Independent research on economics and markets — market letters and research notes.https://ken-capital.com/https://ken-capital.com/research/fed-short-end-long-end/https://ken-capital.com/research/fed-short-end-long-end/A textbook regression says the federal funds rate explains 66% of 30-year mortgage rates. Run the same method on the 2-year Treasury and it holds up. Run the diagnostics on the mortgage and it doesn't.Thu, 16 Jul 2026 00:00:00 GMThttps://ken-capital.com/letters/inaugural-letter/https://ken-capital.com/letters/inaugural-letter/Why I'm publishing my investment research in the open, how I work, and what to expect from these letters.Tue, 14 Jul 2026 00:00:00 GMT