The dollar cost more than 2.5 million rials in Tehran's open market on Tuesday, a record. The central bank's rate for exchange offices is 1.71 million. That official price is now weaker than the street price was the week before the war began, and the street has moved another 49 per cent beyond it.
A projection putting the data-centre AI chip market at $860bn in 2030 has travelled a long way since Sunday morning. It has an author, the research arm of Korea's export credit agency; a policy conclusion it was written to support; and a base year two years stale. Nvidia booked more data-centre revenue in six months than the forecast's entire starting market.
The long end is at levels last seen in 2007 and has barely moved this month. The entire September repricing has happened at the front, and the curve is the flattest it has been all year.
The long bond cleared at its highest auction yield since 2001 — and the sale itself went well, which is the part the headline misses.
A unanimous quarter-point increase was the expected part. The projections were not: no cuts in 2027, and a higher resting place for rates after that.
The benchmark closed above the line for the first time since 2007, a day before a Fed decision the futures market now treats as all but settled.
The rule compels nobody to hold anything. It removes a litigation risk that was quietly deciding what ordinary savers were permitted to own.
A safe harbour that protects the fiduciary and not the saver is not prudence. It is paperwork with someone else's retirement attached.
California more than doubled its film incentive after years of losing shoots. The early numbers suggest the money works, which is the uncomfortable part.
Zero tuition taxes the plumber to underwrite the consultant, hides costs instead of cutting them, and crowds out the vocational paths the economy is starving for.
We decided a century ago that high school was public infrastructure. The economy moved; the promise didn't. Free public college finishes the thought.