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Macro 12/26/2025
A Morning Pour year-end review revisiting five widely read macro ideas from 2025—what held up, what didn’t, and what may matter in 2026.
READ MOREMacro 12/19/2025
Private credit has exploded since 2008, fueling shadow banking and new risks as leverage, opaque valuations, and bank exposure keep building.
READ MOREDunham Deep Dive 12/12/2025
Real rates are still too tight, China’s $1T surplus floods global markets, and governments face rising rollover risks as short-term debt piles up.
READ MOREDunham Deep Dive 12/5/2025
AI is pushing electricity prices up, China is pulling housing data offline, and Japan’s stimulus raises market risks.
READ MOREDunham Deep Dive 11/28/2025
Real retail sales are stagnating, turkey supplies are tightening, and the middle class is being squeezed—revealing deeper stresses in the U.S. econ...
READ MOREMacro 11/14/2025
The Treasury’s cash pile near $950 billion is about to gush back into markets, flooding the system with liquidity. As CEOs sound their most optimis...
READ MOREMacro 11/7/2025
The Fed quietly injected $125B into banks as liquidity strains deepen, housing locks out a generation of buyers, and layoffs surge to 20-year highs...
READ MOREMacro 10/31/2025
AI’s rise has sparked record spending, soaring valuations, and global shortages—but history shows every boom plants the seeds of its own decline. F...
READ MOREMacro 10/17/2025
China’s export surge to Europe is fueling new tariffs, trade probes, and rising tensions. With the E.U.’s deficit topping €300 billion, Brussels is...
READ MOREMacro 10/3/2025
U.S. bank reserves are shrinking at their fastest pace in years — slipping below $3 trillion and draining liquidity from the system. History shows ...
READ MOREDunham Deep Dive 9/5/2025
Seven-year auto loans hit a record 21.6% of U.S. financing, the U.K. faces a gilt yield surge not seen since 1998, and Chinese banks are bleeding m...
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