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Print this article Microsoft Chief Executive Officer (CEO) Satya Narayana Nadella speaks at a live Microsoft event in the Manhattan, N.Y., October 26, 2016. (Lucas Jackson/Reuters) Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: the history of Nuance’s Dragon brand, J&J vaccine halted, Jack Ma capitulates, and W. Brian Arthur on “Economics in Nouns and Verbs.” To sign up for the Capital Note, follow this link. Dra...

‘Stuffing Their Mouths with Gold’ — Selling the Biden/Yellen Tax Cartel Andrew Stuttaford © Kevin Lamarque/Reuters President Joe Biden receives an economic briefing with Treasury Secretary Janet Yellen in the Oval Office at the White House in Washington, D.C., January 29, 2021. At the time of the establishment of Britain’s National Health Service, Aneurin Bevan, Labour’s Health Minister, faced serious opposition from, among others, top doctors unenthusiastic at the ...

(Larry Downing/Reuters) Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: FOMC meeting, tech stocks tumble, Treasurys climb, and the risks of forward guidance. FOMC Meeting Investors are once again testing the adage, “Don’t fight the Fed.” The Federal Reserve Open Markets Committee (FOMC), which is holding a press conference this afternoon, has for months signaled that it does not intend to raise interest rates until at least 2024. But si...

Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: China’s tech crackdown, Dalio’s dollar doom, Ashworth’s response, and a look at China’s advantages in entrepreneurship. CCP Comes Down on Tech CEOs In October 2020, Jack Ma delivered mild criticisms of China’s financial regulators at a business conference. Within a week, the tech billionaire’s payments company, Ant Financial Group, saw its IPO halted afte...

A “storm” swept through the US government bond market on Friday, sending a key measure of long-term borrowing costs to the highest level since last February. Treasuries dropped in overnight trading after a large sale of long-dated bond futures in Asia, according to people familiar with the matter. Yields on the benchmark 10-year note, a key marker across global asset markets, jumped to 1.63 per cent, having traded around 1.53 per cent the day before. Analysts said the scale of the move unde...

Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: the reflation, mortgage rates rise, Deliveroo’s IPO, and a look at equity duration during a pandemic. To sign up for the Capital Note, follow this link. The Reflation Is Here Investors are selling bonds in droves on the expectation of higher inflation. The U.S. ten-year yield now stands at 1.5 percent, near its pre-pandemic level, following a 10 percent decline in ten-year Treasury prices....

Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: the SPAC craze continues, an ill-fated Softbank investment, the Carlos Ghosn plot thickens, and a closer look at the nuances of blank-check companies. To sign up for the Capital Note, follow this link. The SPACtacle The special-purpose acquisition company (SPAC) craze that started last year is showing no signs of abating, with sponsors of the so-called blank-check companies raising record sums of...

Stocks Yield, Stonk Soars Andrew Stuttaford © Igor Kutyaev/Getty Images Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: inflation fears deflate stocks, from pipeline to railroad, China’s (latest) green-jobs threat, working from the office, and crime and the minimum wage. To sign up for the Capital Note, follow this link. ‘All is Well’ I saved this story as something to write about on another day, but then yesterday ha...

On the menu today: a defense of macroeconomics, inflation expectations rising, tech-stock tumbling, and a look at Paul Romer’s paper on technological progress.

Boom, then Bust? February 20, 2021, 8:22 AM·36 min read Well, the S&P may not have done much this week, but there were clear signs and signals that the conditions fueling the current bubble(s) are going to continue — and that the bubble(s) themselves are still bubbling away. Elon Musk, in some ways the man of the bubble (I do hope that comment doesn’t disqualify me from some space tourism), got to the point. Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on T...