Ray Dalio elaborated on the problems facing US macroeconomic policy while speaking Saturday at the
Month: March 2021
‘We Could See Volatility’: Expiration Of SLR Relief Haunts Strategists
Not everyone is particularly sanguine about the Fed’s decision to allow supplementary leverage ratio exclusions
In Potentially Disastrous Move, Erdogan Fires Another Central Bank Governor
On Thursday, CBT Governor Naci Agbal delighted markets with another rate hike. The 200bps move
‘Get Em’ While They’re Still Hot’
It probably wasn’t a “forecast.” On Friday, a couple of media outlets jumped at the
Zeus’s Catch-22 (Forget The Bonds. Take The Cannoli)
The Fed faces a “Catch-22,” BofA’s Michael Hartnett said, in the latest edition of the
Fed Waters Down SLR Expiration With Allusions To Modifications
After an agonizing delay, the Fed finally made an announcement on supplementary leverage ratio relief.
Baked Alaska
Chinese stocks crumbled Friday, diving nearly 3%, a slide some attributed to acrimony during high-level
What Wall Street Thinks Of Jerome Powell Now
The bond market wasted little time taking Jerome Powell up on his implicit invitation to
A Whiff Of Desperation
The Fed may have threaded the proverbial needle this week, but the follow through suggested
Philly Fed Prints A Half-Century High Scorcher
If you were looking for a scorching indicator to support the contention that the US
Jobless Claims Unexpectedly Jump As $242 Billion Hits Bank Accounts
770,000 Americans filed for unemployment benefits last week, far more than anticipated. The uptick comes
Erdogan Allows Another Rate Hike At Critical Juncture For Turkey
“[We’ve] decided to implement a front-loaded and strong additional monetary tightening”… is something you don’t
Pushing The Envelope
Jerome Powell’s uncharacteristically deft navigation of treacherous waters around the March FOMC meeting provided a
Against The Odds, Powell Threads Needle. For Now
Jerome Powell’s odds of skating through the March FOMC press conference unscathed were long. There
Fed Snubs Market On Median 2023 Dot, But Upgrades Inflation Forecasts
Fed officials offered a modest upgrade to their assessment of the US economy at the
Dot Obsession And What’s Next For Stocks
If you asked Nomura’s Charlie McElligott ahead of the March FOMC, there was scope for
Is The US Housing Market Cooling? (Probably Not)
Housing starts cooled again in February, the Commerce Department said Wednesday. Traders and investors weren’t
But The Textbook…
The Fed was poised to be the only game in town Wednesday, with traders and
Bassman: When Markets Implode, Short Convexity Lurks Near Crime Scene
Investment managers display a bias to being short Convexity; a payoff profile where the
Dalio Tells ‘Crazy’ Story, Is Bullish ‘Stuff,’ Bearish ‘Stupid,’ Short Cash
Ray Dalio is confused about your behavior. Specifically, he doesn’t understand “why in the world”
‘Massive Days Ahead’ With 2% Seen As Correction Trigger For Stocks
There are “massive days ahead,” Nomura’s Charlie McElligott said Tuesday, as the March FOMC loomed
In Milestone, COVID No Longer Top Tail Risk For Fund Managers
“Investor sentiment is unambiguously bullish,” BofA’s Michael Hartnett wrote, in the color accompanying the March
US Retail Sales Plunge Ahead Of New ‘Stimmy’ Surge
Last month, the market was treated to a flaming hot read on US retail sales,
‘Astra’nomical Problem Or ‘Temporary’ Setback?
Maybe it’s complacency or maybe it’s the number of safe (as far as we know)
Buy High, Sell Higher
Everywhere you turn there’s a dazed soundbite these days. The overt nature of the fiscal-monetary
New Year’s Resolutions, Infrastructure And Drunken Darts
While regular people are still sorting out how to allocate their “stimmy” (and I’m still
