Notes in the Margin

"Many parallels can be drawn between where [the] market stands right now and the factors leading to the housing crash nearly two decades ago."

"Japan’s largest banks and insurance companies have been buying domestic government bonds and selling foreign debt ... in moves that ... could be early signs of a wider repatriation of capital"

Today’s national average on a 30-year fixed-rate mortgage is 7.50%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.82%.

In the 1930s, during the formation of Saudi Arabia, three provinces were taken from Yemen. The Yemeni have always wanted them back. 

Seven in 10 voters think the administration lacks a clear strategy for ending the conflict, including 95% of Democrats, 83% of independents and 43% of Republicans.

The Iran war could claim a casualty far more consequential than a missile battery, an air base, or an oil tanker: the petrodollar system.

"The lesson of the Cornell controversy is that justice is not measured by whether prosecutors satisfy public anger. It is measured by whether they faithfully apply the law."

""It's not a simple story ... But I would say that I think we are in a rising term-premium environment."

The 2026 FY just ended, and we find the new annual deficit was 12% above 2025's deficit. 

In a small country like Canada, a 68K job loss is huge. The decline follows 42,000 job losses in August.