Highs Has Investors Nibbling, Not Loading Up
The consensus read on the 30-year Treasury yield spike this week is that yields have finally reached levels worth buying. The data underneath that comfortable narrative is rather less…
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US Data Centre Construction Spending Hits $85bn, but the Real Story Is What the Numbers Leave Out
The consensus read on US data centre construction spending is that the numbers are extraordinary and the trajectory is inexorable. Both of those things may be true. What the headline figures…
