The Steep
Subscribe
Sign in
Home
Notes
The Weekly Steep
Latest
Top
Discussions
The Weekly Steep #13 | Week of 12–16 October 2026
On Thursday a cloud company’s bonds yielded more than 16%. Korea’s stock market lost a seventh of its value that week, and America’s borrowing costs…
Oct 19
•
Philipp Baumgartner
2
The Weekly Steep #12 | Week of 5–9 October 2026
France now pays more to borrow for ten years than Italy does, and roughly 38% of French company bonds are treated by the market as safer than the French…
Oct 11
•
Philipp Baumgartner
2
The Weekly Steep #11 | Week of 28 September – 2 October 2026
The extra payment companies make to borrow money jumped more in five days than in any week this year, and the stock market finished almost exactly where…
Oct 4
•
Philipp Baumgartner
1
September 2026
The Weekly Steep #10 | Week of 21–25 September 2026
Last Sunday this letter argued that the American yield curve was flattening in a way worth taking seriously, and named the one thing that would prove it…
Sep 28
•
Philipp Baumgartner
1
The Weekly Steep #9 | Week of 14–18 September 2026
Three central banks met in three days, all raised or held as predicted, and the American yield curve still ended the week at its flattest point of the…
Sep 20
•
Philipp Baumgartner
3
The Weekly Steep #8 | Week of 7–11 September 2026
American inflation for August landed exactly where economists had predicted it would, and the odds of a rate rise next Wednesday still jumped from 72…
Sep 13
•
Philipp Baumgartner
1
The Weekly Steep #7 | Week of 31 August – 4 September 2026
This month the government counted 127,000 new private jobs in August. ADP, which runs payroll for a fifth of US private workers, counted 38,000. Only…
Sep 6
•
Philipp Baumgartner
August 2026
The Weekly Steep #6 | Week of 24–28 August 2026
Two weeks ago I wrote that if gold and bitcoin stopped moving together, the story behind them was weaker than it looked. On Wednesday they stopped.
Aug 30
•
Philipp Baumgartner
The Weekly Steep #5 | Week of 17–21 August 2026
The US government tried to push down its own borrowing costs on Wednesday. But by Thursday afternoon the effect already had completely worn off.
Aug 23
•
Philipp Baumgartner
1
The Weekly Steep #4 | Week of 10–14 August 2026
Inflation cooled down, the rate-rise threat receded, share prices hit record highs. In the same week the US government paid the most to borrow for…
Aug 16
•
Philipp Baumgartner
1
The Weekly Steep #3 | Week of 3–7 August 2026
America lost jobs in July for the first time in months, and the stock market responded by climbing to its best week since April.
Aug 9
•
Philipp Baumgartner
1
The Weekly Steep #2 | Week of July 27–31, 2026
America’s 30-year borrowing rate hit a 19-year high in a week when everything said it should fall.
Aug 2
•
Philipp Baumgartner
1
This site requires JavaScript to run correctly. Please
turn on JavaScript
or unblock scripts
