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

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Oct 27, 2026

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.

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

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Oct 26, 2026

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

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Oct 24, 2026

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.

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

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Oct 23, 2026

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%.

The Market Anomaly
The Market Anomaly
Japan Pulled $106 Billion From Treasuries in Three Months

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Oct 22, 2026

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%.

The Market Anomaly
The Market Anomaly
MSCI Skipped Frontier and Went Straight to Standalone

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Oct 20, 2026

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.

The Market Anomaly
The Market Anomaly
$10 Billion of New Buying Into a Falling Price

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Oct 19, 2026

$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.

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

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Oct 17, 2026

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

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Oct 16, 2026

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.

The Market Anomaly
The Market Anomaly
Spot Rates Rose 45%. Freight Volumes Fell.

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Oct 15, 2026

Spot Rates Rose 45%. Freight Volumes Fell.

Tender rejections hit 14%, nearly double the six-month average. Transportation costs made up 37.2% of the entire CPI increase in May.

The Market Anomaly
The Market Anomaly
The Buildings Are Full. The Loans Are Failing.

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Oct 13, 2026

The Buildings Are Full. The Loans Are Failing.

Two years ago the rate was 3.33%. A 471-basis-point rise made multifamily the worst-performing property type in CMBS.

The Market Anomaly
The Market Anomaly
My phone is worth nothing to a bank

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Oct 10, 2026

My phone is worth nothing to a bank

Wall Street is now lending against computer chips like they’re jets. The bankers and Nvidia disagree on how long they last.

The Market Anomaly
The Market Anomaly
Oil pays for Iraq’s government. It still cut the dinar 14.5% this week.

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Oct 9, 2026

Oil pays for Iraq’s government. It still cut the dinar 14.5% this week.

The Texas oil inside Brent

The Market Anomaly
The Market Anomaly
Auto Delinquency Passed the Financial Crisis Peak

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Oct 8, 2026

Auto Delinquency Passed the Financial Crisis Peak

Americans borrowed a record $210.8 billion in Q2. The Dealertrack approval rate hit 74%, its fourth straight monthly increase.

The Market Anomaly
The Market Anomaly
$16 billion against small companies

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Oct 6, 2026

$16 billion against small companies

Fast money now holds 45% of every short contract in the Russell 2000. The index sits about 7% off its record.

The Market Anomaly
The Market Anomaly
The money that won't come home

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Oct 3, 2026

The money that won't come home

Japan's bonds now pay more than a hedged Treasury. The biggest foreign owner of US debt still hasn't moved. Yet.

The Market Anomaly
The Market Anomaly
Half of Korea is one chip

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Oct 2, 2026

Half of Korea is one chip

Exports jumped 83.5% on memory prices. Meanwhile, the phones those chips go into are headed for a record drop.

The Market Anomaly
The Market Anomaly
The brochure said guaranteed

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Oct 1, 2026

The brochure said guaranteed

America's best annuity rate comes from a B- insurer. Behind the promise: $1.2 trillion of private credit, and an island.

The Market Anomaly
The Market Anomaly
The ship couldn't get through

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Sep 29, 2026

The ship couldn't get through

The cruise got a bus. The diesel, the coal and the chemicals didn't. Europe's busiest river just went below zero.

The Market Anomaly
The Market Anomaly
The tariff was illegal. The refund isn't yours.

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Sep 26, 2026

The tariff was illegal. The refund isn't yours.

$166 billion is flowing back with 6% interest. Some of it is going to hedge funds that bought the claims for 20 cents.

The Market Anomaly
The Market Anomaly
The stock jumped 9%. The bond fell.

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Sep 25, 2026

The stock jumped 9%. The bond fell.

The biggest private bond deal in history, rated A+, hit a record low on the same day Meta had its best stock rally in a year.

The Market Anomaly
The Market Anomaly
Cognex Buys What Intel Nearly Closed

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Sep 24, 2026

Cognex Buys What Intel Nearly Closed

Eleven years inside Intel. Fourteen months outside it. Ten times the money.

The Market Anomaly
The Market Anomaly
The gauge said Korea was safe

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Sep 23, 2026

The gauge said Korea was safe

Margin loans were 0.6% of the market. Then the KOSPI fell 39% in under six weeks. Now the borrowing is back.

The Market Anomaly
The Market Anomaly
Germany just paid 3.90% for thirty-year money

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Sep 22, 2026

Germany just paid 3.90% for thirty-year money

The safest borrower in the euro area. And its biggest structural buyer is leaving in 101 days.

The Market Anomaly
The Market Anomaly
One engine, $200,000 a month

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Sep 19, 2026

One engine, $200,000 a month

A complete twelve-year-old Airbus rents for $220,000. Which is why people have started taking new jets apart.

The Market Anomaly
The Market Anomaly

Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

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