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In Brief Shein's Hong Kong IPO is not just a down round in publicmarket clothing. It is a repricing of regulatory arbitrage. The company still has scale, cash, and a powerful supply chain, but investo…
In Brief The yen's break back through 160 is not only an FX story. Japan can intervene, but intervention spends balancesheet capacity. The harder question is whether defending the yen now pushes press…
In Brief Warsh's Jackson Hole speech was not just a hawkish rates signal. It was a warning that the Fed wants cleaner market prices at the same time Treasury wants calmer bond markets. That tension ma…