I doubt Turkey’s Recep Tayyip Erdogan was aware of this when he compelled central bank governor Sahap Kavcioglu to cut rates at October’s policy meeting,
Month: October 2021
Never Call The Top
Global equities enjoyed the largest inflow in five weeks as US stocks trekked towards new record highs. Equity funds took in nearly $25 billion over
US Inflation Shows ‘No Signs Of Abating’ In October
US services sector activity was more robust than anticipated in early October. Or something. It’s hard to say these days. Especially when assessing the situation
UK Faces Nightmare Dilemma With Inflation Gauge At 25-Year High
Never miss an opportunity to use the word “century” in a headline. That’s especially applicable to financial media. If there’s an inflation tie-in, that’s even
Finding $83.5 Million
Evergrande found $83.5 million. With just days to go before the grace period on a missed September interest payment lapsed, the company wired the money
A Heroic Powell Restores Public Faith In The Fed
“This is huge news,” someone on Bloomberg Television declared, as the network interrupted a live broadcast from a crowded container port to announce new restrictions
What If Nothing Is ‘Transitory’?
“Buyers likely want to secure a home before mortgage rates increase even further next year,” NAR chief economist Lawrence Yun said Thursday. He was referring
‘Enemy’ Of Interest Rates Tempts Fate. Again
In yet another exceptionally ill-advised, albeit wholly predictable, move, Turkey cut rates again on Thursday. The lira responded accordingly, falling to yet another fresh record
The Maddening Trudge To A Suboptimal Normal
A week after dropping below 300,000, US jobless claims fell again to a new pandemic-era low. The 6,000 decrease from the previous week’s upwardly-revised headline
Evergrande Moves Closer To The Abyss
Update: On Friday, Evergrande reportedly paid the $83.5 million bond interest referenced below Evergrande was back in focus on Thursday. Not that it ever drifted
The Market’s ‘Fab Five’
Via Macro Risk Advisors (Tune into the Alpha Exchange podcast) Celebrating 30 Years of the Fab Five It was 1991. A shallow recession ended in
Simply Saying ‘China’
When it comes to tail risks, there’s inflation, there’s China and then there’s everything else. That was the view from 430 participants in the October
Why Higher?
A few days ago, I reiterated the absolute necessity of taking systematic trading and mechanistic flows into account when attempting to make sense of things
Jens Weidmann Has Left The Building
Jens Weidmann resigned as Bundesbank President today, effective December 31. Some years ago, when I endeavored to speculate on the “real” reason for the resignation
Cognitive Dissonance And The Bond Bears
If you’re the type who thinks it’s a contrarian indicator when seemingly everyone coalesces around some variation on the same general macro theme, it’s worth
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