Insights, Delivered Daily.

Markets are at highs despite oil shocks, war risk, and Fed uncertainty. Is this irrational exuberance–or rational optimism?

Oil shocks do not stop at the gas pump. They move quietly through groceries, travel, clothing, medicine, and monthly household budgets.

Wall Street is pricing the fear in oil. It may not be pricing the plumbing behind food inflation.

The market wants resolution. The fine print says something else. Energy-sensitive businesses and consumers may be paying a shadow tax for much longer than investors expect.

Three possible Fed outcomes are approaching fast, and none of them is clean for investors.

The Strait of Hormuz may be the headline, but Venezuela could be the longer game. A look at crude, supply shocks, and shifting global power.