A few days ago, one regular reader ventured a quip about my (admittedly repetitive) characterization of the US housing market as an unsustainable mini-bubble. Note
Month: March 2022
Cartoon Tyrant
One problem with spending decades cultivating fear among friends, foes and everyone in-between, is that success means you rarely get the truth. Sometimes, when the
Goldman Has 7 Reasons Why Stocks Didn’t Crash
Although the S&P just logged its first losing quarter since the onset of the pandemic, US equities have nevertheless been remarkably resilient in 2022, all
Biden’s ‘Shock And Awe’ Oil Gambit Faces Long Odds
Frustrated by a recalcitrant OPEC and wary of ongoing, energy-driven inflation ahead of the US midterms, the White House decided on aggressive action to curb
America’s Spendthrifts Stare Down Inflation Dragon
Real personal spending fell twice as much as expected in the US last month, underscoring flagging sentiment in the face of rapidly increasing prices. Inflation-adjusted
Bassman: Fed ‘Backed Into A Corner’
Long-term US rates at ~2.50% are not consistent with ~5% inflation unless the Fed invokes Yield Curve Control. More bothersome is that the SPX at
These ‘Crucial’ Levels Matter Most In News-Driven Market
In early February, one bank’s equity derivatives team suggested market participants were assigning too much weight to Fed rhetoric and not enough to Ukraine headlines
In Germany, Inflation Just Flew Off The Charts
German inflation accelerated at the fastest pace in decades in March, preliminary figures released on Wednesday showed. In what I think it’s fair to describe
US Private Sector Hiring Was Robust In March
Private sector US employers added 455,000 jobs in March, ADP said Wednesday. It was a remarkably in-line print, to the extent something can be “remarkably”
‘No Breakthrough’
Peace talks in Istanbul yielded “no breakthrough,” the Kremlin said Wednesday. Lots of work remains to be done, Dmitry Peskov told reporters. Peskov’s sober assessment
Revenge Of The Meme Stock Mania
Late last week, Goldman noted that retail investor activity was picking back up, with animal spirits stirring anew in some “prototypical meme” names, as David
As 2s10s Inverts, Dudley Says US Recession ‘Inevitable’
Two days ago, in “Fatalism Sets In As Curve Starts Recession Clock,” I wrote that if your preferred section of the curve wasn’t already inverted,
Wage-Price Spiral Beckons As Americans Quit By The Millions
Job openings barely budged and the quit rate rose in February, closely watched data out Tuesday showed. There were 11.266 million available jobs on the
Inflation Goes From ‘Nonissue’ To National Obsession In Six Months
A gauge of US consumer confidence improved in March despite — and I don’t know how else to put this — a demonstrable lack of
McElligott On ‘Burning’ Macro And Stocks ‘Just Winning On All Fronts’
“Stuff is breaking,” macro assets are chaotic and “burning,” but “goofy-ol’” stocks continue to press higher. That was the overarching message from Nomura’s Charlie McElligott
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