Everything Is Fine and Nothing Is Real
Everything Is Fine and Nothing Is Real Friday the jobs number dropped and the market had a small nervous breakdown. 172,000 nonfarm payrolls against an 80,000 consensus. The…
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Notes From the Waiting Room
Notes From the Waiting Room Sunday night. Kevin Warsh is about twenty-four hours away from the most watched Federal Reserve meeting in years — his first as Chair, the one the…
Central Banks of the Developed World
MEMORANDUM TO: Central Banks of the Developed World FROM: The Data RE: You Have a Problem DATE: June 7, 2026 CLASSIFICATION: You Already Know Let's get straight to it.…
While You Were Watching Chips Burn, the Bond Market Built a Time Bomb
While You Were Watching Chips Burn, the Bond Market Built a Time Bomb Everyone is staring at the semiconductor rubble. Broadcom down 12%, Micron off 7%, a trillion dollars of AI…
Memo to Kevin Warsh, Re: The Job You Actually Got
Memo to Kevin Warsh, Re: The Job You Actually Got INTERNAL. NOT FOR DISTRIBUTION. SHRED AFTER READING. Markets · June 5, 2026 TO: K. Warsh, Chair, Federal Reserve System…
MEMORANDUM
MEMORANDUM TO: The Bull Case FROM: The Data DATE: June 5, 2026 RE: We need to talk I've been patient. You've had your run — nine consecutive winning sessions on the S&P…
The Buyback Is Dead. Long Live the Dilution.
The Buyback Is Dead. Long Live the Dilution. A stream of consciousness from somewhere on the buy side, Tuesday afternoon, June 2. Okay. So Alphabet just announced it's raising…
The Market Is Choosing Its Religion
The Market Is Choosing Its Religion Somewhere between a war in the Middle East and a Jensen Huang product reveal, equity markets made a philosophical choice this week. They…
On the Occasion of Kevin Warsh Inheriting Someone Else's Inflation
MEMO: On the Occasion of Kevin Warsh Inheriting Someone Else's Inflation TO: The Market FROM: History RE: What you're about to find out DATE: June 1, 2026 Let's be…
The Economy
MEMORANDUM TO: Kevin · FROM: The Economy · RE: Your First Week Washington D.C. / New York · Sunday, 1 June 2026 FFR: 3.50–3.75% · Core PCE (Apr): 3.3% YoY · Headline PCE (Apr):…