Themes

Yields, the curve, the Fed and the discount rate on everything — the axis every other trade prices off.

The dollar, DXY and the major crosses — the funding leg under global positioning.

Crude, gas and the energy complex — supply, OPEC and the geopolitics priced per barrel.

War, sanctions and the chokepoints — the breaks that reprice risk inside a session.

The equity tape and the AI capex cycle inside it — indices, earnings and the concentration risk.

Spreads, issuance and the default cycle — where stress shows before equities admit it.