7 Min Read
September's flash PMI hit a 62-month high, Fed Governor Barr signaled more hikes and a 5-year Treasury auction drew weak demand. The 5-year yield topped 5% for the first time since 2007, driven by Fed expectations rather than the long end.
7 Min Read
SoftBank-controlled SB Energy is preparing an IPO at a valuation above $50 billion; 91% of its capacity sits at OpenAI's Ohio campus and comes online no earlier than 2031. The New York Times reported the listing slipped to October; another source says the timetable has not changed.
September 15, a nineteen-year highSeptember 16, 2:20 p.m. New York
9 Min Read
Kevin Warsh's first hike as chair passed unanimously, lifting the target range to 3.75%-4.00%. Futures had priced the decision at 92.9%, and the real move came before the announcement: the 10-year yield backed away from Tuesday's nineteen-year high and slipped below 5%.
7 Min Read
The Fed is set to raise rates 25 basis points on Wednesday; the ECB moved last week and the Bank of Japan is expected to move on Friday. Central banks are not the only force lifting long-dated yields: record bond sales by AI companies are competing with the US Treasury for the same buyers.
Mid-JulyEarly September
9 Min Read
U.S. Central Command said it struck five tankers in reply to missile attacks on a Navy warship. Brent rose 3.5% through $100 — even though ship-tracking data puts Iran's August exports at 240,000 barrels a day.
10 Min Read
Fed Chair Kevin Warsh said at Jackson Hole that inflation is still too high, and in one day the market went from expecting a cut to pricing a hike. Three weeks earlier, the July employment report had shown the U.S. economy losing 23,000 jobs.
9 Min Read
Nvidia has stopped signing new deals under the revenue-sharing rental program it launched in July; the contract required that the chips be rented only to customers Nvidia approved. That clause was what kept the occupancy guarantee behind it costing nothing.
July 30August 11
9 Min Read
Daily turnover in Korea's single-stock leveraged funds fell 94% in two weeks. Over the same weeks, 43.4% of what Korean retail traded in the U.S. was in leveraged products.
Fiscal 2026, reportedFiscal 2027, company guidance
10 Min Read
The company guided fiscal 2027 earnings to $22.88-$23.12 a share against a $27.32 consensus. Of that gap, $5.81 came from a profit definition that changed the same day.
INTU · Since The Event− 8.12%Read10 Min Read
With the 30-year yield at a 19-year high, the Treasury doubled its long-end buybacks and the yield fell 15 basis points. But the bonds it retires are paid for with bills: the total debt does not change, only its maturity shortens.
June, before the forced saleEarly August, after the sale
9 Min Read
Wall Street's most profitable trading firm lost roughly $15 billion in July, and the figure surfaced not in a filing but in a loan negotiation. In the same week it retired its public debt and replaced it with $14.6 billion of notes sold privately.
10 Min Read
Nvidia signed up Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize more than $500 billion for AI infrastructure. It committed no capital of its own — it built the chain.
10 Min Read
Fifty-five days after the largest IPO in market history, the first tranche of SpaceX's locked stock comes free: 911.5 million shares, roughly two and a half times what currently trades. The trigger was not a date but the company's first earnings report.
