When it comes to refi penalty and roll risk, it was always (and self-evidently) a
Author: therealheisenberg
Quiescent Vol Conjures Ominous Parallel
Volatility’s topical in 2024. Specifically, the absence of it. There’s no real mystery as to
An Audience With The Emperor
The two-day China Development Forum ended on Monday, but a handful of US corporate luminaries
Why US Bond Yields Should Be Far Lower
Bond yields should be higher. It’s easy to make the case. I do it all
Up, Down Or Sideways?
Never before has global manufacturing activity loitered so long in what amounts to a neutral
Fed Went Record-Broke In 2023
The Fed’s broke. Maybe you heard. Or as broke as you can be when you’re
MAGA Merger
Nancy Pelosi once said of Donald Trump: “Everything he says is a projection. When he
American Consumer In Limbo Amid Macro, Political Ambiguity
American consumers are feeling ok about the current state of the US economy. They aren’t
5% Versus FOMO
Will there or won’t there be a rotation out of money market funds and into
A Milestone Abstention
On Monday, Washington sent an unequivocal message about America’s commitment to safeguarding innocents caught in
Drill It Up, I Say
A couple of days ago, over a french press (mine) and a Mich Ultra (his)
New US Home Sales Slip, Prices Fall Amid Signs Of Normalization
New home sales unexpectedly fell last month, the first of this week’s notable data out
Stop Me If You’ve Heard This Before
Markets, and particularly equities, built in “great expectations” over a five-month rally that found global
Corporate Bid Still Only Game In Town For US Equity Demand
Who’ll be the biggest buyer of US equities in 2024? If you said “Well corporations,
US Inflation Update To Show Stalled Progress In Holiday Week
It’s a holiday week in the US, but the schedule’s pretty full and includes an
Goldman: S&P Could Soar To 6,000 This Year. Or Dive To 4,500
The S&P hit Goldman’s year-end target last week. So, nine months early. The (very short)
Escape To Ukraine?
As with anything that happens inside Vladimir Putin’s Russia, the March 22 massacre at Crocus
In Moscow: Murder
On March 7, the US Embassy in Moscow issued a security alert. “The Embassy is
After Attack On Ukraine Energy Infrastructure, Russia Issues Thinly Veiled Threat
Russia’s “in a state of war,” according to Vladimir Putin’s long-time spokesman. No sh-t, you
Cash For Stocks!
One of the pressing questions headed into 2024 was this: What’ll become of the $6
Leave The Stocks, Take The Gold
On the heels of a blockbuster inflow the prior week, US equity-focused ETFs and mutual
The ‘DNA’ Of The ‘New Everything Bull’
Global equities were on track for their best week of 2024 and it was no
Money Market Funds Bleed $62 Billion
Money market funds hemorrhaged cash in the week to March 20, according to the latest
SocGen’s Kabra Dethrones Subramanian As Wall Street’s Biggest Bull
Move over, Savita. For nearly a month, BofA’s 5,400 year-end target for the S&P counted
Albert Edwards Says Yield-Curve Control Inevitable For Western Central Banks
Yield-curve control may be over in Japan, but it’s coming soon to a central bank
Is America’s Housing Market Starting To Thaw?
Don’t look now, but existing US home sales surged last month, according to data released
US Economy Boasts Another Strong Quarter While France, Germany Struggle
Survey data released on Thursday suggested private sector economic activity in the US held steady
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