Markets
The liquidity question nobody on the desk wants to ask
Order books are thinner than the headline volumes suggest, and the gap shows up first in the instruments nobody watches.
Topic
Central Banks
Economy
What the front end of the curve is actually pricing
Market-implied paths are not forecasts. They are the cost of insurance, and the distinction matters.
Economy
Why the labour data keeps surprising the same people
Revisions are not noise. They are information about which series to trust.