HOME
ABOUT
ARCHIVE
Logo
SUBSCRIBE
Logo

A weekly financial newsletter

The city hasn't woken up.

the Market does.

Every week I find the one thing the financial press missed

The premise

Mainstream media covers events. We cover what leads them.

Fed decisions, earnings calls, S&P price targets. By the time they're news, the move has already happened. The clues were in the credit markets. In the stress fractures of private lending. In the insider selling pattern that nobody connected.

The Market Anomaly reads the BIS reports. The BDC earnings transcripts. The cross-border capital flow data. The stuff the pros read that the public doesn't see, then tells you what it means in plain language, a week before it becomes a headline.

Still reading yesterday's news?

The Market Anomaly lands every week

Latest Anomalies

PJM's capacity price hit its legal ceiling. The grid still came up 6,831 megawatts short.

23 hours ago

PJM's capacity price hit its legal ceiling. The grid still came up 6,831 megawatts short.

Without FERC's price collar, PJM estimates the auction would have cleared at $555 per megawatt-day. The cap held. The shortfall grew anyway.

The 20-year auction cleared at 5.469%, the highest yield since 1986

2 days ago

The 20-year auction cleared at 5.469%, the highest yield since 1986

That's also the year the Treasury stopped issuing the maturity. The auction tailed by 0.9 basis points.

Insiders sold $77.6 billion of stock. Their companies bought $1.33 trillion.

3 days ago

Insiders sold $77.6 billion of stock. Their companies bought $1.33 trillion.

The sell-to-buy ratio hit 11 to 1 in H1 2026, per EPFR. The only year insiders sold more was 2021, right before the market fell 25%.

Japan Pulled $106 Billion From Treasuries in Three Months

4 days ago

Japan Pulled $106 Billion From Treasuries in Three Months

The 30-year JGB yield hit a record 4.27%. Less than two years ago it sat below 2.3%.

MSCI Skipped Frontier and Went Straight to Standalone

6 days ago

MSCI Skipped Frontier and Went Straight to Standalone

Foreign investors had already net-sold $4.7 billion in Indonesian equities before the crash. The rupiah fell to 18,070 per dollar.

$10 Billion of New Buying Into a Falling Price

1 week ago

$10 Billion of New Buying Into a Falling Price

The World Gold Council's model predicted 18 tonnes of UK inflows. Actual: 54 tonnes. The gap lines up with rising gilt yields.

$11 Billion Left Muni Funds. $14 Billion Bought the Same Bonds Back.

1 week ago

$11 Billion Left Muni Funds. $14 Billion Bought the Same Bonds Back.

The Bloomberg Municipal Bond Index just posted its worst month since September 2008. The five-year default rate for investment-grade munis is 0.04%.

The Fund Says $10. The Market Says $7.40.

1 week ago

The Fund Says $10. The Market Says $7.40.

Fitch's trailing twelve-month default rate hit a record 6.3% in August. The median BDC discount to book is the widest since October 2020.

Load more

Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

Home

About

Archive

No part of this publication constitutes financial advice.