Analysis Archive
Page 2 of 3 · 77 articles total
- Currency · Jun 22, 2026
The Bank of Japan Just Raised the Price of Global Leverage
A BOJ policy rate around 1.0% is still low by Western standards. In yen-funded portfolios, it changes the sign on the trade.
- Rates · Jun 19, 2026
Every Major Central Bank Just Turned Hawkish at Once
The Fed dropped its easing bias, the Bank of Japan hit a 30-year high, and the ECB hiked again, all in the same week. The synchronized turn is the story markets keep underpricing.
- macro · May 13, 2026
Gold's $4,700 Anomaly: Why Disinflation Did Not Kill the Rally
Gold traded near $4,700 in mid-May 2026 even after the inflation shock of 2022 faded and real yields stayed positive. The clean explanation is not a resurrected CPI trade. It is a reserve-allocation trade: central banks bought more than 1,000 tonnes a year from 2022 through 2024 and another 863 tonnes in 2025, changing who sets the marginal price.
- rates · May 13, 2026
The Fed's 8-4 Split Is a Coordination Problem
The April 28-29, 2026 FOMC vote was not a normal hold. It was an 8-4 decision in which one voter wanted an immediate cut and three others supported the hold while rejecting the statement's easing bias. That is not a simple hawk-versus-dove split. It is a communication problem: the committee can agree on today's rate while disagreeing on what today's language commits it to tomorrow.