The Lombard Review

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Markets & Finance

The refunds that will add to America's borrowing

On 20 April, the Department of the Treasury officially launched the Customs Automated Protest Entity (CAPE), a centralized electronic clearing system designed to expedite court-mandated tariff refund claims.

Economy

When will importers get their money?

Special Report

Tax Day: Refunds from the IRS — and from Customs

Economy

The ceasefire that didn't open the strait

Business

Refiners are winning the war

While airline balance sheets bleed and automotive manufacturers stall, the global refining complex is capturing an unprecedented financial windfall from the Persian Gulf crisis.

Markets & Finance

A ceasefire, and oil falls

Crude oil prices staged an immediate, dramatic retreat on 7–8 April, tumbling by more than eight per cent as diplomatic delegations from Washington, Tehran, and regional mediators announced a tentative, temporary ceasefire framework.

Politics

Steel tariffs just got a lot bigger

World

Asia pays the most for Hormuz

While Western financial capitals debated the inflation optics of the Hormuz closure, the physical pain of the energy blockade fell with ruthless asymmetry upon Asian industrial economies.

Business

Saudi Arabia's pipeline around the war

Markets & Finance

What bond markets say about the oil shock

Economy

The Fed faces a war shock

Economy

Emergency oil can't fill the gap

The International Energy Agency’s coordinated release of 400 million barrels of crude and refined products from global strategic petroleum reserves was hailed as an unprecedented multilateral intervention.

Business

Which airlines are protected from $100 oil

Markets & Finance

Tariffs go up, refunds go out

Economy

How much will oil push up prices?

With Brent crude soaring comfortably past $100 per barrel for the first time since August 2022, quantitative econometricians and central bank modeling desks are urgently revising second-round inflation pass-through frameworks.

World

The oil shock the world feared

Markets & Finance

Who gets the $166bn tariff refund?

The invalidation of IEEPA border tariffs triggered an immediate, high-stakes financial scramble across corporate boardrooms: who gets the staggering $166 billion cash refund?

Politics

Trump's new tariff has a 150-day clock

Politics

The Supreme Court strikes down Trump's tariffs

Special Report

Lunar New Year: China keeps the yuan steady

Politics

Tariffs raise $30bn a month. Not for long?

Federal customs collections reached an eye-popping run-rate of $30 billion per month in early 2026, anchoring federal revenue at historic highs.

Special Report

Valentine's Day: Betting on the Supreme Court

On Valentine’s Day, Wall Street trading desks abandoned traditional romantic sentiment to price the ultimate financial binary: the Supreme Court’s impending ruling on emergency trade tariffs.

Tech

AI is coming for software companies

The enterprise software sector suffered a catastrophic valuation collapse in early February, as specialized software ETFs plunged into deep correction territory.

Markets & Finance

The dollar's Warsh moment

The US Dollar Index staged an explosive, violent single-day rally following the formal nomination of Kevin Warsh as Federal Reserve Chairman, delivering what currency trading desks instantly dubbed 'the dollar's Warsh moment.'

Special Report

Super Bowl: Shoppers wait for the tariff verdict

Economy

The job numbers, rewritten again

Explainer

Who is Kevin Warsh?

The White House stunned financial markets on 30 January by officially nominating former Federal Reserve Governor Kevin Warsh to succeed Jerome Powell as Chairman of the Federal Reserve.

Tech

Big Tech's AI spending passes $600bn

World

The yen nears Japan's line in the sand

Politics

How long do Trump's tariff threats last?

Politics

Trump's tariff threat over Greenland

Markets & Finance

Banks cash in on chaos

Markets & Finance

Japan's 30-year bond hits a record

Tokyo’s sovereign bond market suffered another historic tremor as 30-year Japanese Government Bond yields surged to unprecedented all-time record highs.

Economy

The job market's confusing signals

The release of the November employment report, showing the national unemployment rate ticking up to 4.6 per cent, sent a wave of confusion through quantitative modeling desks.

Markets & Finance

Tariffs are now funding the government

Business

Companies brace for a tariff refund

Special Report

New Year: 2026 hinges on one court case

Special Report

New Year's Eve: How the dollar lost its shine

On New Year’s Eve, global foreign exchange desks toasted the conclusion of a tumultuous trading year that witnessed the definitive erosion of the dollar's multi-decade structural aura.

Markets & Finance

2025 in five charts: gold up, dollar down

Special Report

Boxing Day: Holiday shopping with missing data

As retail stores threw open their doors for Boxing Day clearances, the commercial sector concluded a holiday season operating in complete econometric darkness.

Economy

The inflation data with a missing month

The Bureau of Labor Statistics released the November consumer price index showing headline inflation moderating to 2.7 per cent year-on-year.

Special Report

Christmas: The boom that arrived late

As the holiday season arrived, Wall Street was presented with an extraordinary economic gift: a delayed government report showing third-quarter gross domestic product roaring at 4.3 per cent.

Economy

A 4.3% boom, reported late

Markets & Finance

Paramount goes hostile

World

Japan's last cheap-money trade

Global currency trading desks are frantically preparing for the final curtain call on modern finance’s most profitable structural arbitrage: the Bank of Japan’s multi-decade cheap-money carry trade.

Economy

One cut, three dissents

Economy

QE by another name?

Business

Netflix bets big on Warner Bros

Netflix delivered a seismic consolidation shock to the global entertainment industry by launching an aggressive $82 billion acquisition bid for Warner Bros Discovery on 5 December.

Markets & Finance

Japan's bond yields hit 17-year highs

The Japanese Government Bond market suffered an earthquake of historic proportions as benchmark 10-year JGB yields surged to 1.8 per cent, touching levels not seen in seventeen years.

Special Report

Cyber Monday: Record spending, more buy now, pay later

Cyber Monday set a staggering new digital retail spending record, surpassing $13 billion in online transactions according to Adobe Analytics.