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Liquidity

NYSE Texas Opened Its Dallas Headquarters With 120 Issuers. Wall Street Has Company.

Sep 3, 2026

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3 min read

NYSE Texas Opened Its Dallas Headquarters With 120 Issuers. Wall Street Has Company.

NYSE Texas opened its permanent Dallas headquarters on August 27 with more than 120 issuers and over $2 trillion in combined market value. Nasdaq Texas is operating, and the Texas Stock Exchange completed its full trading rollout in July. The competition is no longer just about where companies are headquartered.

Positioning

Meta Put a Price on Its Teen-Safety Fight: Up to $18 Billion Over 10 Years.

Sep 2, 2026

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4 min read

Meta Put a Price on Its Teen-Safety Fight: Up to $18 Billion Over 10 Years.

Meta agreed on August 26 to pay up to roughly $18 billion over 10 years and accept new restrictions on how teenagers use Facebook and Instagram. Yet the personalized advertising model behind nearly all of Meta’s revenue remains largely intact. The settlement imposed a major cost without forcing a comparable rewrite of the company’s economics.

Sentiment

Americans Feel Better About Today, and Worse About the Next Six Months.

Aug 31, 2026

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3 min read

Americans Feel Better About Today, and Worse About the Next Six Months.

Consumer confidence fell to 89.4 in August, its lowest level since January. Yet views of current conditions improved while expectations for the next six months fell sharply. The weakness was in the outlook, not the present.

Rates

Washington Now Owes $40.047 Trillion. Carrying It Costs $1.1 Trillion.

Aug 29, 2026

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3 min read

Washington Now Owes $40.047 Trillion. Carrying It Costs $1.1 Trillion.

U.S. federal debt reached $40.047 trillion on August 18. Interest costs are running near $1.1 trillion and have passed Medicare as the government’s second-largest budget item. The debt milestone matters less than the growing cost of carrying it.

Liquidity

U.S. Diesel Inventories Are at a 30-Year Seasonal Low. Refineries Are Running Hard Anyway.

Aug 27, 2026

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3 min read

U.S. Diesel Inventories Are at a 30-Year Seasonal Low. Refineries Are Running Hard Anyway.

The U.S. diesel crack spread reached a record $102.20 a barrel on August 17. Distillate inventories were also at their lowest August level since 1996, even with U.S. refineries producing more than 5 million barrels a day. The pressure is showing up after crude reaches the refinery.

Liquidity

50% Tariffs Hit $20 Billion of Canadian Goods. The Trade Rules Are Getting Harder to Count On.

Aug 26, 2026

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3 min read

50% Tariffs Hit $20 Billion of Canadian Goods. The Trade Rules Are Getting Harder to Count On.

U.S. tariffs of 50% took effect August 22 on roughly $20 billion of Canadian goods, just over 5% of Canada’s exports to the United States. Canada suspended trade talks and announced matching counter-tariffs beginning September 8. The immediate bill is limited, but the rules behind North American trade look less settled.

Sentiment

Services Accelerated as Factory Growth Cooled. The U.S. Economy Is Splitting at the Seams.

Aug 24, 2026

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3 min read

Services Accelerated as Factory Growth Cooled. The U.S. Economy Is Splitting at the Seams.

U.S. services activity rose to 56.8 in August, its highest reading since December 2024. Manufacturing fell to 53.2, a five-month low, while overall business activity reached its strongest level since April 2022. The economy is gaining speed, but the strength is not evenly shared.

Positioning

Tyson Is Shrinking Its Beef Network. The Cattle Herd Explains Why.

Aug 22, 2026

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3 min read

Tyson Is Shrinking Its Beef Network. The Cattle Herd Explains Why.

Tyson said August 13 it will close two U.S. beef facilities and pursue the sale of a third. USDA data showed 28.5 million beef cows as of July 1, down 1% from a year earlier. The shortage is forcing the industry to rethink how much processing capacity the herd can support.

Liquidity

Nearly $1.7 Trillion in Corporate Bonds Has Hit the Market. Capital Has More Competition.

Aug 20, 2026

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3 min read

Nearly $1.7 Trillion in Corporate Bonds Has Hit the Market. Capital Has More Competition.

Corporate bond issuance reached nearly $1.7 trillion by August 18, up about 27% from the same point in 2025. Major technology companies have also raised nearly $220 billion in the bond market this year. The rate story is increasingly about who needs capital, not only what the Fed does with its policy rate.