/watch/macro is the regime page — yield curve, recession signals, macro readings, the release calendar. The risk numbers live where the positions live: VaR and expected shortfall on a strategy's simulated P&L at /trade/scenarios, drawdown and Sortino in every backtest report, concentration views on the portfolio's risk page. Together they answer the question every analysis must eventually answer: 'what could go wrong, and how badly.

' Single-stock analysis without macro and risk context is genuinely incomplete. The yield curve is the most-watched single macro indicator in finance. Plot Treasury yields against their maturities (3-month, 2-year, 5-year, 10-year, 30-year): the resulting curve tells you what the bond market thinks about future growth and inflation.

Normal shape — long maturities yield more than short — reflects a healthy economy where investors demand a premium for tying up money longer. Inverted shape — long maturities yield less than short — reflects an economy where investors expect future rates to fall (typically because the Fed will cut to combat a downturn).