Stocks have been stuck in a compressing trading range for the past several months.

The slowing of the economy (as measured by domestic final sales) and the increase in the contemporaneous tariff rate have roughly equal coefficients.

There has been much discussion, both here and around the world, of the possibility of a flight from the dollar. This has always been a serious risk since Donald Trump took office.

An illustrated guide to things that should make you uneasy.

We discuss why the modern discussion of the division of labor is distorted by bad theory and political incentives.

Verizon issued strong Q4 results and strong guidance for 2026. We continue to recommend investment in the telecom giant for income.

For years, equity markets have leaned on the “Fed Put” – the belief that the central bank would reliably inject liquidity at the first sign of trouble. Warsh, however, is a vocal critic of the Fed’s tendency to “pamper” markets.