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Personal Stakes Personal Stakes · Macro Brief Friday, August 21, 2026 Macro Musings · Daily Briefing · Friday, August 21, 2026 China's currency totally floats freely if you ignore the $7 trillion in state bank foreign assets Brad Setser presents detailed evidence that China continues to manage its currency through state
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Personal Stakes Personal Stakes · Macro Brief Thursday, August 20, 2026 Macro Musings · Daily Briefing · Thursday, August 20, 2026 Asia's $2 trillion surplus is going everywhere except your Treasuries and somehow that's the calm part Gold up 2.01% on the day. East Asia's combined
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Personal Stakes Personal Stakes · Macro Brief Wednesday, August 19, 2026 Macro Musings · Daily Briefing · Wednesday, August 19, 2026 The Treasury quietly doubled its long-end buybacks and would really prefer you not call it yield curve control Treasury buyback cap for longer-dated nominal coupons up $2 billion to at
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Personal Stakes Personal Stakes · Macro Brief Tuesday, August 18, 2026 Macro Musings · Daily Briefing · Tuesday, August 18, 2026 The economy is slowing, costs are rising, and the bond market just decided to freelance July housing starts up 19.0% from prior. A wave of US and UK economic releases showed
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Personal Stakes Personal Stakes · Macro Brief Monday, August 17, 2026 Macro Musings · Daily Briefing · Monday, August 17, 2026 The Fed is sitting this one out while 30-year yields do whatever they want and Iran seizes tankers just to stay busy Luke Gromen argues forcefully that the US must use
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Personal Stakes Personal Stakes · Macro Brief Tuesday, July 28, 2026 Macro Musings · Daily Briefing · Tuesday, July 28, 2026 Your oil price is up 18% and the Fed chair can't get through dinner without a fight WTI crude up 18% in under two weeks. Iran's closure of
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Personal Stakes Personal Stakes · Macro Brief Monday, July 27, 2026 Macro Musings · Daily Briefing · Monday, July 27, 2026 China hid a record trade surplus behind a pile of gold and somehow that's not even the wildest number today Gold up 0.42% on the day. Brad Setser argues
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Personal Stakes Personal Stakes · Macro Brief Friday, July 24, 2026 Macro Musings · Daily Briefing · Friday, July 24, 2026 Gold hit $4,055 and REITs are thriving so apparently the boring stuff won the war Silver up 1.08% on the day. A widely circulated leaderboard shows most major assets—from
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Personal Stakes Personal Stakes · Macro Brief Thursday, July 23, 2026 Macro Musings · Daily Briefing · Thursday, July 23, 2026 Your energy transition got rerouted through a $100 barrel of oil and a 5% Treasury yield Sulfur up 146% since start of the Iran war. Brent crude oil surged past $100/barrel
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Personal Stakes Personal Stakes · Macro Brief Wednesday, July 22, 2026 Macro Musings · Daily Briefing · Wednesday, July 22, 2026 Sulfur is up 142% and six of nine sectors are faking it so at least something is being honest Sulfur up 142% since start of the Iran war. An ongoing Iran war
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Personal Stakes Personal Stakes · Macro Brief Tuesday, July 21, 2026 Macro Musings · Daily Briefing · Tuesday, July 21, 2026 July's hottest trade is selling everything you bought in June 25 best performing Russell 1,000 stocks in first half of 2026 down 25.4% in July as of yesterday.
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Personal Stakes Personal Stakes · Macro Brief Monday, July 20, 2026 Macro Musings · Daily Briefing · Monday, July 20, 2026 Chips are down 17% and Bitcoin is up 9% and somehow Apple's all-time high is the boring part SCI (benchmark Chinese equities index) down 5.8% last wk. China