The rules of the road for reading Phoebe.
By accessing or using phoebereads.com (the "Site") you agree to these Terms of Use. If you do not agree, do not use the Site. The Site is operated by the publisher of Phoebe (the "Publisher"), reachable at hello@phoebereads.com.
Phoebe is an independent publication that presents market data and observational commentary about financial markets. It is free to read. It does not require an account, sell subscriptions, accept payments, or run advertising. Phoebe currently includes a Market Internals page, event-driven Report Breakdowns, and reference pages for Yields and Credit. Surfaces may be added, modified, or removed at any time without notice.
Nothing on the Site is investment, financial, tax, accounting, or legal advice, or a recommendation to transact in any security or other financial instrument. See the Disclaimer for the full statement, which is incorporated into these Terms by reference.
You may read the Site for personal, non-commercial purposes. You may link to public pages on the Site and quote brief excerpts with attribution to Phoebe. You may not:
Phoebe — including its written content, page designs, charts, methodology, and "Phoebe" name as used on this Site — is the work of the Publisher and is protected by copyright and other intellectual-property laws. Third-party data presented on the Site (for example, series sourced from the Federal Reserve Economic Data system or the U.S. Department of the Treasury) remains the property of the respective rights holders and is presented under the terms applicable to that data.
The Site presents data from third-party sources. The Publisher does not control these sources, does not guarantee their accuracy, currency, or completeness, and is not responsible for their availability. The presence of third-party data on the Site does not imply endorsement of the source, nor endorsement by the source of Phoebe.
The Site and all content on it are provided "as is" and "as available," without warranty of any kind, express or implied, including without limitation the implied warranties of merchantability, fitness for a particular purpose, accuracy, timeliness, and non-infringement. The Publisher does not warrant that the Site will be uninterrupted, error-free, secure, or free from harmful components, or that any defects will be corrected.
To the maximum extent permitted by applicable law, in no event shall the Publisher be liable for any direct, indirect, incidental, consequential, special, exemplary, or punitive damages — including without limitation trading losses, lost profits, lost data, business interruption, or lost opportunities — arising out of or in connection with your access to or use of, or inability to use, the Site or any content on it, regardless of the legal theory and even if the Publisher has been advised of the possibility of such damages. To the extent any liability cannot be excluded, the Publisher's aggregate liability to you for any claim arising out of these Terms or the Site shall not exceed the greater of one hundred U.S. dollars (USD $100) or the total amount you paid to the Publisher in the twelve (12) months immediately preceding the event giving rise to the claim.
You agree to indemnify and hold harmless the Publisher from and against any claim, loss, liability, demand, or expense — including reasonable attorneys' fees — arising out of your breach of these Terms, your misuse of the Site, or your violation of any law or the rights of any third party.
The Publisher may suspend, restrict, or terminate your access to the Site, in whole or in part, at any time and for any reason, including for violation of these Terms. Sections 3 through 9 and 11 through 13 survive termination.
The Publisher may update these Terms from time to time. The current version is the one posted on this page, with the effective date shown below. Material changes will be reflected by updating that date. Your continued use of the Site after a change constitutes acceptance of the revised Terms.
These Terms are governed by the laws of the State of Florida, without regard to its conflict-of-laws principles. Any dispute arising out of or relating to these Terms or the Site shall be brought exclusively in the state or federal courts located in Broward County, Florida, and you consent to personal jurisdiction in those courts. This choice of law and venue does not deprive consumers of mandatory protections available under the law of their place of residence.
These Terms, together with the Disclaimer and Privacy page, constitute the entire agreement between you and the Publisher regarding the Site. If any provision is held unenforceable, the remaining provisions remain in effect. The Publisher's failure to enforce any right or provision is not a waiver of that right or provision. You may not assign these Terms; the Publisher may assign them in connection with a transfer of the Site.
Questions about these Terms: hello@phoebereads.com.
Effective May 21, 2026.