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The Knowledge · 30 April 2026

Today's curated digest.

Twelve items selected from the financial internet this morning. We summarise; we never reproduce. We always credit and link to the original source.

12 items today · Reading time 8 min · Curated by Meridian Intelligence Desk

The Number

One per day
$47.2bn

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 2026

The Best Analysis

3–5 items per day
  • 01

    The yield curve is being misread.

    A 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.

    The Macro Compass Read at original source →
  • 02

    Why hyperscaler capex is the most consequential trade of the decade.

    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.

  • 03

    The dollar's reserve status is shifting in places, not in aggregate.

    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.

    Money: Inside & Out Read at original source →
Continue reading · Enhanced Access

Nine more items below the fold today.

The Contrarian Read · The Number · The Frame · The Long Read · The Disagreement · The Quote · The Chart

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Today's Briefing

Market Morning

Cross-asset summary, signal of the day, what we're watching.

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From The Broadsheet

The yield curve is being misread.

Long-form macro view, published 28 April. Conviction 87.

Read the piece