I have written versions of this post before, but it is demanding to be written again. So, here we go.

WeWork has been one of the trending business topics in recent weeks. The collapse of its initial public offering, followed by the ouster of its CEO and founder, and now the drama over whether (and if) the company will be rescued have provided some compelling drama. It has played out more like a TV show than an actual company. Watch for the movie shortly, I expect.

Do I think the stock buyback boom is over? I discussed this and more today on CNBC’s Power Lunch.

In yesterday’s post, we concluded that interest rates were influenced—but not set—by the Fed. We also observed that rates were influenced—but not set—by the supply and demand of capital. We noted in both cases, however, that there was considerable variance over what those two models indicated, which suggests there is something else going on.

We closed yesterday’s post with the observation that economic theory doesn’t really have a good grip on where interest rates come from. Today, I want to explore where we think rates come from and what that might mean.

Yesterday, we started out this series with the observation that interest rates are likely transitioning to a new normal, which is different from the old normal. In other words, all of the projections that assume rates will be getting back to normal are wrong—because the definition of normal has changed.

Brexit. The impeachment. Hong Kong. The trade war. That’s a lot to discuss and to worry about. As always, though, there is a difference between what makes the headlines and what really matters. Not that those issues don’t matter—of course, they do. But in a couple of weeks or months, we will be talking and worrying about something completely different. Headlines come and go, but the deeper issues show their effects over years.

Do I think it's going to be a tough earnings season for banks this year? I discussed this and more (my segment begins at 5:31) yesterday afternoon on Bloomberg TV's Bloomberg Markets: The Close.

I have been preparing a couple of big-picture pieces over the past couple of days, including the monthly economic risk factor and market risk updates, and it has been a bit eye opening. Conditions have deteriorated more than I had realized. Although I still don’t think we are in the trouble zone, we are certainly getting closer, as was shown in this month's Economic Risk Factor Update. I wanted to get a bit more into the detail around those risks today.

My colleague Sam Millette, senior investment research analyst on Commonwealth’s Investment Management and Research team, has helped me put together this month’s Market Risk Update. Thanks for the assist, Sam!