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August 14, 2026 · Morning Chronicle · ≈ 2 min read
Nobody told the consumer about the record
The S&P 500 closed at a record above 7,800 because the Federal Reserve probably will not raise rates, which is a curious thing to celebrate. Good morning and welcome to today's…
August 13, 2026 · Morning Chronicle · ≈ 3 min read
Warsh, the hawk the market keeps discounting
Wall Street spent yesterday celebrating a 3.4 percent inflation print, a number that in 2019 would have been called an emergency. Good morning and welcome to today's market…
August 12, 2026 · Morning Chronicle · ≈ 3 min read
Payrolls fell, and the argument is still about hiking
Iran now issues passage permits for the Strait of Hormuz, sixty one commercial ships have been attacked since March, and crude is lower this morning. Good morning and welcome to…
August 11, 2026 · Morning Chronicle · ≈ 2 min read
The unemployment rate fell, for the worst reason
Crude jumped five percent yesterday on a naval blockade in the Strait of Hormuz, and the S&P 500 closed down 0.06%.Good morning and welcome to today's market chronicle. It's…
August 10, 2026 · Morning Chronicle · ≈ 2 min read
The inflation print, brought to you by a closed strait
The American economy shed 23,000 jobs in July and the S&P 500 answered with a record close, which tells you precisely whose problem unemployment is not. Good morning and welcome…
August 7, 2026 · Morning Chronicle · ≈ 2 min read
The rate hike the war left behind
Gold is having its best week since January because the war is ending, which is not how any of this is supposed to work. Good morning and welcome to today's market chronicle. It's…
August 3, 2026 · Morning Chronicle · ≈ 2 min read
The long end is screaming, Wall Street shrugs
Good morning and welcome to today's market chronicle. It's Monday, August 3rd. Wall Street closed July at record highs and the 30-year Treasury closed it at the highest yield…
July 30, 2026 · Morning Chronicle · ≈ 2 min read
Microsoft buys back Wall Street's amnesia
Good morning and welcome to today's market chronicle. It's Thursday, July 30, 2026. The Fed just voted to do nothing, three of its own governors screamed for a hike, and Wall…
July 28, 2026 · Morning Chronicle · ≈ 2 min read
The machine everyone swore Beijing could not build
Good morning and welcome to today's market chronicle. It's Tuesday, July 28, 2026. The great American AI cathedral spent the night discovering that the acolytes in Seoul had set…
July 24, 2026 · Morning Chronicle · ≈ 2 min read
Gold had one job during a war
Good morning and welcome to today's market chronicle. It's Friday, July 24, 2026. Oil is on fire, gold is running away from the fire, and the Federal Reserve is apparently…
July 23, 2026 · Morning Chronicle · ≈ 2 min read
Clapping for capex while the oil keeps climbing
Good morning and welcome to today's market chronicle. It's Thursday, July 23, 2026. Eleven straight rounds of American strikes on Iran, oil clawing higher by the day, and the S&P…
July 22, 2026 · Morning Chronicle · ≈ 2 min read
The war everyone insists is already priced
Good morning and welcome to today's market chronicle. It's Wednesday, July 22, 2026. Brent is trading with a war premium, and le tout-Wall Street has decided the war is a…
July 20, 2026 · Morning Chronicle · ≈ 2 min read
The rookie at the Fed nobody is watching
Good morning and welcome to today's market chronicle. It's Monday, July 20, 2026. Ninth consecutive night of American ordnance falling on Iran, the Strait of Hormuz blockaded…
July 15, 2026 · Morning Chronicle · ≈ 2 min read
Cool CPI, hot crude, and a hawkish encore
Good morning and welcome to today's market chronicle. It's Wednesday, July 15, 2026. Inflation cooled, and somehow we are still bombing an oil producer, but let us not spoil the…
July 14, 2026 · Morning Chronicle · ≈ 2 min read
Uncle Donald opens a toll booth on Hormuz
Good morning and welcome to today's market chronicle. It's Tuesday, July 14, 2026. On Bastille Day the mob storms a fortress, and here the leader of the free world storms a…
