I certainly didn’t want to write about Joe Manchin twice in a single day, but I can’t say I was surprised at being compelled to
Month: September 2021
Wheelbarrow Jokes
It wouldn’t be too much of a stretch to suggest that headline writers and financial media outlets were pleased to see German inflation accelerate in
Jobless Claims Jump In Worst Streak Since Pandemic Onset
362,000 Americans filed for unemployment benefits last week, more than expected. Economists were looking for 330,000 on the headline initial claims print. The range was
In China: Record Coal And Other ‘Relevant’ Events
“Competition without innovation is low-level competition and zero-sum competition between vested interest groups,” Shi Jianzhong wrote, in a commentary for China’s Economic Daily. Who is
I Am Become Manchin, Destroyer Of Progress
The issues were the same in Washington on Thursday. There was incremental progress, but no sign of any serious breakthrough. The US averted a government
Just Tell Me The ‘Why’
No matter how badly we want to answer the “Why?” question, it’s almost never a good idea to attribute a given day’s price action to
The Selloff Accelerants
It was just — let me check the watch I’m not wearing — 24 hours ago when financial media outlets were busy claiming that retail
Maybe America Wasn’t Such A Good Idea After All
Time and again over the past several years I’ve lamented the scope of government dysfunction in America. Noting that the country’s political process is defined
‘When Markets Shudder’
After some catch-up selling in Asia, markets calmed a bit on Wednesday. Tuesday’s rates-driven dramatics served as a rather poignant reminder of how quickly things
China’s Power Crunch Steals Macro Limelight
“Yet another growth shock.” That’s how Goldman described China’s worsening energy crunch on Tuesday. You could also call it the latest blow to macro sentiment
When Your Risk-Free Asset Turns On You
Investors were once again “treated” to a rates-inspired tech selloff Tuesday, a fairly regular occurrence. The amount of duration embedded in the market is enormous,
Surprise! US Consumer Mood Sours Again
In news that will surprise exactly nobody (other than the several dozen economists whose forecasts were too upbeat), consumer confidence deteriorated further in September. Inflation
Home Prices Log New Record; Downpayment Burden Worsens
Home prices rose less than anticipated in July. Consensus expected S&P/Case-Shiller’s 20-city index to post a 20% YoY gain in data out Tuesday. Instead, the
Calls Grow For ‘Structural Bull Market’ In Surging Crude
I’m continually amused at how quickly the narrative changes. I used to jokingly refer to the “narrative du jour.” Thanks to the combination of pandemic
Oil And Bonds!
Oil and bond yields. It was all about oil and bond yields on Tuesday. In a continuation of Monday’s trade, tech struggled as bonds sold
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