A nineteen–year high

isn’t a headline about Wall Street.

19 YRS

When the market is nervous, capital wants to be paid
more just for waiting.

+ = Iran · AI debt

That yield is the amount a dollar promises to earn
for simply sitting still.

The bond market is the slowest mouth
in the room.

I’ve balanced enough ledgers to know:
it always gets the last word.

Watch the yield, not the noise. — C.M.