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The Weekly Steep
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…
24 hrs ago
•
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
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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
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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
July 2026
The Rollover Machine
America refinances a third of its debt every year. Every Fed decision now hits the government's interest bill within weeks. This paper explains how that…
Jul 25
•
Philipp Baumgartner
and
Mark Connors
2
2
The Weekly Steep #1 | Week of July 20–24, 2026
The week the bond market started betting on a hike.
Jul 24
•
Philipp Baumgartner
2
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