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Market Commentary

Market commentary connecting today's equity, credit, and rates moves to the recession dashboard.

Market CommentaryFeb 23, 2026

Liquidity Crisis Brewing? Market & Liquidity Indicators Sound the Alarm in February 2026

The ON RRP facility is 97% depleted, banks sit on ~$500B in unrealized losses, and the U.S. government's interest bill approaches $1 trillion. Here's what market and liquidity indicators are warning about.

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Daily Risk Assessment

A fresh recession risk score, category breakdown, and outlook — published every weekday, powered by 50+ live macro indicators.

Weekly Report

The definitive weekly recession brief: indicator moves, macro narrative, and forward-looking risks in one read.

Deep Dive

Long-form explainers on individual indicators, cross-indicator relationships, and historical cycles.