2026-07-02
Today's figures, plainly stated.
The dollar has weakened against the euro over the past week (−0.50% in EUR-per-USD terms), per European Central Bank reference rates dated 2026-07-02.
Total U.S. public debt outstanding stands at $39.46T as of 2026-06-30, per the Treasury's Debt to the Penny series.
The average interest rate on outstanding Treasury bills is 3.69% as of 2026-05-31 — the government's own short-term cost of money, and the anchor under every other rate in the economy.
Sources: European Central Bank reference rates (via Frankfurter) · U.S. Treasury Fiscal Data. Updated daily at build time.
Worth Reading
Stories the desk is following today, July 2, 2026. Selection changes daily.
Markets
All markets →6 min
Why interest rates move stock prices
The link between the Fed and your portfolio is not a mystery. It is arithmetic.
6 min
The yield curve, in plain English
What it is, why an inversion scares people, and what it has actually predicted.
7 min
Index funds vs. stock picking: what the evidence says
Fifty years of data on active management, summarized without a sales pitch.
Economy
All economy →7 min
How inflation is actually measured
Inside the CPI: what the government counts, what it doesn't, and why it never matches your receipts.
6 min
What GDP measures — and what it leaves out
The most-quoted number in economics counts everything except what it was never designed to count.
7 min
The Federal Reserve's toolkit, explained
What the Fed actually does when it 'raises rates' — and how the effects reach your life.
Business
All business →7 min
How to read an income statement in ten minutes
Five lines tell you most of what matters about any business.
6 min
Unit economics: why growing companies lose money
The difference between a business that scales and an expensive way to buy customers.
6 min
Free cash flow: the number earnings can't fake
Why sophisticated investors read the cash flow statement first.
Personal Finance
All personal finance →7 min
The order of operations for your money
Where each dollar should go next, from first paycheck to full financial independence.
6 min
How big should your emergency fund actually be?
'Three to six months' is a slogan, not an analysis. Here's how to size yours.
7 min
401(k), IRA, HSA: the tax-advantaged alphabet, decoded
The tax code will pay you to save. Here is the map of where and why.