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Burning Questions

July 15, 2025July 15, 2025
  • Smart Money Hasn’t Been This Bullish Since Trump Was Good For Stocks

    July 15, 2025July 15, 2025
  • Economists Wrong Again As Core Inflation Tame Despite Tariffs

    July 15, 2025July 15, 2025
  • Things Are Going Just Fine At JPMorgan, Thank You Very Much

    July 15, 2025July 15, 2025

Duly Noted+

And The Most Crowded Trade Is…

July 15, 2025

Margin Risk, Not Valuations, Is Biggest Source Of Stock Uncertainty

July 14, 2025July 14, 2025

Markets

Should You Fear Narrow Markets And ‘Euphoric’ Valuations?

July 14, 2025July 15, 2025
  • Meanwhile, In Japan…

    July 14, 2025July 15, 2025
  • ‘The Currency And Bond Market Can Collapse’: Powell Exit Fears Spread

    July 13, 2025July 14, 2025
  • Gold And The Sinking Dollar Ship

    July 11, 2025July 13, 2025
  • One Bank Goes There: ‘What If Powell Leaves?’

    July 11, 2025July 13, 2025

economy

Chinese Economy On Track To Hit Growth Target, Beijing Swears

July 14, 2025July 15, 2025
  • With Trump’s Help, China Racks Up Record Trade Surplus

    July 14, 2025July 15, 2025
  • Where’s The Tariff Inflation?

    July 13, 2025July 14, 2025
  • Trump’s Impossible Tariff Math

    July 12, 2025July 14, 2025
  • MURA

    July 11, 2025July 13, 2025

Geopolitics

Warsh, Hassett Escalate Powell Witch Hunt

July 13, 2025July 14, 2025

Birds Of A Feather

July 10, 2025July 11, 2025

Leaving Wolf’s Lair

July 9, 2025July 10, 2025

And The Most Crowded Trade Is…

July 15, 2025

Quick: What’s the most crowded trade on the planet? This is an easy one. You

Read More

Leave a Comment on And The Most Crowded Trade Is…

Burning Questions

July 15, 2025July 15, 2025

Are stocks a bubble? Is it too late to jump aboard the moving train? Did

Read More

5 Comments on Burning Questions

Smart Money Hasn’t Been This Bullish Since Trump Was Good For Stocks

July 15, 2025July 15, 2025

Fund managers haven’t been this bullish since they were under the impression that Donald Trump

Read More

3 Comments on Smart Money Hasn’t Been This Bullish Since Trump Was Good For Stocks

Economists Wrong Again As Core Inflation Tame Despite Tariffs

July 15, 2025July 15, 2025

“LOWER THE RATE!” Shouted a livid Donald Trump, somewhere. Underlying price growth undershot expectations again

Read More

7 Comments on Economists Wrong Again As Core Inflation Tame Despite Tariffs

Things Are Going Just Fine At JPMorgan, Thank You Very Much

July 15, 2025July 15, 2025

The House of Dimon marked the unofficial start of earnings season in the US on

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Leave a Comment on Things Are Going Just Fine At JPMorgan, Thank You Very Much

Chinese Economy On Track To Hit Growth Target, Beijing Swears

July 14, 2025July 15, 2025

Surprise! The Chinese economy expanded fast enough in Q2 to keep the full-year growth target

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Leave a Comment on Chinese Economy On Track To Hit Growth Target, Beijing Swears

Margin Risk, Not Valuations, Is Biggest Source Of Stock Uncertainty

July 14, 2025July 14, 2025

One argument against the idea that Donald Trump’s tariffs will manifest in higher consumer prices

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4 Comments on Margin Risk, Not Valuations, Is Biggest Source Of Stock Uncertainty

Should You Fear Narrow Markets And ‘Euphoric’ Valuations?

