US equitiesExplainer
How Fed policy reaches equity valuations
Separate the discount-rate channel from the earnings outlook before interpreting a policy decision.
THE MARKET CONTEXT EDITION2026-09-23 · UTC
THE MARKET CONTEXT EDITION
Analysis
Source-led explanations of US equities and global macro. No live prices. No trading calls.
5 articles
Global 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.
EnergyExplainer
What an EIA inventory change can—and cannot—tell you
Read stocks alongside refinery activity, trade flows and the limits of implied demand.
Global macroExplainer
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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