Charting the Business Cycle

Published on April 28, 2025

Former Federal Reserve Vice Chair Richard Clarida shares three charts highlighting possible macro inflection points in the business cycle: from growth and inflation to debt and labor.

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The New Gold Story: Who’s Buying, and Why

April 28, 2025
There's a tectonic shift unfolding in global finance—subtle in appearance, but profound in implication. The traditional signposts of market anxiety—stocks, bonds, even crypto—are being bypassed in favor of something far older: gold.

Cutting Off Your Nose to Spite Your Face

April 28, 2025
In the Middle Ages, a common form of punishment was some form of mutilation, which included cutting off the nose of a prisoner or purposefully marring one’s own appearance before the arrival of conquering armies