July 14, 2025July 15, 2025

Regular readers know I have a love-hate relationship with narrow market laments. The same’s true

Read More

8 Comments on Should You Fear Narrow Markets And ‘Euphoric’ Valuations?

Meanwhile, In Japan…

July 14, 2025July 15, 2025

Japan’s often described as a kind of paragon when it comes to the contention that

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2 Comments on Meanwhile, In Japan…

With Trump’s Help, China Racks Up Record Trade Surplus

July 14, 2025July 15, 2025

So much “winning.” How can you stand it? Draconian US tariffs and pressure on America’s

Read More

3 Comments on With Trump’s Help, China Racks Up Record Trade Surplus

‘The Currency And Bond Market Can Collapse’: Powell Exit Fears Spread

July 13, 2025July 14, 2025

Late last week, I said big banks need to begin pondering the consequences and fallout

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6 Comments on ‘The Currency And Bond Market Can Collapse’: Powell Exit Fears Spread

Warsh, Hassett Escalate Powell Witch Hunt

July 13, 2025July 14, 2025

Donald Trump’s not going to fire Jerome Powell. That’s according to, uh, Donald Trump. “No,”

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2 Comments on Warsh, Hassett Escalate Powell Witch Hunt

Where’s The Tariff Inflation?

July 13, 2025July 14, 2025

It’s a pretty busy week in the US, where traders will parse key inflation updates,

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4 Comments on Where’s The Tariff Inflation?

Bad Moon Rising?

July 12, 2025

Later this month, the BEA will release its initial tally of Q2 GDP growth for

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Trump’s Impossible Tariff Math

July 12, 2025July 14, 2025

What fiscal crisis? The US ran a surprise surplus in June, according to the monthly

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9 Comments on Trump’s Impossible Tariff Math

Gold And The Sinking Dollar Ship

July 11, 2025July 13, 2025

Gold. It’s — umm — shiny. I’ll say that for it. Whenever I run out

Read More

9 Comments on Gold And The Sinking Dollar Ship

One Bank Goes There: ‘What If Powell Leaves?’

July 11, 2025July 13, 2025

After this week, Wall Street’s obliged to seriously consider the possibility that Jerome Powell might

Read More

10 Comments on One Bank Goes There: ‘What If Powell Leaves?’

MURA

July 11, 2025July 13, 2025

Is the tariff range trade back in US equities? When SPX 6000 came and went

Read More

7 Comments on MURA

Code Red As Russ Vought Goes After Jerome Powell

July 10, 2025July 12, 2025

The US is venturing into very, very dark waters vis-à-vis central bank independence. On Thursday,

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11 Comments on Code Red As Russ Vought Goes After Jerome Powell

The Problem With A Buyback-Dependent Equity Market

July 10, 2025July 11, 2025

Dividend yields for US stocks are nearing levels last seen a quarter century ago around

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5 Comments on The Problem With A Buyback-Dependent Equity Market

Birds Of A Feather

July 10, 2025July 11, 2025

Tariffs can fix anything. Even the legal troubles of your friends abroad. Donald Trump’s a

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9 Comments on Birds Of A Feather

Plunging Jobless Claims Rebut Rate-Cut Calls

July 10, 2025July 11, 2025

The US labor market’s fine. “Solid.” “Resilient.” Any synonym for “sturdy” will work. Thursday’s sole

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‘Too Late’?

July 9, 2025July 9, 2025

I’m not much for stating the self-evident. It seems like a waste of time. Mine

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5 Comments on ‘Too Late’?

Hedge When You Can, Not When You Have To

July 9, 2025July 10, 2025

You hedge downside when you can, not when you have to. That was the friendly

Read More

4 Comments on Hedge When You Can, Not When You Have To

Leaving Wolf’s Lair

July 9, 2025July 10, 2025

“Is this about Adolf? Because we can always dial down the Adolf.” Linda Yaccarino on

Read More

2 Comments on Leaving Wolf’s Lair

Some Folks Bought Some Homes

July 9, 2025July 10, 2025

They were buying homes in America over the last week. I don’t know who “they”

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Chinese Economy Continues To Ice Over

July 9, 2025July 10, 2025

China’s still struggling to resuscitate domestic demand. In case that was your burning question mid-week.

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Monthly Letters

Hustle

July 2, 2025July 2, 2025

Imagined Pasts

May 31, 2025June 16, 2025

Dope

May 3, 2025May 9, 2025

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