Only twice during the past 50 years have US consumers been more concerned about reduced
Month: March 2022
Perfect Storm Brewing For US Housing Bubble
More cracks in the foundation. Pardon the pun. Again. Two days after data showed new
Key Indicator Flashes Rare ‘Buy’ Signal. But There Are Caveats
For the first time since the depths of the original pandemic selloff, a widely-cited indicator
German Business Confidence ‘Nosedives’ In Record Collapse
“Sentiment in the German economy has collapsed,” Ifo President Clemens Fuest proclaimed on Friday. The
‘Largely Replaceable’: Putin’s Energy Is Expendable After All
As expected, the US and the EU announced a political accord aimed at freeing Europe
Stocks: Don’t Believe Everything You Read
Nearly three months into 2022, US equities are largely indecipherable. There’s nothing unusual about market
What Steve Mnuchin Saw
Most citizens in advanced economies aren’t accustomed to economic suffering. That’s a generalization, of course.
Ambiguous US Data Has Ominous Undertones
Mixed data provided little in the way of clarity as traders and investors pondered an
US Economy Expanding Rapidly, Alternative Facts Suggest
Not all the data was ominous. Preliminary US PMIs for March suggested the world’s largest
Putin Puts Russian Stock Market On Path To Total Obscurity
Vladimir Putin managed to reopen the Russian stock market. Sort of. 33 out of 50
Why The Fed May Only Deliver Half Its Planned Rate Hikes
How much is too much? That’s the question everyone wants answered vis-à-vis Fed tightening at
Putin Demands Rubles For Gas, Refused Nabiullina Resignation
If you’ve been “unfriendly” to Russia lately, you may need to pay Vladimir Putin in
Will Soaring Mortgage Rates Pop US Housing Bubble?
If you like bad puns, call it another crack in the foundation. New US home
Biggest Bond Drawdown In History Imperils Everything
Last week, I talked at some length about the purported death of the four-decade bond
Gold, Gas And Guns
“It’s time for Europe to start thinking about winter gas supplies,” Russia’s Alexander Novak said,
Clear And Present Danger
Who’s afraid of credit spreads? The Fed, historically. Speculation is rife that overzealous policymakers, terrified
Rate Cuts, Recession: Coming 2023 To A Theater Near You
Earlier this month, frustrated with a lack of capitulation in US equities, I asked when
Goldman Changes Fed Call As Two-Year Yields Surge Most Since 1984
If you ask Goldman, there’s something to Jerome Powell’s newfound affinity for the word “expeditiously”
Through The Flames
The market narrative continued to revolve almost exclusively around the Fed on Tuesday, as traders
Putin Delivers Body Blow To European Investor Psychology
On a day when US market participants were apparently feeling decidedly less enthusiastic about the
Treasury Selloff Accelerates As Hawkish Powell Bets On ‘Soft-ish’ Landing
“Powell’s hawkish comments ripple through markets,” one headline read, on Monday afternoon. This week was
Just Stop. De-Dollarization Is Impossible
I often forget I’m getting older. I’m fortunate in many ways, not least of which
Fault Lines
Markets exhibited something like relative stability Monday, as investors looked ahead to a week that’ll
Tape Bombs And Technocrats
Traders and investors will hear from a long list of Fed speakers in the new
‘It’s Getting Late,’ One Bank Warns
One bank’s “hotter but shorter” cycle thesis is beginning to look quite prescient. Around a
We’re Probably Not Going To Make It
Over the years, I’ve created any number of simple, “burning Earth” collages for articles documenting
The Roarin’ 2020s And The Death Of The Bond Bull
In this century’s iteration of the “Roarin’ 20s,” the word “Roarin” has a decidedly negative
