Global stocks and bonds continued to spiral down as the war in the Middle East continues with no end in sight. In this update, I discuss the Fed's dilemma in a stagflation scenario, and how oil prices are likely to affect both headline and cor inflation.

Stocks and precious metals bounce around as more earnings come and go, the Fed holds rates steady as expected, and a new Fed chairman is nominated by Mr Trump.

This is a short article about the K-shaped economy, driven by persistently high inflation and exacerbated by the errant "One, Big Beautiful Bill".

The FOMC fell in line and served up an expected "hawkish rate cut". However, both Oracle and Broadcom – key players in the A.I. boom – saw their shares sink for different reasons, with the common denominator being A.I. valuation concerns. Yields were higher and gold rallied.

US Treasury yields are stuck, with the 10y UST yielding just north of 4%, What might be coming next? This article presents the factors that will influence the next gap up or down in UST yields.

Stocks liked the economic data that was released this week, even though it was still light on official data as the US government recovers from its recent closure. Bond investors less happy, as yields gapped higher across the curve. All eyes are now on next week's FOMC meeting, where a 25bps reduction in the Fed Funds rate looks fully priced in.

It is fashionable to espouse the end of the US dollar as the leading global reserve currency, but this will not occur anytime soon.

Don't look to fundamentals to explain equity prices today – look to attitudes embedded in acronyms. And don't forget the super-easy Fed!

The bond market looks to be doing the Fed's dirty work, sending short term yields to post-pandemic highs. Is the Fed being too methodical?