Recording begins mid-sentence. Speaker identified by voiceprint as a senior desk officer, New York Fed. Background noise: keyboard clatter, a phone buzzing repeatedly. …because Williams went out there

The board met late Wednesday. By Thursday morning, Jensen Huang was gone, the stock had opened down thirteen percent, and every macro tourist with a Bloomberg terminal suddenly became an expert on

Settlement rules 04:12. Awake before the alarm, mouth like a coin, phone already lighting the ceiling. Consensus 42k. Unemployment 4.6. Average hourly earnings three-tenths. I have written those three

The Week the AI Trade Got Its Margin Call There is a number buried in CoreWeave's third-quarter release, and it matters more than the $3.66 billion in revenue — up 168% year over year, a figure that would

The Bureau of Labor Statistics will hand us October CPI at 8:30 this morning, and here's the comedy: nobody will be able to tell you the year-over-year number. Last year's government shutdown broke the

Read Friday's jobs report twice and tell me what the Fed is supposed to do with it. Employers added 165,000 jobs in October against a consensus of 59,000. Not a rounding error. A beat of over a hundred

Re: The trade that ate the market, and the election that bit back Forget the bounce. Friday's reprieve — Nasdaq up a little over 1%, the SOX clawing back 3.5% after Thursday's 12% annihilation, AMD up

The Nasdaq's biggest one-day point drop in its history happened on Thursday. Down 5.5%, roughly $3 trillion gone in a session, the Dow off 1,833 points — and the proximate cause, as far as anyone can

TRANSCRIPT — KEYNOTE REMARKS, DELIVERED 6 NOVEMBER 2026 [The speaker does not introduce himself. The lights come up on a half-empty room. He begins mid-thought.] — was the most expensive word in finance

The Committee of One Hundred Million Lenders Somewhere between the midterm confetti and the opening bell on Wednesday, the Dow decided to celebrate divided government the only way it knows how: by adding

TRANSCRIPT — REMARKS AS PREPARED, CLOSED SESSION — no, that's the wrong question. Everyone keeps asking whether the AI trade is in a bubble, and the question is useless, because "bubble" implies

03:14 EST. Monday, November 3. The Asian session is a slaughterhouse, and I’m just watching the blood pool around my desk. USD/JPY just broke 138 on no actual news, just the phantom memory of Kazushige

The Month-to-Month Republic A billion dollars a year, give or take. That is what Washington saves if Citi has Wednesday right and the Treasury trims $3 billion from every 20-year and 30-year auction, then

The Last Hike Before the Lull On July 3, 2008, the European Central Bank raised its main rate to 4.25%. Euro-area inflation was running at 4%, Brent was a week from its record near $147, and the Governing

The Letter Comes Before the Vote Monday the 26th, the real lost 8.2% against the dollar in one session, its worst day since January 1999. The Ibovespa fell 13.88% and tripped B3's circuit breaker for the

Welcome to the Waiting Room: A Letter to Binance Depositors From Someone Who Has Been Here Since 2014 To whoever is refreshing a withdrawal page this morning, Take a chair. The coffee is bad and the queue

Tracking Update: Your $9 Billion of Capex Is Delayed in Transit Shipment: AI infrastructure, third quarter. Carrier: the global supply chain. Estimated delivery: 2027, subject to change. Payment: due on

Same Trucks, New Zip Code: GM Finds the Cheapest Capex in America General Motors did not build a better truck on Tuesday. It announced that from November 17 its shares will trade on the Nasdaq instead

Long Paper, Short Barrels Two prospectuses arrived on Monday and the tape graded them in opposite directions. The Philadelphia semiconductor index rose 2.8% and still sits 12.2% lower for the month. Meta

The Other Central Bank Reports Wednesday After the Close Wednesday's Fed decision needs no preview. A hold at 3.75–4.00%, a December hike priced at roughly 80%, a chair who treats forward guidance as a