Markets & Macro

Policy, market structure, liquidity, and institutional transmission.

Policy, structure and liquidity, translated: what changed, why it matters, and what the desk is watching next. Updated with each signed edition.

The Markets & Macro six-hour note appears here from Arbiter's signed desk edition: what happened, why it matters and what to watch, with the evidence it rests on. It updates at 00:00, 06:00, 12:00 and 18:00 UTC, and says so plainly when nothing important changed.

Markets and macro stories appear here from the signed edition, each with its evidence and confidence label. Nothing is shown that the edition does not carry.