Comprehensive macro and geopolitical analysis for sophisticated investors. We connect dots across markets, policy, and global risk.
Three structural forces are forcing the Federal Reserve to abandon its higher-for-longer stance. Here is the cross-asset playbook for what happens next.
China's credit impulse leads global manufacturing PMIs by nine months. Here is what the latest turn higher means for commodities, EM, and global trade.
Three plausible escalation paths in the Middle East would each move crude differently. Here is the framework for sizing the geopolitical risk premium in oil.
The US dollar has run in extended secular cycles for half a century. Multiple structural signals now suggest the bull cycle that began in 2011 is ending. Here is the multi-asset implication.
Private credit has grown from a niche asset class to a $2T market in less than a decade. Whether it represents a structural shift or a late-cycle bubble matters for the entire credit complex.
AI capital expenditure has crossed $1T per year and is accelerating. The constraint is no longer chips — it is power. Here is what that means across utilities, commodities, and equities.