Postcards: The Bailout Drumbeat Begins

While the drumbeats of war now echo across the Middle East, there's another rhythm kicking in a sector that a lot of people seemed to have forgotten about.

We’re back in the Green after today’s Fed minutes. A surprise bounce off the third standard deviation range at 2 p.m. helped fuel a wave of buying. We’ll discuss the impact of the Fed minutes tomorrow in the Republic Risk letter.

Dear Fellow Expat:

Last night, my wife and I found ourselves in Tampa, Florida.

We attended a concert by Noah Kahan, an indie/folk musician who has emerged as a Tour De Force in the post-COVID world. This was my wife’s idea… and it was a fair trade for my trip to Baltimore to watch the baseball playoffs.