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Dispatch Morning Brief

Oil fell 8%, the Dow rose 1,569 points, and the AI build’s equity sat it out. The refunding graded, and Friday’s test for the Term Premium dial.

Dispatch Morning Brief

Texas flipped, Ohio voted the build down, and the bond market priced it in the five-to-ten-year sector, not the long end. Gold at a record. The refunding at 8:30.

Dispatch Morning Brief

High yield widened 18 on a flat tape, six from the score line. What divided government did to the deficit, and the refunding tomorrow.

Dispatch Sunday Set-up

Dealers, banks and insurers left the muni market. What replaced them has to sell what it is handed. The last test was March 2020.

Dispatch Morning Brief

Equities sold the AI build’s cash burn. Treasuries and credit were bought through a 3.1 core print. The Term Premium dial re-scores tonight.

Dispatch Morning Brief

Dispatch Morning Brief

The tariff effect on inflation peaked in February, by the Fed’s own arithmetic. Oil at $100 and services at 4.5% are doing the work now. Fed day: watch which one Powell names.

Dispatch Morning Brief