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A Rule for Other People's Money

Foreign rates and foreign headlines are easy to conscript. They still need their own documents.

By Nadine Okonkwo, Global Macro Correspondent

New York1 min read

grocery store aisle with stocked shelves
grocery store aisle with stocked shelvesPhoto by Franki Chamaki on Unsplash

A global column is tempted by reach. One U.S. yield, one overseas headline, and a sentence that ties them with the word 'as.' The word does a lot of unlicensed work. It sounds like causation. It is often just sequence.

A sound rule is boring. A foreign policy rate should come from the central bank that set it. A U.S. yield should come from the Treasury's or the St. Louis Fed's published figures for that day. A link between them is a hypothesis and should be labeled as one.

Readers do not need a smaller world. They need the joints labeled. Where the evidence stops, the sentence stops. That is the whole correspondence.

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