Credit spreads tightened in nine of twelve sectors over the past year. Yet twenty bonds drove nearly all the distress in high yield. The market isn't repricing credit. It's repricing a handful of balance sheets that funded the AI buildout.
Commentary & analysis of selected stories on August 5, 2026
Warsh isn't trying to make the Fed harder to read. He's trying to force the market to do its own homework again.
Commentary & analysis of selected stories on August 4, 2026
For almost two years the Fed has been cutting and holding rates, and for almost two years yields have trended higher. The bond market has been rejecting Fed policy and can stop panicking when the Fed starts.
Commentary & analysis of selected stories on August 3, 2026
Commentary & analysis of selected stories
Commentary & analysis of selected stories on July 30, 2026
Jim Bianco argues that the central bank is entering a new era where ultra-low interest rates will not return due to increased global competition for capital.
Commentary & analysis of selected stories on July 29, 2026
Commentary & analysis of selected stories on July 28, 2026
Jim Bianco argues that the stock market has effectively split into two separate asset classes: 41 highly volatile AI stocks and 459 non-AI "real economy" stocks that trade in opposite directions.