FEATUREDMAY 18·MACRO·9 MIN
The curve flatten that finally matters.
Six months of 2s10s steepening priced in disinflation. Last week's print suggests the bond market is now positioning for something else entirely — and equities haven't caught on.
RESEARCH · LIBRARY
Long-form takes on the markets that matter.
Essay-length research from the α desk — written for operators who already understand the tape. Sample content shown below. Phase 2 will surface full archives + bookmarking + audio narration.
NEWMAY 14·RWA·12 MIN
Why tokenised treasuries keep distributing during drawdowns.
BUIDL, OUSG, and USDY have grown collective AUM by 38% over the last 90 days — a window that included the worst three-week SPX drawdown of the year. The distribution-during-stress pattern reads like the canonical money-market flight to quality.
FEATUREDMAY 10·VOLATILITY·7 MIN
VIX term structure says the next FOMC is the catalyst.
The May / Sep VIX spread has compressed to its tightest reading since 2024 — a signal that has reliably preceded six-week vol regimes in the recent past. We map the mechanics + position sizing.
ARCHIVEMAY 06·EQUITIES·11 MIN
Q2 earnings rotation: where the marginal dollar goes.
Cross-sectional review of every S&P 500 earnings revision since 4 May. The sector-rotation pattern matches Q2 2023 almost exactly, with one telling exception that explains why the index keeps grinding higher.