Fresh coverage on the economy, markets, and the forces moving money.
A fiscal-interest rate feedback loop and core PCE at 3.3% are structural forces re-anchoring the 10-year Treasury yield near 4.5% and ending the era of cheap capital.
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A structural inflation floor driven by tariffs and demographics leaves the Fed with a narrow policy window between reigniting price growth and cracking an overleveraged fiscal position.
BRICS+ now controls 35% of global GDP at purchasing power parity compared to 30% for the G7, creating a structural arbitrage window for non-aligned states to capture premiums from both blocs.
AI, electrification, and grid expansion need far more minerals than current systems can supply, locking in bottlenecks and a friend-shoring premium.
Energy and critical minerals have become instruments of state power, and the bottleneck sits in refining, not mining.
States now control energy and critical mineral chokepoints, so inflation, defense readiness, and AI buildout depend on refining and processing capacity, not just mines.
China’s refining dominance and dumped critical minerals have crushed ex-China project economics, freezing new supply just as grid and AI demand rise.
SpaceX priced shares at $135 in SEC filing, implying a valuation near $1.8 trillion before Friday's Nasdaq debut.
Brent crude rose 2.6% to $95.50 a barrel after Iran fired missiles at Israel over the weekend.
U.S. producer prices rose 1.1% in May, lifting the 12-month wholesale inflation rate to 6.5%.
The World Bank cut its 2026 global growth forecast to 2.5%, the weakest outlook since the pandemic began in 2019.
