Reserve managers left US government paper without leaving dollar assets
The war has spent a month escalating in every direction except the biggest one.
Four sectors discovered the number they use to describe their own market has stopped measuring it.
Five markets are pricing the same thing, and it is not the assets.
Every party has threatened it. None has taken it.
Today's research map is next decade's loading docks.
The war is the loudest constraint across these 16 industries, and rarely the binding one.
Five markets swapped a holder who didn't care about the price for one who does.
Seventeen elements, inseparable at the source and refined in one place, behind nearly everything that moves.
