Tag: Interest Rates
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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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Core PCE at 3.4%: The Inflation Data Behind the Fed’s Hawkish Turn
Khan Capitals | June 2026 Key Takeaways Part of: The Fed’s Regime Change – Khan Capital’s hub on the Fed’s 2026 regime change. An Inflation Print That Validates the Hawks For most of the past two years the argument inside the Federal Reserve was about the speed of the descent. Inflation was falling, the only…
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The UK Gilt Market and Starmer’s Resignation: Pricing a Change in Westminster
A prime minister resigned and the gilt market barely moved. Inside the slow repricing of UK fiscal credibility: 1998-era long yields, a split Bank of England, and the questions that will decide the autumn.
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The Hawkish Hold: Inside Warsh’s First FOMC and the End of Forward Guidance
Khan Capitals | June 2026 Key Takeaways Part of: The Fed’s Regime Change – Khan Capital’s hub on the Fed’s 2026 regime change. Warsh’s First FOMC: A Hold That Was Read as a Hike Warsh’s first FOMC as chair was never likely to turn on the rate decision itself. Fed funds futures had assigned roughly…
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From Cuts to Hikes: The Fed Rate Hike Repricing Before Warsh’s First FOMC
Khan Capitals | June 2026 Key Takeaways Part of: The Fed’s Regime Change – Khan Capital’s hub on the Fed’s 2026 regime change. A Week That Rewrote the Path of Policy For most of the past eighteen months, the central debate in rates markets was about the pace of descent: how quickly the Federal Reserve…
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The June 2026 Crypto Deleveraging: Bitcoin Below $60,000 and Strategy’s First Sale
Khan Capitals | June 2026 Key Takeaways Part of: Crypto & Digital Assets – Khan Capital’s hub on crypto and digital assets. The most leveraged corner of global markets is usually the first to tell you when the cost of money is changing. In the week of 1 June 2026, the June 2026 crypto deleveraging…
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The $1 Trillion AI Semiconductor Selloff: When Good News Became Bad News
Khan Capitals | June 2026 Key Takeaways Part of: The AI Infrastructure Supercycle – Khan Capital’s hub on the AI infrastructure build-out. A Record Week That Broke on Friday The AI semiconductor selloff of 5 June 2026 will be remembered for its violence, but the more instructive detail is what preceded it. On Monday 1…
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Dell’s $51.3 Billion AI Server Backlog: The Build-Out Moves Down the Stack
Khan Capitals | June 2026 Key Takeaways Part of: The AI Infrastructure Supercycle – Khan Capital’s hub on the AI infrastructure build-out. A Beat Without Precedent in Enterprise Hardware Enterprise hardware is not supposed to produce results like this. The sector’s economics, long production cycles, thin margins and procurement-driven demand, have historically made it the…
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The 8-4 Split: Powell’s Last Stand and the Stagflation Question
Khan Capitals | May 2026 Key Takeaways Part of: The Fed’s Regime Change – Khan Capital’s hub on the Fed’s 2026 regime change. A Vote That Has Not Happened in Three Decades The 29 April FOMC decision was, on its face, a non-event: the federal funds rate was held in the 3.5-3.75 per cent range…
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Q1 2026 Bank Earnings: Trading Desks Ride the Volatility Wave as Net Interest Income Compresses
Khan Capital | April 2026 Key Takeaways A Volatility Quarter That Rewarded the Right Desks The first-quarter 2026 bank earnings season opened this week with results that, taken in isolation, would have been read as a clean beat for the American banking sector. Every one of the six large US franchises that reported between 14…