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Kolanovic: This Time’s Probably Not Different
JPMorgan's Marko Kolanovic is... I don't know, still bearish. Or still cautious. Not especially constructive. Circumspect.
I'm running out of creative ways to editorialize around Kolanovic's generalized skepticism which, as ever, sounds eminently rational. The problem isn't -- and never has been -- the rationale. Risks are myriad, rates are high, the curve's inverted, canaries are belly up and so on.
The issue, rather, is that due to a variety of well-documented factors, the monetary policy tr
Ah, the poor man still is clinging to the quaint notion that economic trends are the primary driver of share prices.
I thought we wanted cooler macro data? To bring back the soft landing narrative?
We are still unwinding economic distortions from the pandemic. It will finish eventually but it’s hard to understand when and by how much. Tough to forecast in this environment.
Your time would be better spent trying to figure out the near-term trajectory of one month vol. With an eye on flows. The economic stuff is extraneous noise.