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Year: 2023

Record Highs Or Santa Crash? Wall Street Looks Ahead After Historic Rally

December 2, 2023December 2, 2023

It’s rational to ask if asset prices are destined to buckle under the weight of

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2 Comments on Record Highs Or Santa Crash? Wall Street Looks Ahead After Historic Rally

‘Charging Forward’ In Gaza’s ‘Moonscape’

December 2, 2023December 2, 2023

“Frankly, the scale of civilian suffering, and the images and videos coming from Gaza are

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El Dorado

December 1, 2023

If you’re reading this, you’re still alive. Congratulations are in order: You survived the most

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US Stocks Extend Inflow Streak Amid Dramatic Sentiment Shift

December 1, 2023

US equity-focused ETFs and mutual funds took in more than $8 billion over the latest

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Powell’s Nuance Confirms Fed Finished Hiking Rates

December 1, 2023December 1, 2023

Jerome Powell participated in a fireside chat on Friday at Spelman College in Atlanta, Lisa

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Who Called The ‘Everything Rally’?

December 1, 2023December 1, 2023

What a difference five weeks makes. The one-two-three punch of a conciliatory nod to the

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6 Comments on Who Called The ‘Everything Rally’?

US Manufacturing Still Mired In Contraction

December 1, 2023December 2, 2023

US manufacturing disappointed again. The marquee gauge of factory activity across the world’s largest economy

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Sooner Or Later, Bond Bear Will Return, Hartnett Says

December 1, 2023December 2, 2023

Market participants witnessed enough remarkable developments over the past fours years to burn retinas. November

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3 Comments on Sooner Or Later, Bond Bear Will Return, Hartnett Says

Money Market AUM Surges To Yet Another New Record

November 30, 2023

Money market funds took in a dramatic $73 billion in the eight-day “week” to November

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No Bears Allowed. Literally

November 30, 2023November 30, 2023

Don’t be garish. Don’t be bearish. That was the message to employees at China International

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1 Comment on No Bears Allowed. Literally

Hedging The End Of The World

November 30, 2023December 1, 2023

Regular readers are familiar with my views on the futility of hedging geopolitical risk. I

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3 Comments on Hedging The End Of The World

Would-Be American Homebuyers Find No Respite From Housing Debacle

November 30, 2023December 1, 2023

The good news is, US pending home sales fell less than expected in October. The

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3 Comments on Would-Be American Homebuyers Find No Respite From Housing Debacle

Sea Change Narrative Intact After Key US Inflation, Spending Data

November 30, 2023December 1, 2023

Crucial personal spending and inflation data out of the US came in largely as expected

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1 Comment on Sea Change Narrative Intact After Key US Inflation, Spending Data

Victory? Inflation Target Comes Into View For Shell-Shocked ECB

November 30, 2023December 1, 2023

Inflation is basically back to target in Europe. I can hear the jeers and protests

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2 Comments on Victory? Inflation Target Comes Into View For Shell-Shocked ECB

Bond Bonanza

November 29, 2023

I spent the better part of last month calling for a bond rally. Duration was

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Druckenmiller Gets A Reminder: America ‘Isn’t A Corporation’

November 29, 2023November 30, 2023

Last month, Stan Druckenmiller sat down for a fireside chat with Paul Tudor Jones at

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5 Comments on Druckenmiller Gets A Reminder: America ‘Isn’t A Corporation’

The Waller Sea Change

November 29, 2023November 30, 2023

It’s hard to overstate the significance of the apparent tone shift from the Fed regarding

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9 Comments on The Waller Sea Change

In Rates: ‘Imminent And Enormous Short-Squeeze Risk’

November 29, 2023

“Simply put, this fattens the right-tail of the US economic soft landing scenario,” Nomura’s Charlie

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1 Comment on In Rates: ‘Imminent And Enormous Short-Squeeze Risk’

GDP Revisions Skew Dovish Despite Hotter Headline

November 29, 2023November 30, 2023

Given the momentum behind the bond rally and, now, the bull steepener, it was very

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After $200 Million Bond Short Payday, Ackman Bets On Fed Cuts

November 29, 2023November 30, 2023

Two months ago, I said Bill Ackman probably cared a lot more about the money

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5 Comments on After $200 Million Bond Short Payday, Ackman Bets On Fed Cuts

Unfazed Treasury Market Underscores Regime Shift

November 28, 2023November 28, 2023

Treasurys were mostly unfazed early this week despite a mixed reception for the front-loaded supply

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‘Increasingly Confident’

November 28, 2023November 29, 2023

If the Fed’s concerned about their financial conditions reflexivity predicament, they aren’t showing it. Chris

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2 Comments on ‘Increasingly Confident’

Deep Thoughts On The American Consumer

November 28, 2023November 29, 2023

A gauge of US consumer expectations still points to recession over the next 12 months.

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4 Comments on Deep Thoughts On The American Consumer

US Home Prices Hit New Records In Late Summer

November 28, 2023November 29, 2023

US home price gains accelerated in September, according to updates on two key national gauges

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3 Comments on US Home Prices Hit New Records In Late Summer

‘This Can’t Be What They Had In Mind’: Reflexivity On Parade

November 28, 2023November 29, 2023

I’ve been on (and on) about the Fed’s financial conditions reflexivity problem. The dynamic is

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3 Comments on ‘This Can’t Be What They Had In Mind’: Reflexivity On Parade

Adventures In The Vol-Scape

November 27, 2023November 28, 2023

During the three-month selloff in US equities from August to October, AUM growth for ETFs

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Narrating The ‘Everything Ripper’

November 27, 2023November 28, 2023

If you have even a passing interest in markets, macro and monetary policy (and if

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1 Comment on Narrating The ‘Everything Ripper’

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Week’s News

Record Highs Or Santa Crash? Wall Street Looks Ahead After Historic Rally

December 2, 2023December 2, 2023

Who Called The ‘Everything Rally’?

December 1, 2023December 1, 2023

The Waller Sea Change

November 29, 2023November 30, 2023

Narrating The ‘Everything Ripper’

November 27, 2023November 28, 2023

The Peril Of Ukraine Fatalism

November 25, 2023November 27, 2023

Most Read

  • Record Highs Or Santa Crash? Wall Street Looks Ahead After Historic Rally
    Record Highs Or Santa Crash? Wall Street Looks Ahead After Historic Rally
  • Who Called The 'Everything Rally'?
    Who Called The 'Everything Rally'?
  • Powell's Nuance Confirms Fed Finished Hiking Rates
    Powell's Nuance Confirms Fed Finished Hiking Rates
  • Sooner Or Later, Bond Bear Will Return, Hartnett Says
    Sooner Or Later, Bond Bear Will Return, Hartnett Says
  • 'Charging Forward' In Gaza's 'Moonscape'
    'Charging Forward' In Gaza's 'Moonscape'

Recent Comments

  • Patrick on Hedging The End Of The World
  • dayjob on Record Highs Or Santa Crash? Wall Street Looks Ahead After Historic Rally
  • therealheisenberg on Who Called The ‘Everything Rally’?
  • C P on Who Called The ‘Everything Rally’?
  • Emptynester on Record Highs Or Santa Crash? Wall Street Looks Ahead After Historic Rally

Monthly Letters

Ghost Town

November 3, 2023November 24, 2023

Dysfunction, Division and Dystopia

October 1, 2023November 24, 2023

Devil’s Bargains

September 1, 2023November 24, 2023

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