Better UK growth signals are pushing sterling rates higher and next week's inflation numbers could push up even more. We see the broader trend, however, as one where rates drift lower.

The S&P 500 saw a slight bounce today, rising just 25 basis points—not a very impressive move.

The S&P 500 is stuck. Two weeks of 60 to 80 point swings that net out to basically nothing. 

Monetary policy was once quite simple. Unfortunately, the Fed made things more complicated in 2008 when they began paying interest on bank reserves.

Crypto is entering a new phase, not driven by hype or narratives but by real fundamentals and financial infrastructure.