US equitiesExplainer
How Fed policy reaches equity valuations
Separate the discount-rate channel from the earnings outlook before interpreting a policy decision.
Read the analysisTHE MARKET CONTEXT EDITION2026-09-23 · UTC
Market context, explained
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Explainer · 2026-09-23Global macroExplainer
Reading CPI without confusing momentum and base effects
A lower annual inflation rate does not by itself describe what happened to prices this month.
US equitiesExplainer
Reading a 10-K: earnings are the beginning, not the cash answer
Use the cash-flow reconciliation to ask how reported profits become spendable resources.
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What an EIA inventory change can—and cannot—tell you
Read stocks alongside refinery activity, trade flows and the limits of implied demand.
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Which dollar? A guide to the Fed’s trade-weighted index
A basket measures something different from a single currency pair or a company’s own exposure.
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