Even if central banks stumble into a policy mistake and it all comes crashing down
Month: October 2021
At Stake This Week: Credibility
The November FOMC meeting and accompanying taper announcement will garner most of the financial headlines
Sans Tantrum, Please
The Fed will formally unveil plans to taper monthly bond-buying this week, with designs on
‘The Markets Were Not Consulted’
In “Napalm,” I contextualized recent front-end rates fireworks by reference to a possible shift in
‘By One Full Year’: Goldman Shifts Fed Call Dramatically
One day, we may look back on the last several weeks and chuckle at the
The High Price Of Price Uncertainty
Anyone searching for evidence of a rebound in consumer sentiment in late October was disappointed
Taper Tantrum, Aussie Style
In case it wasn’t clear enough that some manner of policy shift is in the
Not For Me To Say
“Not for me to say.” That was Christine Lagarde’s assessment Thursday when, following the October
‘Meta’physics
On Thursday afternoon, Bloomberg Television abruptly cut away from a press conference where Nancy Pelosi
Hustled By Spin
“No one got everything they wanted in the bill, including me,” Joe Biden said Thursday,
Marko Kolanovic: ‘Did The World Change Yesterday? No.’
The financial media was awash this week with headlines about flattening yield curves and what
Hangover Arrives For US Economy
As expected, the US economic expansion faltered in the third quarter, data out Thursday showed.
ECB Confronts Global Rates Upheaval As German Inflation Soars
Over the past several weeks, traders began pondering active central banks and preemptive policy tightening
‘Mayhem’ In Aussie Rates As YCC Breaks
Yield-curve control snapped in Australia Thursday. I’m insistent on the notion that it’s never a
Central Banks Are Reinstating The Fourth Wall
Central banks may be reinstating the fourth wall. Following Janet Yellen’s decision to postpone liftoff
‘This Is Wild’: Canadian Rates Go Nuts On BoC Blindside
The Bank of Canada on Wednesday became the latest central bank to suggest (tacitly) that
The Billionaires Would Like A Receipt, Please
Steve Mnuchin “generally” supports “making sure the appropriate taxes are collected” in the US. “But
Inflation And The Billionaires Tax
Taxes and inflation were in the news Wednesday. Or, put differently, the same macro narratives
Elon Musk And Our Future In Irrelevance
Because much of this wealth is tied up in stock, society benefits not via compulsory
Consumers Shrug Off Inflation, Get Marginally Happier
Maybe the US consumer isn’t feeling so terrible after all. Despite an underwhelming preliminary read
Median New Home Price Hits $409,000 As Sales Surge
New home sales were more robust than expected in September, data out Tuesday showed. Sales
The Real Takeaway From Tesla Fireworks
At regular intervals, I feel compelled to remind market participants that things don’t really work
China Tells Evergrande Founder To Pay Debt With Personal Wealth
China has an idea for Evergrande. Hui Ka Yan should help pay the company’s debt.
The Facebook Papers: We’re Not Asking The Right Questions
It’s difficult for me to get excited about the latest deluge of damning revelations about
‘Persona Non Grata’: Erdogan Recycles Playbook
Last week, following a second consecutive rate cut from Turkey’s hopelessly beholden central bank, I
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