Archive

11 minutes ago

PJM's capacity price rose 1,038% in two years. Data centers caused 63% of it.

The NRDC estimates $100 billion to $163 billion in total capacity costs through 2033. Virginia already approved a $16-per-month residential increase this year.

1 day 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.

3 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.

4 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%.

5 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%.

1 week 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.

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.

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%.

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.