It’s rational to ask if asset prices are destined to buckle under the weight of
Year: 2023
‘Charging Forward’ In Gaza’s ‘Moonscape’
“Frankly, the scale of civilian suffering, and the images and videos coming from Gaza are
US Stocks Extend Inflow Streak Amid Dramatic Sentiment Shift
US equity-focused ETFs and mutual funds took in more than $8 billion over the latest
Powell’s Nuance Confirms Fed Finished Hiking Rates
Jerome Powell participated in a fireside chat on Friday at Spelman College in Atlanta, Lisa
Who Called The ‘Everything Rally’?
What a difference five weeks makes. The one-two-three punch of a conciliatory nod to the
US Manufacturing Still Mired In Contraction
US manufacturing disappointed again. The marquee gauge of factory activity across the world’s largest economy
Sooner Or Later, Bond Bear Will Return, Hartnett Says
Market participants witnessed enough remarkable developments over the past fours years to burn retinas. November
Money Market AUM Surges To Yet Another New Record
Money market funds took in a dramatic $73 billion in the eight-day “week” to November
No Bears Allowed. Literally
Don’t be garish. Don’t be bearish. That was the message to employees at China International
Hedging The End Of The World
Regular readers are familiar with my views on the futility of hedging geopolitical risk. I
Would-Be American Homebuyers Find No Respite From Housing Debacle
The good news is, US pending home sales fell less than expected in October. The
Sea Change Narrative Intact After Key US Inflation, Spending Data
Crucial personal spending and inflation data out of the US came in largely as expected
Victory? Inflation Target Comes Into View For Shell-Shocked ECB
Inflation is basically back to target in Europe. I can hear the jeers and protests
Bond Bonanza
I spent the better part of last month calling for a bond rally. Duration was
Druckenmiller Gets A Reminder: America ‘Isn’t A Corporation’
Last month, Stan Druckenmiller sat down for a fireside chat with Paul Tudor Jones at
The Waller Sea Change
It’s hard to overstate the significance of the apparent tone shift from the Fed regarding
In Rates: ‘Imminent And Enormous Short-Squeeze Risk’
“Simply put, this fattens the right-tail of the US economic soft landing scenario,” Nomura’s Charlie
GDP Revisions Skew Dovish Despite Hotter Headline
Given the momentum behind the bond rally and, now, the bull steepener, it was very
After $200 Million Bond Short Payday, Ackman Bets On Fed Cuts
Two months ago, I said Bill Ackman probably cared a lot more about the money
Unfazed Treasury Market Underscores Regime Shift
Treasurys were mostly unfazed early this week despite a mixed reception for the front-loaded supply
‘Increasingly Confident’
If the Fed’s concerned about their financial conditions reflexivity predicament, they aren’t showing it. Chris
Deep Thoughts On The American Consumer
A gauge of US consumer expectations still points to recession over the next 12 months.
US Home Prices Hit New Records In Late Summer
US home price gains accelerated in September, according to updates on two key national gauges
‘This Can’t Be What They Had In Mind’: Reflexivity On Parade
I’ve been on (and on) about the Fed’s financial conditions reflexivity problem. The dynamic is
Adventures In The Vol-Scape
During the three-month selloff in US equities from August to October, AUM growth for ETFs
Narrating The ‘Everything Ripper’
If you have even a passing interest in markets, macro and monetary policy (and if
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