Soundings

Market Commentary

Drawing from the nautical practice of measuring depth, Soundings explores the underlying forces, risks, and opportunities beneath the market's surface..

Time and Tide Pods

October 2026

In August, we laid out the pressures weighing on the dollar: inflation running above target, skepticism about policy, widening deficits, and a record pace of Treasury issuance. None of that has gone away. And yet the greenback is up this year. The reason may have less to do with American strength than with how the rest of the developed world looks by comparison.