The Fed's Next Move Is Already Priced In. Here's What Isn't.
Markets have spent six months front-running a pivot that may never arrive on the terms they expect. The real opportunity lies in what consensus has systematically ignored.
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Stephen J Morton, CFA
Founder & Editor, Market Sleuths
"The best investment decisions come from understanding what the market is wrong about — not what it already knows."
Stephen J Morton, CFA, brings decades of international experience in investment banking, bond trading, portfolio management, and financial writing. His career spans London, Tokyo, and New York — with positions at Salomon Brothers, BNP Paribas, HSBC, Blackstone, and Natixis. Through Market Sleuths, he brings that experience to readers seeking a clearer understanding of economic developments and the forces connecting financial markets.
- CFA Charterholder
- Former COO, Blackstone Fixed Income Relative Value Fund
- Former Global Macro Head, Natixis
- Co-Founder & CIO, Inyo Capital
24 articles
From Fed policy to global capital flows, we track the forces that move markets before they show up in price action.
18 articles
Practical frameworks for building resilient portfolios in an era of higher rates, geopolitical fragmentation, and AI disruption.
31 articles
Economic data is only as useful as the framework you use to interpret it. We provide the framework.
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