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All published analysis, reverse chronological.

Equities Apr 3, 2026

The Close: Small Caps Lead While Credit Stress Signals Fragile Ground

IWM outran SPY by 60 basis points on a day CDS trading volume hit a record $4.5 trillion. Small-cap leadership and credit hedging at historic highs are not a coherent story, and the tape is forcing you to pick which one to believe.

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Macro Mar 20, 2026

On Watch: Bear Steepening Is Not a Rates Trade to Fade

The 10-year has moved 45 basis points off its March low at the same velocity that preceded the October 2023 rates shock. The Fed is still nominally easing. Those two facts do not belong in the same sentence.

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