The market is currently operating under a form of selective blindness. While Israel and Lebanon agreed to a conditional ceasefire, the US and Iran continue to exchange strikes....
A fragile ceasefire in the Middle East began to crack on Tuesday. What started as diplomatic posturing quickly turned into physical combat as US and Iran exchanged military strikes....
The institutional psychology of the US bond market is currently grappling with a directive that sounds like freedom but feels like a threat. When Kevin Warsh was sworn in as US Federal Reserve Chair, the US government provided him the explicit instruction to do his own thing. For a portfolio manager, this is a dangerous kind of autonomy...
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