“Multiple expansion has moved ahead of where macro fundamentals dictate fair value to be,” Morgan
Author: therealheisenberg
Benign RRP-Reserve Dynamic May Last Through Year-End
As noted here last week, not all market participants have reason to concern themselves with
US Inflation, ECB Cliffhanger Headline In Busy Macro Week
Inflation data out of the US and a coin toss ECB meeting are this week’s
How Much Further Can The Dollar Run?
In “Hard Landings, Bond Vigilantes And Angry Villagers,” I mentioned the somewhat daunting conjuncture of
Stocks Finally Stumbled. What Now?
There’s elegance in simplicity. Analysts, strategists and market participants of all shapes and sizes spent
Goldman Sees ‘Choppy’ Stocks. Big Selloff ‘Unlikely’
Goldman’s David Kostin doesn’t expect much upside for US equities through year-end. That’s mostly because
Americans Are Richer Than Ever. In Aggregate Anyway
Looking to explain the befuddling resilience of the US consumer? Look no further than the
Hard Landings, Bond Vigilantes And Angry Villagers
If you ask BofA’s Michael Hartnett, this is no time to get comfortable. “We use
Bond Yields And Left Turns
Bond yields should be lower. At least at the long-end. That’s not an assessment based
Huawei Has Another New Phone. More US Sanctions Seen Inevitable
If you liked the Mate 60 Pro from Huawei, you’ll love the Mate 60 Pro+,
Money Market Fund Assets Soar, Hit New Record Above $5.62 Trillion
Money market funds saw the largest inflows in two months in the week to September
Apple Falls Far From The Xi
At a very basic level, it’s perilous when the most important company for global equity
Albert Edwards Is Worried About Bankruptcies
SocGen’s Albert Edwards is concerned about bankruptcies. That might seem odd coming from the man
Hawkish At The Margin
If last week was all about cooperative macro data in the US, this week’s sparse
Xi’s iPhone Ban Plans May Backfire
An eye for an eye famously leaves everyone blind, but if I’m honest, I’ve never
PBoC In Record-Long Fight To Support Yuan. China Trade Still Weak
Absurd as this is in some cases, it’s best to just accept that the narrative
‘Bigger For Longer’: Will Today’s Tech Titans Be Around In 50 Years?
If this summer’s heat wave and accompanying series of natural disasters were any indication, the
Two Bears Reflect On 2023
Late last month, I published “A Brief History Of 2023’s Macro Narrative Stop-Outs” which, as
Is Mega-Tech A Bubble? (Probably Not)
Are US tech shares a bubble in 2023? If you can answer that question correctly,
More De-Dollarization!
Every few years, de-dollarization charges back above the proverbial fold in the financial pages and
Inflation Still Percolating In US Services Sector
Activity in the US services sector reaccelerated in August, according to this week’s only top-tier
The Dollar ‘Wrecking Ball’ Is Back
The “dollar wrecking ball” is back. If you didn’t know better, you’d be inclined to
Street’s Most Recognizable Bear Warns Of Unspecified ‘Event’
If you’re wondering whether Morgan Stanley’s Mike Wilson is prepared to turn bullish on US
Marko Kolanovic: ‘The Unipolar World May Be Coming To An End’
“The current state seems to be one of insufficient dialogue and escalation,” JPMorgan’s Marko Kolanovic
MBS Moves To Keep Oil Prices High
Mohammed bin Salman is a forward-looking, progressive guy with big plans for his country. Just
Renewed RRP Decline Is Sigh Of Relief In Some Corners
The trajectory of daily balances in the Fed’s RRP facility remains a focal point for
China’s Economy May Never Recover Pre-Pandemic Vibrancy
For about 24 hours, financial media outlets and some bank analysts were convinced that Beijing’s
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