The Sancerrois had defended their town valiantly. Artillery and bombs had been pounding the walls of the city early in the occupation, but to little effect. The enemy had suffered more so than the villagers during these attacks, despite the menacing presence of canons, explosives, slings and other war machinery. But the success of repelling enemy advances would soon give way to despair and destitution. The siege became a slow poison, seeping into the very bones of the town.
Read MoreDetective Isabella Ramirez leaned against the balustrade of her Santiago apartment, the city below twinkling like a sea of stars against the canvas of the Andean night. The rhythmic beat of salsa music drifted from distant clubs, a reminder of Santiago's vibrant pulse. Yet, tonight, a different melody lingered in the air too—something ominous and cold, carried down from the very peaks of the mountains.
Isabella's phone buzzed, cutting through the night's tranquility. The voice on the other end belonged to Captain Mateo Ruiz, a grizzled veteran who had seen Santiago's underbelly in all its shades.
"We caught one." He said.
"It's a big one."
"Anyone I know?" Isabella replied.
"I think so. It's Fuentes…Alejandro Fuentes."
"The art dealer?!" Isabella said.
"Mmm" Ruiz mumbled.
Read MoreDear Santa Claws,
Greetings from the Monsterland! I hope this letter finds you in good cheer and surrounded by the warmth of your workshop. My name is Sunny Sprout, a little white and yellow monster; well I am actually not that little, but I am not big either, so…
This year, I've been on my best behavior. I've helped my fellow monster friends and family. We've been practicing our cutest roars and perfecting our snowball-throwing skills for the upcoming Snowy Spectacle Festival. I thought that was very fun. Now, Santa Claws, I know you're used to dealing with elves and reindeer, and those other those other things called hoomans. But I thought I'd drop you a letter with my wish list, just in case.
Read MoreMonetary policymakers have been scrambling in the past week to push back against the dramatic shift in market expectations for rate cuts next year. This is true for Fed officials—despite the clear dovish pivot in the December meeting—and particularly so for the ECB, where Ms. Lagarde and her colleagues have been hard at work to disabuse investors of the notion that the central bank will start cutting rates in the first half of next year. Are central banks right to lean into the prevailing market winds here? It’s all in the eye of the beholder. The chart below plots futures-implied policy rates for the Fed and ECB through 2027. The focus at the moment is on 2024, where markets see 150bp and 120bp worth of cuts from the Fed and ECB, respectively. That sounds like a lot, but then again, inflation is now falling rapidly. The question we need to ask is whether markets will be fed information over the next few months that will drive a shift in pricing. I am not sure, and if they aren’t, talk from policymakers will be cheap.
Read More