HeyJaredSantiago Capital
Macro research on Capital Markets, Geopolitics & the Madness of Crowds — all through the lens of the Dollar Milkshake Theory. By Brent Johnson.
- Indexed issues, last 90 days
- 16
- Latest publication
- Sep 28, 2026
- Audience
- Checking…
- Earliest in this view
- Aug 23, 2026
Latest issues
Control the Map (opens the original)
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Trump and Xi sat down together on Thursday and that got most of the billing.So far it reads as optics. Not much came out of it.The two stories that got less coverage are the ones that will still matter in five years. One of them is a document that was signed at the United Nations on September 22 and carries no expiration date. The other one is a crop.<a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!pAjZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2
Macro Pilgrim's Ledger | September 27, 2026 (opens the original)
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<img alt="Santiago Capital weekly macro report cover dated September 27 2026 with Camino de Santiago waymarker at sunset" class="sizing-normal" height="819" src="https://substackcdn.com/image/fetch/$s_!mdJp!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%
Grains of Wrath - Anger Grows Where Grain Does Not (opens the original)
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<img alt="" class="sizing-normal" height="819" src="https://substackcdn.com/image/fetch/$s_!aiyG!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0e176e6c-ed23-4165-843f-c8f4eae5d9a0_1920x1080.j
Shotgun Wedding (opens the original)
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On September 16 the Federal Reserve raised its policy rate a quarter point, to a range of 3.75% to 4%. The vote was unanimous. It was the first increase in more than three years.Six months ago almost nobody thought that was possible. Kevin Warsh took the chair in May, appointed by a president who has been perfectly clear that he wants rates lower. The obvious question at the time was why you would hand the job to somebody who might turn around and raise them.Last week he raised them. The stated
Macro Pilgrim's Ledger | September 20, 2026 (opens the original)
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<img alt="" class="sizing-normal" height="819" src="https://substackcdn.com/image/fetch/$s_!-mV7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb5a46f32-e637-455e-bae2-2b8c3c998b38_1920x1080.j
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