Return Of The ‘Everything Rally’
It all worked this week, didn’t it? My goodness. When the dust settled after the
Weekly: A Dove’s Dream
The July jobs report was a policy dove’s dream come true. No, it’s not very
Yen Very Thankful For US Jobs Debacle
Kevin Warsh wasn’t the only person relieved by Friday’s lackluster BLS jobs report. Japanese finance
The US Jobs Market Just Cracked
And just like that, the odds of a Fed hike in September diminished meaningfully. The
Call Me Back
Donald Trump’s been on the phone with Kevin Warsh “repeatedly” since May. Imagine that. Before
Reminder: ‘Run It Hot’ Is Good For Stocks
If you’re like me, you’re a little Warsh-ed out by now, which is to say
Kevin Has A Dream
I’m not sure it’s the kind of print you’d expect in a “renaissance,” but US
I’m Sorry, Dave
If you work at a company dedicated to developing advanced AI models, or if your
Wherever I Lay My Hat
I suppose this goes without saying, but the highest US mortgage rates in a year
Warsh And War Undermine US Housing
Remember when Scott Bessent and Donald Trump were going to “focus on the 10-year Treasury
Manufacturing > Services?
The marquee gauge of activity in the biggest part of the world’s largest economy suggested
US Private Hiring Cools Sharply, Pay Gap Widens
Private sector hiring in the US decelerated sharply in July even as employers added jobs
Space Is To SpaceX What The Metaverse Is To Meta
A company which, according to itself, has identified the “largest addressable market in human history,”
Lazarus On Biker Speed
The equities right-tail (i.e., crash-up risk) was back in play on Wall Street, where US
Who Wants A Job?
Total job openings across the world’s largest economy fell the most in months, even as
‘It’s The Earnings, Stupid’
US equities were a hair’s breadth from setting new records early this week. If you’re
About The Yen…
Like everything else to do with Washington these days, the Trump administration’s effort to help
US Manufacturing Gets Best Health Check In Four Years
The 2026 expansion across America’s formerly beset manufacturing sector broadened meaningfully in July, the first
Strait Management
Long-end bond yields need another dramatic escalation in the Mideast about like they need more
Summer Jobs
It’s jobs week in America. Who’s excited?! Nobody. Nobody’s excited. Because it’s the first week
‘Moron Risk’
And I thought I was a harsh critic. In the wake of Kevin Warsh’s botched
Weekly: Warsh’s Instant Credibility Crisis
What’d we learn this week? Three things, I reckon. First, we learned markets don’t necessarily
Ken Griffin Saves Genius From Himself
It’s the same story every time. That makes it not only less interesting for me,
In South Korea, Total Madness
“Daddy needs a new pair of shoes!” I tried, but I couldn’t conjure a fresh
Amazon Beats On AWS ‘Boom,’ Apple Results Marred By China ‘Miss’
Large numbers. Amazon raked in more than $200 billion in net sales during the second
Warsh, Apologists Suddenly Unsure About This ‘Mr. Market’ Fellow
Told you so. I told you he wasn’t credible, and now the market’s telling you the
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