Macro
Geopolitics
Macro
The Economics of Endurance: How Ukraine Financed Four Years of War
Four years into Russia's invasion, Ukraine's ability to sustain military operations rests on a financial architecture that redefined war finance—and exposed the limits of Western support.
Macro
Fed’s MBS-to-Treasury Pivot Meets Treasury Bill Surge: Policy Coordination or Market Coincidence?
As the Federal Reserve converts $2 trillion in mortgage holdings to T-bills, Treasury floods the short end with record issuance—creating demand-supply dynamics not seen since the 2019 repo crisis.