The financial world typically uses rules and formulas to evaluate risk. Credit-rating agencies assign ratings on the basis of specific metrics such as debt-to-EBITDA ratios and interest coverage.

There can be little doubt that the 90-day pause on tariffs for most countries that Donald Trump announced abruptly on April 9th was driven by worries about the bond market. A jump in yields in America ...

Suppose you wanted to construct a new index to track the US stock market. What would you use as a model? The Dow Jones Industrial Average might be an option, but it’s hardly representative of the ...