The Yen Squeezes Higher, Though Official Fingerprints are Elusive north The main story today is the Japanese yen. It is sharply higher today. The move began early North America yesterday. No one claimed intervention and many, including ourselves, thought it may have been a rate check. An initial look at the BOJ’s balance sheet suggests that Japan likely did not [...]
Bond and Equity Sell-Off Continues, Greenback Extends Gains north The risk averse market conditions persist. Yields are higher and stocks are lower. October WTI set a new contract high as hostilities in the Middle East continue. The S&P 500 and Nasdaq composite could gap lower when the cash session begins, though ADP private sector jobs estimate will be [...]
Lazarus Group-linked addresses move $30M through Hyperliquid north Crypto wallets linked to the OFAC-sanctioned Lazarus Group moved $30 million in digital assets through Hyperliquid, weeks after regulators said they were working on a path to introduce the exchange into US markets.
The Dollar Consolidates Warsh-Inspired Gains north The US dollar is consolidating its pre-weekend surge spurred by the hawkish commentary that Fed Chair Warsh delivered at Jackson Hole. The last time the US two-year and the Dollar Index rose as much as in response to the hawkish hold delivered in the first FOMC meeting Warsh chaired in the [...]
September 2026 Monthly north September brings a cluster of events that will shape the macro narrative into year-end. A Xi-Trump meeting, German state elections, a Federal Reserve decision with a new Summary of Economic Projections, and an ECB meeting that is not finished hiking. Each carries its own logic, but together [...]