Aug 27, 2026
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6 min read
FDIC Q2: best return on assets since 1984. Same report, different chart: unrealized losses rising for two straight quarters. Almost no one reads that line.
Aug 25, 2026
5 min read
January 1, 2027: 50% on all Canadian autos, parts, and steel. GM, Ford, and Stellantis each build vehicles in Ontario. Neither reshoring nor margin absorption happens in 16 months.
Aug 24, 2026
Section 338 took effect Saturday on $20 billion in Canadian trade. Ottawa retaliates September 8. First uses of 96-year-old statutes rarely stay contained.
Aug 23, 2026
4 min read
$40 trillion in debt. A buyback that failed after one session. A 30-year yield near a 19-year high. They are not separate problems.
Aug 21, 2026
The last time factories ran this hot while households pulled back, the Fed tightened to fight supply-side inflation and broke the demand side. Three FOMC members are already voting for a hike.
Aug 20, 2026
Deficits are widening. Annual interest costs top $1 trillion. The Treasury addressed the speed of the selloff — not the trajectory behind it.
Aug 18, 2026
Home Depot, Walmart, and Target report this week. A miss from any of them forces the market to price what July's retail data already showed.
Aug 17, 2026
Force majeure. Drone strikes explicitly listed. Thousands of merchants with uninsured inventory, no recourse, and no comment from the Kremlin. It was all in the fine print.
Aug 16, 2026
Carry traders used the late-July intervention as a selling opportunity. The yen is back through ¥159. The trade carries an estimated $20 trillion in notional exposure.
Aug 14, 2026
A 9-3 Fed dissent. Norway's $2.3T sovereign fund taking SpaceX in silence. And Novorossiysk loading data this weekend that will move crude before Monday's open.
Aug 13, 2026
Yields held after a friendly CPI print. Equities and bonds moved in opposite directions. Russia gained 24 square miles while every camera pointed south.
Aug 11, 2026
After the hostage crisis, US-Iran financial claims took six years to untangle. Both capitals are back at the invoice stage — with Hormuz as collateral.
