THE LEDGER
EST. 2023 · ISSUE № 168 · SUNDAY EDITION
Money, explained like you're smart.
Macro, markets, and the week in money — for operators, founders, and curious professionals who want the picture without the doom or the jargon.
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Last 12 weeks — the move under everyone's mortgage.
In every Sunday letter
The Open
The entire week in money, in one tight paragraph you could read out loud at dinner.
The Chart
One figure that mattered, drawn plainly and explained — what it shows, and what it doesn't.
Position
What it means for your money — framing, not advice. The questions to ask before you act.
Issue № 168 · Mar 16, 2026 · 8 min read
The carry trade nobody's pricing in.
"When the cheapest money in the world is borrowed in one currency and parked in another, the unwind doesn't ring a bell — it just arrives on a Monday."
USD/JPY · last 90 sessions
Back issues
168 issues · since 2023№ 167 · Mar 9
The Fed's quiet pivot, hidden in a footnote.
What the dot plot stopped saying. · 7 min
№ 166 · Mar 2
Why your savings account is a slow tax.
Real yield, after inflation, in one table. · 6 min
№ 165 · Feb 23
The private-credit bubble everyone's polite about.
Where the marks stop being real. · 9 min
№ 164 · Feb 16
Gold at all-time highs, explained without the gold bugs.
Who's actually buying, and why. · 7 min
№ 163 · Feb 9
The jobs report is two reports. They disagree.
Household vs. establishment, finally clear. · 6 min
№ 162 · Feb 2
A recession indicator that's been wrong for two years.
When to stop trusting the yield curve. · 8 min
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