The Treasury plans to purchase up to $38 billion in off-the-run securities for liquidity support and up to $25 billion in short-term maturities for cash management this quarter. Since the program began in May 2024,…

Most institutional research firms remain cautiously bullish, but a growing number of respected Wall Street strategists are issuing warnings that sound increasingly defensive. Among the firms raising red flags: • Morgan Stanley – Led by…

Investors don’t lose the most money by buying bad companies. They lose it by paying too much for good ones. After a historic AI-driven advance, many of today’s market leaders are priced for near-perfect execution…

One of the strongest endorsements of new Federal Reserve Chairman Kevin Warsh comes from legendary macro investor Stanley Druckenmiller. Stan isn’t simply an outside observer—Warsh spent approximately a decade working as a partner at the…

The chart below highlights a remarkable development: by several widely followed valuation measures, U.S. equities are now trading at their richest levels in more than a century—even exceeding the peaks reached during 1929 and the…

This has happened only two times in history—during the final phase of the dot-com bubble and today. The statement refers to the CAPE Ratio (Cyclically Adjusted Price-to-Earnings Ratio) crossing the 40 mark, or to extreme…

Semiconductors are ripping, hedge funds remain all-in on AI, tech volatility is behaving in ways we rarely see, and the 1997 analogy continues to track with uncanny precision. Whether this is the start of something…

Friday’s CPI report showed inflation running at 4.2%, the highest level in more than three years. Producer prices were even hotter, with PPI rising 6.5%, the strongest reading since late 2022. These reports do not…

The recent market decline appears to be more than a routine technology correction. Market leadership is narrowing, volatility is rising, consumer conditions are softening, and credit markets are beginning to question the economic returns on…

Quoth the Raven: One of the most important developments investors may be overlooking is not occurring in the stock market—it is occurring in the credit markets. For much of the AI boom, capital appeared unlimited….