July 13, 2026 · Morning Chronicle · ≈ 2 min read
The ceasefire that shoots back, and oil yawns
Good morning and welcome to today's market chronicle. It's Monday, July 13th. The ceasefire held all weekend, right up until the moment both sides started shooting again, and…
July 9, 2026 · Morning Chronicle · ≈ 2 min read
Gold down, yields up, and no cavalry
Good morning and welcome to today's market chronicle. It's Thursday, July 9, 2026. The ceasefire lasted about as long as one of Uncle Donald's attention spans, and oil noticed…
July 8, 2026 · Morning Chronicle · ≈ 2 min read
The Fed flirts with hikes, Wall Street looks away
Good morning and welcome to today's market chronicle. It's Wednesday, July 8th. The Fed is whispering about hikes while Wall Street counts its best quarter since 2020, and…
July 7, 2026 · Morning Chronicle · ≈ 2 min read
Records by day, cockroaches by night
Good morning and welcome to today's market chronicle. It's Tuesday, July 7, 2026. Wall Street printed a record yesterday and Asia spent the night trying to give it back, which is…
July 6, 2026 · Morning Chronicle · ≈ 2 min read
Gold at a record, Bitcoin still apologizing
Good morning and welcome to today's market chronicle. It's Monday, July 6, 2026. Wall Street comes back from its hot dogs and fireworks to discover that nothing was solved, only…
July 2, 2026 · Morning Chronicle · ≈ 2 min read
The havens bleed while Wall Street toasts records
Good morning and welcome to today's market chronicle. It's Wednesday, July 1st, 2026. The best quarter since the pandemic just closed, which means Wall Street is busy celebrating…
June 30, 2026 · Morning Chronicle · ≈ 2 min read
The quarter ends on a record nobody believes
Good morning and welcome to today's market chronicle. It's Tuesday, June 30, 2026. The Dow just printed its first close above 52,000 on the last day of the quarter, and nobody in…
June 29, 2026 · Morning Chronicle · ≈ 2 min read
The peace rally nobody told Hormuz about
Good morning and welcome to today's market chronicle. It's Monday, June 29, 2026. Peace has broken out over the weekend, allegedly, and le tout-Wall Street has decided to believe…
June 26, 2026 · Morning Chronicle · ≈ 2 min read
Micron's miracle is Apple's bill
Good morning and welcome to today's market chronicle. It's Friday, June 26, 2026. The same artificial intelligence boom Wall Street has worshipped for two years finally mailed…
June 25, 2026 · Morning Chronicle · ≈ 2 min read
Micron sings while the bond market prices hikes
Good morning and welcome to today's market chronicle. It's Thursday, June 25th, 2026. The market just discovered that "AI demand" and "the Fed might hike" can share the same…
June 24, 2026 · Morning Chronicle · ≈ 2 min read
Stress tests for a storm the Fed is brewing
Good morning and welcome to today's market chronicle. It's Wednesday, June 24, 2026. The semis got taken to the woodshed yesterday, and this morning everyone has decided it never…
June 23, 2026 · Morning Chronicle · ≈ 2 min read
Peace broke out, the Fed stayed hawkish
Good morning and welcome to today's market chronicle. It's Tuesday, June 23rd. The war is over, oil is cheap, peace is breaking out everywhere, and somehow Wall Street spent…
June 18, 2026 · Morning Chronicle · ≈ 2 min read
Celebrating a hawkish Fed into a long weekend
Good morning and welcome to today's market chronicle. It's Thursday, June 18, 2026. The Federal Reserve just told you it might hike, bond yields are climbing the stairs, and yet…
June 17, 2026 · Morning Chronicle · ≈ 2 min read
Trump's man at the Fed, independent for one afternoon
Good morning and welcome to today's market chronicle. It's Wednesday, June 17. Today the new man at the Fed finds out whether the job is as much fun as it looked when he lobbied…
June 16, 2026 · Morning Chronicle · ≈ 2 min read
Trump got his chairman, not his rate cuts
Good morning and welcome to today's market chronicle. It's Tuesday, June 16, 2026. Peace broke out, oil fell, stocks cheered, and somehow the man who spent a decade selling chaos…