Markets

A two percent change in global crude supply can move prices twenty percent. Inelastic demand, thin spare capacity and financial positioning explain why.

An inverted yield curve preceded every modern U.S. recession. That record is real, widely misread, and weaker as a trading signal than as a warning.

Passive vehicles hold a majority of U.S. fund assets. That shift altered voting power, price discovery and the economics of asset management itself.

The Federal Reserve sets one overnight rate. Understanding how that single number reaches stock and bond prices explains most of what markets do.