Thanks to a multi-week decline in mortgage rates which helped catalyze a surprise increase in
Month: January 2023
A Little Bit Of Everything
The US consumer is feeling worse about the outlook, and the rate at which employers
In FOMO Rally, Investors Forget ‘Cardinal Rule’
“Don’t fight the Fed,” says the old adage. But that’s exactly what traders — carbon-based
‘COVID Zero’ Was Expensive
“COVID zero” was expensive. China notched a record deficit of almost CNY9 trillion in 2022,
Living (With) Wage(s)
A key gauge of compensation watched closely by Jerome Powell and the Fed rose less
Narrow Escapes And Turning Points
Europe’s largest economy might’ve contracted in the fourth quarter, but that didn’t stop the euro-area
Markets May Hit ‘Air Pocket’ Soon, Kolanovic Warns
Fade it. That’s the mantra among some of Wall Street’s most recognizable names when it
2023’s ‘Most Mispriced Tail Risk’
It’s unlikely that anything Jerome Powell has to say on Wednesday, following the conclusion of
Pricing 2025 Risk
Rabobank’s Michael Every and the incomparable Zoltan Pozsar may not agree about the plausibility of
Dollar Declines Like This One Are Exceedingly Rare
Look behind the rally since mid-October and you’ll find two things: Falling rates volatility and
Republicans May Have A Math Problem In Debt Ceiling Standoff
If you take House Republicans’ budget bombast literally, a key GOP demand for agreeing to
Mike Wilson Doubles Down: Rally ‘Just Another Bear Market Trap’
“Reality” is coming for 2023’s early stock rally. That’s according to Morgan Stanley’s Mike Wilson,
Recession, Stagflation Fears Resurface In Europe
Don’t call off the European recession just yet. The German economy contracted in the fourth
Standing-Room Only
To say it’ll be a busy week for fundamentals-focused traders and investors would be to
The Art Of The Hawkish Step-Down
Jerome Powell’s birthday is coming up. Upon ascending the Fed chairmanship in 2018, Powell was
Default Plan
“A politically disruptive standoff is likely later this year,” Goldman’s David Kostin said, citing the
Television People
Notwithstanding the “outsider” shtick favored by right-wing populists in Washington and, on the other side
All Aboard!
The Nasdaq 100 is on track for a double-digit monthly gain, Tesla rose more than
Does Hindenburg’s Anderson Know What He’s Getting Into?
On Thursday, I characterized mainstream financial media coverage of the Gautam Adani “fraud” allegations as
US Consumers Real Tired Of Inflation
Real personal spending in the US fell three times more than expected last month, data
The ‘No Landing’ Risk
“Soft landing” or “hard landing”? The plane metaphors are a bit grating by now. As
Leverage Is Not A Four-Letter Word, Bassman Reminds You
A Commentary by Harley Bassman (Twitter: @ConvexityMaven) On March 16, 2021, I offered that “it
Potemkin Village
Americans bought 644,000 new homes last year, the government said Thursday. That was the fewest
Reply Hazy. Try Again Later
The US economy grew more briskly than expected in the final three months of 2022,
Newsworthy
It hasn’t been a “quiet” week, per se. But it’s been one of those weeks
Big Blue To Cut Jobs, Tesla To Cut Costs
Add IBM to the ranks of US tech behemoths cutting jobs. The company will give
Persistent Disconnects
One of the more remarkable anomalies in a year full of them was the persistent
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