The World Cup's market signal runs one way
Two intuitive beliefs resurface every World Cup; that hosting enriches the host nation and that winning lifts the home market.
Chart of the Week
25 posts
A New Fed Chair and a Hawkish Shift
Kevin Warsh chaired his first Federal Open Market Committee (FOMC) meeting this week.
Gasoline Is Up 40%. Goods Prices Just Fell
Headline inflation was +4.2% year-on-year (YoY)according to the Bureau of Labor Statistics’ May 2026 report. This is the highest YoY consumer price index number in three years, and it will likely lead the story heading into the Fed’s upcoming meeting on June 16, 2026. Just as interestingly,
The U.S. Savings Rate Is Near a Two-Decade Low
The U.S. personal savings rate fell to 2.6% in April 2026, less than a third of the long-run average of 8.4% recorded since 1959. Outside of a brief stretch before the 2008 financial crisis, Americans have rarely saved this little. The Bureau of Economic Analysis’ April 2026
1 in 6 Dollars in the S&P 500 Index Is Now in Semiconductors
If you own an S&P 500 index fund, roughly 1 in 6 dollars is now effectively a bet on the semiconductor industry. Semiconductors now make up ~18% of the S&P 500 index. Ten years ago, that number was ~2%. This rise wasn't sudden, instead
Factor Leadership Rotates. 2026 Is No Exception
Look back at over 10 years of the 6 U.S. factor returns, one pattern dominates: the leaderboard changes.