Memos

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Focused analysis of emerging developments, why they matter, and what comes next.

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The New York Premium

CITIES & INFRASTRUCTUREJUN 20269 MIN READ

A city moving more, growing safer, and becoming more expensive at the same time.

Latest memos

AUG26Jackson Hole and the Conditions for Credible DiscretionCAPITAL MARKETS · 11 MIN READKevin Warsh has pulled the Federal Reserve back from forward guidance. His first Jackson Hole address must show how a more restrained communications regime will preserve a clear monetary-policy rule.
JUL28Diffusion and ControlARTIFICIAL INTELLIGENCE · 15 MIN READThe July breach separated corporate control of a model from operational control of its behavior, and moved the American AI question from the frontier to the deployment layer.
JUL22The White House Report on ScienceSTATE CAPACITY · 11 MIN READThe report gets the facts right, but draws the wrong conclusions.
JUL21The Depreciating WeaponSTRATEGIC COMPETITION · 17 MIN READWashington has made financial sanctions the center of its statecraft. In 2026 each use imposed real pain and quietly moved the world closer to the day it can route around the dollar that gives sanctions their force.
JUL17The CrosscurrentCITIES & INFRASTRUCTURE · 6 MIN READA war premium in energy and a capital boom in artificial intelligence are splitting the world economy into two circuits that one interest rate cannot govern.

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