Explainers
How do you read the Fed's dot plot?
One dot per official, four times a year. Count the dots against the range in force the day they were drawn, and read the median last.
Explainers
One question a week, answered from the source — the reading skills behind the daily letter.
Explainers
Why does America have three inflation numbers, and which one does the Fed watch?
CPI, PCE and PPI measured the same July and printed three different rates. What each one asks, why they disagree, and which one carries the Fed's target.
Explainers
What is a PMI, and what does a reading of 50 actually mean?
Purchasing managers answer better, same or worse. How that becomes one number, why 50 is the line, and why the headline can hide a part below it.
Explainers
What is the equal-weight S&P 500, and why does it tell a different story from the index?
Same 500 companies, 0.2% each. How the equal-weight S&P 500 shows whether a rally belonged to the market or to a few giants.