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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

One dollar now buys $699 of protection

4 hours ago

One dollar now buys $699 of protection

In 2023 it bought $430. The failures it insures against are at a 13-year high.

Your mortgage now depends on your neighbours

1 day ago

Your mortgage now depends on your neighbours

On August 3 a rule changed, and the building started getting underwritten instead of the buyer.

Deposits grew. The insured kind shrank

2 days ago

Deposits grew. The insured kind shrank

Then it lost 30% of its funding in ten days, and got an unlimited guarantee anyway.

The buyer and the seller are the same firm

3 days ago

The buyer and the seller are the same firm

Plus Dutch pensions leaving the long end, new jets stripped for their engines, and packers losing $250 a head.

They expected 17,000. They got 2.6 million.

6 days ago

They expected 17,000. They got 2.6 million.

Federal officials projected 17,000 arbitration cases a year. Providers filed 2.6 million.

Rotterdam is outbidding Iowa for the same gallon

1 week ago

Rotterdam is outbidding Iowa for the same gallon

Diesel costs 37% more than gasoline. A year ago the gap was 56 cents.

The credit grade you're not allowed to read

1 week ago

The credit grade you're not allowed to read

$481 billion of bonds graded in private letters nobody outside the deal will ever see.

The lender that never asked what you earned

1 week ago

The lender that never asked what you earned

Twenty years of unpriced credit ended on July 1. What's arriving instead has a credit-score floor of 670.

Load more

Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

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No part of this publication constitutes financial advice.