Macro
Global macro economics and monetary policy
22 articles
MacroBessent Hires Judy Shelton, the Fed Pick the Senate Blocked
On Friday, October 9, 2026, Treasury Secretary Scott Bessent named Judy Shelton as a counselor to the secretary, according to CNBC. Six years ago, the U.S. Senate refused to seat Shelton on the Federal Reserve Board.
MacroKashkari Admits the Fed Does Not Know How High Rates Must Go
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said on October 1 that he does not know how much further interest rates have to rise to pull inflation down to the Fed's 2 percent target.
MacroEuropean Central Banks Push to Ban Yield on Crypto Lending and Staking
On September 22, 2026, CoinDesk reported that a group of European central banks is lobbying to widen the existing stablecoin interest ban into something far larger: a prohibition on yield arising from crypto lending…
MacroTreasury Yields Break 5% as AI Safety Fears Hit the Nasdaq
On Monday, September 15, 2026, the US 10-year Treasury yield traded above 5% intraday, the Nasdaq fell as much as 1.3%, and crude oil printed above $100 a barrel.
MacroBudget Travelers Get Thrifty While the Industry Chases Luxury
On September 5, 2026, CNBC published a dispatch on a market that most travel executives have stopped selling to: people who cannot afford the trip.
MacroKevin Warsh's Fed Turns to Prices as August Payrolls Rebound
American employers likely added 55,000 jobs in August, according to a Bloomberg survey of economists published August 29, with the unemployment rate holding at 4.1 percent.
MacroThe Statist Peril of Techno-Asset Inflation
The Mises Institute published a Mises Wire essay this month arguing that the most dangerous asset bubbles in history share a specific signature: cheap money arriving at the same moment as a genuine technological…
MacroCooling Producer Prices Push the S&P 500 Past 7,800 Intraday
Stocks closed higher across the board on Thursday, August 13, 2026, after the July producer price index came in softer than economists expected and crude oil slid.
MacroSaylor Is Now a Sovereign Wealth Fund. He's Not Even Hiding It Anymore.
Strategy stopped behaving like a corporate treasury years ago. In 2026 it has stopped pretending. The financing pattern, the holding policy, the public messaging, and the way credit markets price the paper now match a sovereign wealth fund more closely than they match a company. The implications run further than most institutional investors are willing to say out loud.
MacroJapan's Carry Trade Unwind Isn't Over
The August 2024 yen carry trade unwind was not a one-off event. It was the first tremor. The Bank of Japan is still the largest buyer of Japanese government bonds and the second-largest foreign holder of US Treasuries. Every time the yen rallies, that position becomes a source of forced selling. The next tremor is closer than the market is positioned for.
MacroThe 10-Year Yield Is Telling You Something
The Fed has been signaling rate cuts for six months. The long end of the curve will not cooperate. When short rates fall and long rates rise, the bond market is telling you the central bank has lost control of the part that actually matters. That is happening now, and it is bullish for exactly one asset.
MacroThe Fed's Impossible Choice: Why Stagflation Is Bitcoin's Best Bull Case
The Fed is trapped between war-driven inflation and a slowing economy. Rate cuts fuel inflation. Rate hikes kill growth. Every historical stagflation episode has produced a flight to hard assets - and Bitcoin is now on that list.