Bear Market Bender

Risk sentiment looks poised to oscillate for the next several weeks. Meandering price action will invariably be explained by reference to the purported "daily" ebb and flow of hard landing concerns. I'll eschew the temptation to deride our collective penchant for retrofitting narratives, ex post, to "explain" why screens are green or red on any given day. The bottom line is that, for the foreseeable future, it'll be difficult to give rallies the benefit of the doubt. Rips should, and probably
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One thought on “Bear Market Bender

  1. Inflation seems to have knocked ‘supply chain disruption’ from the discussion. The pandemic has had (and still has) a huge impact on the painfully fragile global supply chain. One needs to look no further than air travel or automobile purchasing. Or observe the price fluctuations for commodity lumber which continue to whipsaw.

    In the early days of the pandemic the airlines scrambled to get rid of pilots, now there is a significant shortage that has contributed to major flight delays and cancellations. There was no supply side playbook for what happens to an intertwined global economy when a pandemic hits. Right now you can’t test drive a new car because there are none for popular models. If you want to compare new passenger vans across brands you are out of luck.

    Pandemic induced economic oscillations are a long ways from quieting down. Apparently the only oil we have for calming stormy seas is labelled interest rates.

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