The Illusion of Stability: Policy Rates, Credit Expansion, and the Fiat Mirage The market's persistent reliance on centrally planned monetary accommodation has driven forward rates into territory that is structurally misaligned with the economic reality of credit risk and inflationary pressure. The current environment is a predictable consequence of discretionary monetary intervention, creating a financial landscape defined by artificially low capital costs  and signaling the

Joshua Hawley Sept 15, 2025 For the week beginning September 15, 2025, markets experienced a rally in equities, while sovereign bond...

Joshua Hawley, August 18th, 2025 Market Overview U.S. equity markets advanced for the week ending August 15, 2025. The S&P 500  saw a...