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One dollar now buys $699 of protection

5 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.

I own gold

1 week ago

I own gold

A few coins in a cupboard. In India, that chain is a credit line, and the whole book just doubled.

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Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

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No part of this publication constitutes financial advice.