Even if central banks stumble into a policy mistake and it all comes crashing down as a result, it’s been a good run. US equities
Month: October 2021
At Stake This Week: Credibility
The November FOMC meeting and accompanying taper announcement will garner most of the financial headlines in the new week. But market participants will be watching
Sans Tantrum, Please
The Fed will formally unveil plans to taper monthly bond-buying this week, with designs on completing the exercise by July. By most accounts, the pace
‘The Markets Were Not Consulted’
In “Napalm,” I contextualized recent front-end rates fireworks by reference to a possible shift in the interplay between markets and policymakers. In the pandemic era
‘By One Full Year’: Goldman Shifts Fed Call Dramatically
One day, we may look back on the last several weeks and chuckle at the idea that a sea change was afoot. After all, monetary
Napalm
One bond market recap featured the word “bloody.” I suppose the hyperbole was apt. Last week was, in fact, dramatic for rates, and particularly the
The High Price Of Price Uncertainty
Anyone searching for evidence of a rebound in consumer sentiment in late October was disappointed Friday. Or as disappointed as one can be about data
Pay Up
Friday’s US personal income and spending data showed headline and core PCE were largely in line in September, but a hot read on the employment
Taper Tantrum, Aussie Style
In case it wasn’t clear enough that some manner of policy shift is in the offing Down Under, the RBA declined to defend yield-curve control
Not For Me To Say
“Not for me to say.” That was Christine Lagarde’s assessment Thursday when, following the October ECB decision, she endeavored to contextualize market expectations for rate
‘Meta’physics
On Thursday afternoon, Bloomberg Television abruptly cut away from a press conference where Nancy Pelosi was discussing next steps on Democrats’ economic agenda. Joe Biden
Hustled By Spin
“No one got everything they wanted in the bill, including me,” Joe Biden said Thursday, while unveiling a “framework” for his “Build Back Better” agenda.
Marko Kolanovic: ‘Did The World Change Yesterday? No.’
The financial media was awash this week with headlines about flattening yield curves and what they might be telegraphing about the growth outlook. Rates are
Hangover Arrives For US Economy
As expected, the US economic expansion faltered in the third quarter, data out Thursday showed. The world’s largest economy grew at a 2% annual rate
ECB Confronts Global Rates Upheaval As German Inflation Soars
Over the past several weeks, traders began pondering active central banks and preemptive policy tightening in the face of surging inflation. Even the ECB was
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