Today's Commentary · July 30, 2026

July 30: UAD 3.6, reverse, AI, co-issue products; Freddie clocks in at $3.8 billion; Morgan Stanley did what in mortgages?

I was recently doing some bike riding in the Napa Valley and spent some time speaking with a wine maker. She told me that because of the increase in temperatures, growers are buying land to the south and planting vineyards there, nearer the San Francisco Bay where it is cooler. Their livelihood is at stake “up Valley.” In addition, this year’s harvest is a full month earlier than historical harvests as the grapes ripened quickly. Other fruit growers are seeing the same thing: products are...