Not the Usual Crowd
October 4, 2026

Hiring slowed sharply. Meanwhile, the people trading stocks aren’t who they used to be.

Hiring slowed sharply. Meanwhile, the people trading stocks aren’t who they used to be.

The Fed hiked for the first time since 2023, and no committee member objected.

Rate-hike odds ran from 32% to 87% in a month, and volatility never noticed.

A losing week for stocks and one of the best weeks the economy has had in four years.

The indexes barely budged, which was the least interesting thing that happened.

Markets fell on AI and oil, but beneath the surface, earnings are ahead of last year.
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