Scott Bessent Has A Bond Problem
“Rates are too high, Scott,” Donald Trump said, while hosting a high-level delegation from Riyadh
Hope Floats As Home Contract Signings Rise Third Month
Hope springs eternal. Contract activity in the still-frozen, but hopefully thawing, US housing market managed
Beware The Market’s Negative Convexity Problem
If and when a meaningful equity pullback finally comes calling, market participants may be “treated”
Kevin Warsh Should Tell Trump The Truth
My advice to Kevin Warsh — not that he asked for it — is to
$450 Billion Goes ‘All In’ As Stock Bets Soar Most Ever
Professional capital allocators with more than $450 billion in AUM cut cash levels and lifted
‘The One Big Trade’
Customers of Wall Street’s most prestigious firm, not to mention investors in general, are worried
Iran War Hammers US Builder Mood
Well, it could’ve been worse. The first of this week’s sparse US macro data offered
Breadth Metrics Plunge, Fanning Narrow Market Worries
If you like your rallies broad and your breadth “healthy,” you’re not enamored with 2026’s
Xi Jinping’s Economy Just Had A Very, Very Bad Month
Exports. That’s all Xi Jinping’s economy has going for it. On Monday, apparatchiks at the
That Bear’s Got A Match!
You missed it, didn’t you? The rally, I mean. The 30% Nasdaq surge from the
Summer Unofficially Begins With War, Ebola, Rates Panic
Summer, and the lackadaisical torpidity that often accompanies it, are right around the corner. In
The Fastest Way To Lose Voters
It’s an election year in the US, in case you needed a reminder. In more
Weekly: Bonds Call Time-Out
I’m both a rally skeptic and not. I harbor a deeply-engrained pessimism about more or
Are Chip Stocks The Biggest Bubble Since 1700?
Stop the presses: As of noon on Friday in the US, red-hot semis were on
The Big Squeeze
Thank God for the upper-half of the “K.” I mean, not in the sense that
Stock Rally Menaced Anew By Inflation, Surging Bond Yields
Eventually, stocks will correct. That was one message from BofA’s Michael Hartnett who, in the
The Buyers Were Still Higher
Buyers are still higher in equities. Perhaps you noticed. The S&P headed into the US
Cisco Surge Is Pure Dot-Com Déjà Vu
As if the sense of dot-com déjà vu wasn’t strong enough already. On Thursday, investors
The US Consumer Refuses To Crack
Nominal spending on gas and groceries rose in April in tandem with price increases for
‘Constructive Strategic Stability’
“Collision or even clashes.” That’s what’ll happen in the unfortunate event America “mishandles” the Taiwan
Kevin Warsh Is In A Pickle Already
Not to rub it in or otherwise belabor the point, but Kevin Warsh can forget
War Inflation Triggers Sharp Jump In US Mortgage Rates
Purchase activity in America’s gridlocked US housing market moved up over the last week. Just
Eyebrows Raised, Singed By Scorching Wholesale Inflation Report
“Can you hear me now?” asked the war. Wholesale inflation ran far faster than expected
Iran War Is $29 Billion Quagmire As Trump Heads To China
“Mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a
Don’t Tread On My Buybacks
Anyone tired of the capex boom discussion and the associated debate about the read-across of
Who Feels Bad For Kevin Warsh?
I’d say I feel sorry for Kevin Warsh, except that I don’t. After all, he
Convoluted US Inflation Report Won’t Answer Any Questions
Uh-oh? Core inflation in the US ran faster than expected last month, the BLS said
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