Oil markets are broken. Extreme volatility and a lack of liquidity mean that crude futures have become disconnected from tight physical oil markets. At least that’s what some loud voices in the oil world are telling us. But I suspect they may be talking their own books. Complaining that markets are broken suggests to me that somebody has traded on ...

  Frequent flyers are accustomed to turbulence on some flights. Indeed, many expect it. Despite such anticipation, however, the turbulence can once in a while create significant anxiety among even the most seasoned travelers. This is what happened in markets last week. The “expected” turbulence, related in large part to three continuing paradigm shifts, was turbocharged by two less-anticipated factors, ...

  On Friday, Britain’s government announced a shift in fiscal policy aimed, it said, at stimulating growth and investment. If the new prime minister, Liz Truss, was expecting financial markets to applaud this bold initiative, she’ll have been disappointed. Investors handed her a stunning rebuke. Interest rates soared and sterling slumped to a 37-year low — a combination expressing zero ...