Where geopolitics is pushing capital.
A daily map of what changed, why markets care, and what would prove the thesis wrong.
What changed in the latest edition → Follow a standing thesis →
Oil opened the week lower. Brent's January 2027 contract, now the front month, traded at about 108.66 dollars a barrel on ICE just before 8 a.m.
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BEYOND THE HEADLINE
Markets closed: levels unchanged
Iran and the United States told different stories about the Strait of Hormuz on Friday. Iran's Revolutionary Guards said four oil tankers caught fire and exploded while using routes Iran had not authorised, Reuters reports.
Markets closed: levels unchanged
Tankers were reported attacked in the Strait of Hormuz on two days running. On Thursday, a tanker was hit by explosives fixed to its hull from a small boat, Reuters reports, citing the UK's maritime security service, UKMTO.
The US economy grew at a 3.4 percent annual rate in the third quarter, the Bureau of Economic Analysis's advance estimate shows. Consumer prices on the bureau's PCE measure rose 3.6 percent in the year to September, and 3.1 percent without food and energy.
The Federal Reserve kept its target range at 3.75 to 4 percent on Wednesday, by a 10-2 vote, its statement says. The two dissenters, Lisa D.
Each version of the regime view carries the date and the edition that argued for it.
A new version leaves the wording it replaced on the record, struck through, beside the wording that replaced it.
When we withdraw a figure or a statement, the issue that withdraws it says so in plain words.
THE COVERAGE MAP
Read across the fault lines.
Follow the connections between them.
Power, policy, and the fault lines moving capital.
The physical constraints behind the financial story.
Monetary confidence, real rates, and precious metals.
Policy expectations and the price of money.
Industrial policy, computing, and strategic supply chains.
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