S&P 5007,818.93▲ record, Oct 6Shiller CAPE41.62nd-highest ever10-yr Treasury5.36%▲ 24-yr highFed funds3.75–4.00%▲ hike, Sep 16Brent crude$105.69Oct 13Q3 EPS growth, est.+29.6%FactSetTop-10 weight39%of S&P 500Implied ERP4.20%Damodaran, Oct 1Nvidia~$5.8trnmarket value0DTE share59%SPX options, 2025Active funds lagging79%large-cap, 2025U.S. real return6.6%/yr1900–2025
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Finance

Bonds, banks and the plumbing of the financial system.

A long government bond certificate unfurling into a steep staircase
Bond markets

Five per cent and counting

America’s long-term borrowing costs have hit their highest in a generation. Deficits, inflation and a shrinking Fed share the blame

A paper share certificate dissolving into a stream of gold cubes beside a clock face
Market plumbing

Shares that never sleep

America is rewiring its stockmarket for round-the-clock, on-chain trading. The hard part is not the technology

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