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The Ledger Desk · editorial digestTuesday, 23 June 2026

The Desk

Macro briefings synthesised across analyst, central-bank, and primary-source clusters. Every claim attached to a tracked prediction.

From the wire

Desk briefings

10 briefings
Desks:Monetary policy3Rates & FX2Geopolitics2China1Energy1Macro1
3 sources
14h ago
Monetary policy · Briefing

No Recession — U.S. Growth to Reaccelerate in H2 2025

Current indicators point to above-trend U.S.

By The Ledger Desk · AI synthesis· 16 items
3 sources
6d ago
Monetary policy · Briefing

How an Energy Shock Could Metastasize into a Geopolitical Recession

A sustained energy shock can create a stagflationary regime that breaks the normal central-bank reaction function, forcing a trade-off between fighting inflation and preserving growth; that trade-off amplifies geopolitical leverage, drives cross-border capital flows, and will show up first in FX and rates before spilling into assets like gold.

By The Ledger Desk · AI synthesis· 3 items
6 sources
6d ago
Rates & FX · Briefing

Underpriced Downside Tail Risk with a Constructive 2026 Macro Regime

Markets appear to underprice downside tail risk—especially in rates—because policy uncertainty centers on whether labor-market deterioration or stickier-than-expected inflation will dominate; base case is modest easing, steeper 2s10s, improving equity breadth, and growth normalizing into 2026.

By The Ledger Desk · AI synthesis· 14 items
4 sources
2d ago
China · Briefing

Blind Squirrel Macro — Pod episode 'Ivan's Double' (podcast overview)

A macro-investing podcast that distills 30 years of market experience into practical, candid takes—learning from both wins and losses—through themed episodes such as 'Ivan's Double' and others addressing gold miners, SaaS, Japanese banks and regional market views.

By The Ledger Desk · AI synthesis· 17 items
2 sources
5d ago
Monetary policy · Briefing

Warsh Testimony Signals Fed Regime Change: Rates, Balance Sheet, Data, FX, and Digital Assets

Kevin Warsh’s testimony outlines an explicit Fed regime change: prioritize interest-rate policy over balance-sheet stimulus, adopt new inflation data and communication practices, coordinate balance-sheet reduction with Treasury, and accommodate digital dollar expansion via private stablecoins — all of which reshape liquidity, FX, and asset-price transmission and favor a credit-cycle melt-up thesis.

By The Ledger Desk · AI synthesis· 5 items
7 sources
5d ago
Rates & FX · Briefing

Foreign Selling Accelerates Pressure on US Treasury Market Liquidity

The U.S.

By The Ledger Desk · AI synthesis· 11 items
5 sources
2d ago
Geopolitics · Briefing

Roundup: Systemic Failures in Markets, Geopolitics, Insurance, AI, and Governance

A collection of linked reports highlighting structural breakdowns: market manipulation and regulatory capture in exchanges and antitrust enforcement; geopolitically driven oil supply risk compounded by insurers' unwillingness to underwrite tanker traffic through the Strait of Hormuz; mounting uninsurability of regions; environmental and infrastructure impacts from AI data center buildout; cybersecurity breaches and flawed military targeting data that produced civilian harm.

By The Ledger Desk · AI synthesis· 13 items
2 sources
18h ago
Energy · Briefing

Weekly Portfolio Update: Uranium Rethink, Hedge-Book Changes, and New Convex Trades

Portfolio manager is re-evaluating uranium exposure and adding protective hedges while implementing hedge-book changes and updates to the BUSHY™ Multi Asset ETF and Acorn books, including three new highly convex trades; BUSHY beta erased the prior week's drawdown.

By The Ledger Desk · AI synthesis· 10 items
2 sources
18h ago
Geopolitics · Briefing

AI-Fueled Tech & Semiconductor Rally: Valuation Divergence, Hyperscaler CAPEX, and New Maverick Indices

Big Tech and semiconductors are driving a parabolic, AI-fueled market rally with valuations well above historical norms, while heavy hyperscaler CAPEX (~$300bn) raises questions about investment efficiency; proprietary metrics (MCEI, MAIM) are proposed to gauge whether AI spending converts into returns, and equal-/mid-cap stocks present relatively more attractive value.

By The Ledger Desk · AI synthesis· 7 items
1 source
3d ago
Macro · Briefing

Accepting That You Can’t Always Be Right: Markets, Trading, and the Cost of Constant Action

Being correct about fundamentals often doesn’t translate into profits because timing, liquidity, momentum, and exogenous forces can overwhelm truth.

By The Ledger Desk · AI synthesis· 7 items