There are plenty of reasons to think that the market could yet melt up. Leading indicators seem to be OK, the all-important ISM Manufacturing Index confirms the broadly upbeat tone and sell-side cheerleaders talk up their surveys of truckers and other economically sensitive power-plays. And lest we forget, despite all the cooing on intentions to… Read More Windows


It is said that Richard W. Fisher, the former President of the Federal Reserve Bank of Dallas, had a sort of sixth sense for inflation. Unlike many peers, he was a bit leery on the reams and reams of data that is forever pored over, distilled and shaped into a dominant narrative. Instead, Fisher liked… Read More Talking


Of all the parabolic price charts that are lighting up Bloomberg terminals, the one to really give global policy makers the heebie-jeebies is, perhaps, the price of fertiliser. Up and up it goes, squeezing the already thin margins of put-upon famers. Populations can lean into higher fuel costs with a parka jacket and a bicycle,… Read More Food


The grill is starting to spit. With inflation expectations breaking out, gone are confident murmurings that the price hikes being seen across the global supply chain are transitory. They are now getting worse. And likely to continue for a bit longer than previously expected. Gulp. That the Fed Chair himself is up for re-appointment only… Read More Uniforms