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 who, in a rollicking Tuesday note, editorialized around various manifestations of macro instability catalyzed by central banks and the war, before explaining buoyant equities. As for what's broken, there's the yen, which is beset by two very simple dynamics. First, Japan imports raw materials, the price of which is soari