The Weekly: The Instruments Came Loose

Brief: Khamenei's Funeral Crashes Tehran's Airspace

Markets reopen into a 96-hour gauntlet: Khamenei's funeral procession closes Tehran's airspace this morning, OPEC+ confirmed additional supply into $67 oil over the weekend, NATO opens in Ankara tomorrow, and Fable reprices the same day. The through-line across at least three of those stories is a m

Super Brief: When the Fund Outgrows the Stock — Super Brief

When the Fund Outgrows the Stock. The Bank of Korea warned Sunday on single-stock leveraged ETFs, and the numbers under the warning are the story. Leveraged and inverse ETFs on SK Hynix hold roughly $19 billion against about $4.5 billion of average daily volume, a 4x overhang; Samsung's complex sits 176 percent above its daily turno

The Weekly: The Instruments Came Loose

This was the week the instruments came loose from the things they measure. On Friday the unemployment rate fell to 4.2 percent, and it fell because 720,000 people stopped looking for work, not because anyone found it: the gauge improved by shrinking the population it counts. Days earlier a new Fed c

Weekly Light: The Instruments Came Loose — Weekly Light

The Instruments Came Loose. Monday the market still priced a September hike near 73 percent. By Wednesday Kevin Warsh had the wheel and used his first international appearance to kill forward guidance, welcoming more bond-market volatility. He leaned hawkish while the data leaned the other way, an ADP miss and the steepest dro

Brief: AI rent-extraction crashes: five camps close

June payrolls missed badly while the unemployment rate fell. Not because people found work, but because 720,000 of them stopped looking, shrinking the pool the rate measures. That paradox set the market's mood. But the day's real through-line runs elsewhere: five independent camps declared closed, r