The Impartial Lens

Washington says America can grow its way out of its debt. Central banks seem increasingly interested in something Washington cannot print. “Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold.” — Leo Tolstoy There is a lot of noise around the dollar

August delivered 162,000 new jobs—more than enough to weaken hopes for easier money. Stocks, bonds, gold and Bitcoin paid the bill while oil remained an inflationary threat. What Today’s Tape Is Saying Wall Street wanted a gentle jobs report on Friday. It got 162,000 new jobs instead. The S&P 500 fell 0.38%, the Dow lost

Stocks, bonds and Bitcoin rallied after Christopher Waller kept a September rate hold in play. But oil approached $92, service-sector inflation accelerated, and two wars continued rewriting the economic map. What Today’s Tape Is Saying Wall Street heard one dovish word on Thursday: wait. Federal Reserve Governor Christopher Waller said he could support holding interest

Wall Street rallied as fear subsided, but crude remained above $90, the 10-year yield held near 4.8%, and hiring weakened. Wednesday delivered relief—not an all-clear. What Today’s Tape Is Saying Wall Street rediscovered its nerve on Wednesday. The Dow gained 0.56%, the S&P 500 rose 0.46%, and the Nasdaq added 0.45%. The Russell 2000 led

US–Iran strikes pushed crude higher just as labor data weakened and Treasury yields approached dangerous territory. Wall Street was not pricing one problem. It was pricing several problems that normally require opposite solutions. What Today’s Tape Is Saying Monday delivered a warning. Tuesday sent the invoice by express mail. WTI crude jumped 1.81% to $91.85,

The week ended quietly near all-time highs. Underneath, the consumer weakened, Treasury yields climbed, oil heated up—and the market’s manufactured calm began to look rather less comforting. Friday looked like a shrug. The S&P 500 slipped 0.17%, the Nasdaq lost 0.28%, and the Dow fell 0.20%. Hardly a dramatic finish after the S&P had set

A flat PPI sent the S&P 500 to a record, while a 5.22% Treasury auction, a $500 billion AI financing machine and record diesel margins made the celebration considerably less comfortable. Wall Street received three little gifts Thursday: a flat producer-inflation report, falling Treasury yields and permission to buy technology again. It did not waste