Brief: Priced Before Signed

Brief: Rates Held. Guidance Didn't.

The Fed held rates exactly as expected and the market sold off anyway, because the real move was not the decision but the information architecture around it. The dot plot tilted sharply hawkish, Iran signed its nuclear MOU but Trump revealed a ballistic missile concession at the G7, and the largest

Super Brief: Warsh Walks In — Super Brief

Warsh Walks In. The Fed delivers its first decision under Chair Kevin Warsh this afternoon. A hold at 3.50 to 3.75% is near certain, so the real information sits in two places: a dot plot that may show the cycle's first hawkish tilt, and Warsh's signaled retreat from forward guidance. If both land, markets will pri

Brief: Warsh Walks In

The Dow closed at a record while the Nasdaq fell in the year's broadest tech rotation. The Fed delivers its first rate decision under Kevin Warsh this afternoon, the Iran deal signing is confirmed for Friday in Geneva, and Trump publicly rebuked Netanyahu at the G7 over Lebanon.

Super Brief: Fox Bought the Remote — Super Brief

Fox Bought the Remote. Fox is buying Roku for about $22 billion, $160 a share, ending up with 73% of the combined company. The headline reads like a media giant buying a streaming app. The real move is that Fox paid for the remote control, not the catalog. Roku owns the viewing surface: 100 million active accounts and an

Brief: Fox Bought the Remote

Fox's $22 billion acquisition of Roku reprices the streaming stack as the Bank of Japan lifts rates to 1.0% this morning, its highest since 1995, with Governor Ueda absent for the first time in BOJ history. Warsh's first FOMC convenes today with a hold locked in, while the Iran nuclear deal awaits i