WHERE GEOPOLITICS MEETS THE MARKETS.
Independent analysis. Built from the data up, not the narrative down.
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.
