Mechanics
How the parts fit together
Each mechanic explains one part of the system: the key terms, how one thing moves another, and where the numbers stand today. Every news story links back to the mechanics behind it.
01How inflation, interest rates and bond yields fit togetherWhy central banks raise rates when prices rise, and why bond markets usually move first.10 stories in the news02Why some governments pay more to borrowHow markets price the risk of lending to a government, and why France now pays far more than Germany.2 stories in the news03How an oil shock travels through the economyWhy a jump in oil prices raises inflation, slows growth, moves currencies and splits winners from losers.4 stories in the news