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Hormuz traffic has plunged, but oil continues moving through alternative routes. Understanding those routes explains why gasoline prices haven’t exploded even higher.

Stocks are near record highs, but weakening retail sales and rising inflation expectations have put the Fed in an increasingly uncomfortable policy bind.

Stocks are betting on normalization. Bonds are betting on persistent inflation and higher rates. One of these markets may be looking further ahead.

Markets are near record highs and earnings remain strong, but two important accounting sharks are lurking beneath an otherwise healthy bull-market story.

The U.S.-Japan yen intervention delivered immediate relief, but half the gains are already gone. The yield gap–and the carry trade–remain the real story.

Official CPI may tell us where inflation was. Real-time price trackers and market indicators may tell us where inflation is heading next.