Old-Fashioned Bond Math for a New-Fashioned Fed

Published on July 23, 2026

In the Warsh Fed's new era of two-way risk, bonds offer something rare: potential downside risk mitigation that investors get paid to hold.

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Momentum Trade Moves into Bear Market Territory

July 23, 2026
Last week’s dominant story was the sharp unwinding of the momentum trade that has carried the market for months. The Philadelphia Semiconductor Index (SOX) declined 10 per cent over the week and is down 21 per cent from June’s peak. Bear markets are defined as drawdowns of 20 per cent or more.

Gold-Silver Ratio Widening Again Indicating Bullish Setup for Silver

July 23, 2026
Silver is becoming increasingly discounted relative to gold, as indicated by the widening of the gold-silver ratio. In other words, silver is on sale once again.