Category: Macro & Economy
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The Joint Yen Intervention: Washington Buys Yen and the Carry Trade Blinks
Japan bought an estimated $59 billion of yen in a day, then the US Treasury joined: the first coordinated yen-buying in more than a decade, hours before a hawkish BoJ hold. Inside the joint yen intervention and what it means for the world’s largest funding trade.
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UK Property Investment Under Prime Minister Burnham: The New Policy Premium
A new Prime Minister with the most interventionist housing agenda in decades meets a gilt market at year-to-date highs. How Burnham’s policies reshape UK property investment, from buy-to-let and prime London to housebuilders and REITs.
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US Forced Labour Tariffs: A 10 to 12.5 Per Cent Duty on 99 Per Cent of Imports
New US forced labour tariffs of 10 to 12.5 per cent hit 60 trading partners on 24 July 2026, covering 99 per cent of imports. Why markets shrugged, why the calm rests on testable assumptions, and what it means for the FOMC.
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The June CPI Report: A Ceasefire Dividend the Fed Will Not Bank
Khan Capitals | July 2026 Key Takeaways Part of: The Fed’s Regime Change – Khan Capital’s hub on the Fed’s 2026 regime change. The Best Print in Years, and Nobody Cheered On paper, 14 July delivered the most encouraging inflation data the United States has seen in a long time. The consumer price index fell…
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The Week in Markets: The Hike That Faded and the Semis That Cracked
The softest jobs report of the year, the sharpest semiconductor selloff since March 2025, a record Dow, and a $14 billion gate in private credit. The week, tied together.
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The June Jobs Report: 57,000 and the Hike That Faded
June payrolls rose just 57,000 against a 115,000 consensus, with April and May revised down a combined 74,000. Why the miss quieted the Fed hike debate, and what it means for markets.
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The Best Quarter Since 2020: Inside the H1 2026 Market Rally
Khan Capitals | July 2026 Key Takeaways A Half That Began in a Correction and Ended at Records It is easy to forget, looking at the closing figures, how badly the year began. The first quarter of 2026 delivered a genuine correction, a drawdown driven by the Iran conflict, an oil spike, and a growth…
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The Yen at a 40-Year Low: Why Record Intervention Keeps Failing
USD/JPY has traded through 162, the weakest yen since 1986, despite a record ¥11.73 trillion intervention and the highest Bank of Japan policy rate since 1995. Why the battle is really with the Fed.
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BoJ Holds, Brent Tops $107: The Twin Macro Shocks of Late April
Khan Capitals | May 2026 Key Takeaways Part of: The 2026 Iran Crisis — Khan Capital’s hub on the 2026 Iran crisis and oil shock. Two Shocks, One Week The week of 27 April 2026 produced two macro events that, individually, would have warranted standalone analysis. Together, they describe a more coherent global picture than…
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Trump’s 100% Pharmaceutical Tariffs: Liberation Day One Year On
Khan Capital | April 2026 Key Takeaways Part of: Tariffs & the Trade War — Khan Capital’s hub on tariffs and the trade war. On 2 April 2026, exactly one year after the original Liberation Day proclamation, President Trump signed an executive order imposing tariffs of up to 100% on imported patented pharmaceutical products. The…