Entrepreneur
Kevin Warsh and Scott Bessent are not running a coordinated tag team. The Fed wants the long yield left as an honest reading, the Treasury wants it lower, and eight days after the hike the 10-year hit its highest level since 2007. … readTwo Hands on One Curve
Britain’s empire did not fall to a rival. It fell to compound interest, and the dollar happened to be standing nearby. America has now crossed the same line — and this time nobody is standing nearby, which is the more dangerous fact. … readThe Crown Nobody Wants
A three-month bill pays 3.92 percent and a thirty-year bond pays 5.27. The gap is the price of thirty years of trust, and this week the market, the Treasury, and gold all said it is not enough. … readThe Price of Thirty Years
The Federal Reserve cools an economy by making doing nothing pay, raising the hurdle rate every investment must clear. Four years and $8 trillion later, the money is still parked. … readWhy the Cars Never Left