It seems Israel is going all-in on a regime shift—and they might actually get it. While this leaves the region facing an uncertain scenario, we struggle to see how Iran ...

With the initial stockpiling wave behind us, supply shocks—such as the current one in the oil market—are likely to start impacting prices again. We have reached the bottom in inflation ...

Israel struck Iran’s core defenses in a rare window of opportunity. Iran’s weak response so far suggests limited escalation ahead—and low near-term risk for oil and markets. To read the full ...

Oil is grinding higher despite bearish supply dynamics, while precious metals—from platinum to palladium—are breaking out of multi-year downtrends. With the US-China deal unlocking industrial stimulus and positioning still light, ...

While markets broadly agree that some sort of re-acceleration in inflation will happen over the summer, the ongoing liquidity boom—driven by the fiscal deficit and private credit creation—has gone under ...

Markets may be noisy, but macro remains calm beneath the surface. Trump and Elon’s public spat is entertaining but economically empty, and meanwhile reflation continues to brew underneath the surface, ...

As geopolitical tremors from Ukraine to the Strait of Hormuz collide with a global trade thaw, markets are waking up to a new regime: strategic metals, defense stocks, and oil ...

The situation in Ukraine and Russia demands attention, and it’s likely that Trump will need to shake things up to force a resolution. This may include imposing draconian measures on ...

Markets are still underpricing the scale of the reflationary macro shift. Retail is all-in on the dip, but hedge funds remain stuck in doomsday mode. With CTAs cornered, tariff drama ...

Trump needs to force an outcome from Putin, which means we are staring directly at increased sanctions. Could this lead input prices to skyrocket—especially in the nuclear industry? To read the ...