Designed for the bigger screen.Open the mobile app →
Twelve items selected from the financial internet this morning. We summarise; we never reproduce. We always credit and link to the original source.
Net inflows into US money-market funds this week — the highest since the SVB panic. Smart money is raising cash. When they redeploy, it will matter.
→ Source · ICI weekly · 29 April 2026A remarkable piece this week argues the inversion is not signalling recession — it is signalling a regime change in how the Fed manages the long end. If correct, the playbook that worked for the last four cycles is exactly wrong for this one.
A close read of the latest Microsoft and Google quarterlies, focused on what cloud margins look like once the AI infrastructure spending normalises. The author argues the exit-rate margins are already visible and they are excellent.
Excellent data piece on which central banks have actually reduced dollar reserves over the past three years. The aggregate share is roughly stable; the composition has changed substantially. Implications for FX flows are non-trivial.
The Contrarian Read · The Number · The Frame · The Long Read · The Disagreement · The Quote · The Chart
Subscribe to read in full →Cross-asset summary, signal of the day, what we're watching.
Read the brief → From The BroadsheetLong-form macro view, published 28 April. Conviction 87.
Read the piece →