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It was a week where a Treasury buyback announcement aimed at capping yields ended up capping the dollar instead, gold and Bitcoin ripped on inflation and debt-sustainability worries, and a “good but not great” batch of retail earnings (WMT included) kept the index-level tape soft even as pockets of the market — gold miners, biotech — went vertical. Fiscal dominance was the th...


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Beta, Not Alpha: A Forced Unwind, Climbing Yields, and a Blockbuster Earnings Season

It was a week where a single margin call rattled the AI trade, sovereign yields pushed higher into a packed central bank calendar, and Q2 earnings kept beating the tape by a wide margin. FOMC positioning, a fresh round of JPY intervention chatter, and the spectacular unwind of a marquee AI he...


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