Hard landing odds are going up again. That was the narrative early Monday. It’s hard
Author: therealheisenberg
Kolanovic, JPMorgan See Stormy Seas For Frothy Equity Market
Rally skeptics abound as the second half of what already counts as another extraordinary year
Have We Seen The Merciful Last Of Front-End Rates Fireworks?
If you’re looking for a good news story told from a broad, societal perspective, I’m
Another Week In A Broken System
“Some” indicators of inflation are “clearly coming down,” one rates strategist told Bloomberg Television last
Fortune And Glory
US equities are expensive, and the “Magnificent 7” even more so. Those observations are hopelessly
Criminal Adventures
If you’re going to stage a military coup, you generally need military buy-in. Ideally, you
Did Bulls Just Lose Their Best Friend?
Positioning isn’t necessarily your friend anymore if you’re a bull. Equities benefited immensely in May
Fed Fails To Cool US Services Sector, Risking Prolonged Inflation Battle
US manufacturing is beset, but services activity across the world’s largest economy is resilient. What
Investors Ditch Tech, Flee US Stock Funds As Euphoria Wanes
If flows are a proxy for enthusiasm, excitement around 2023’s tech-driven equity rally waned over
European Economy On Brink Of Contraction. Again.
The European economy is stagnating. Again. Preliminary PMIs for June, released on Friday, showed activity
Money Market Outflows Accelerate, But Interpretation Difficult
Cash left money market funds for a second consecutive week in an ostensibly notable development
If Only We’d Kept A Pet Monetarist
We should’ve left at least one seat at the table for the monetarists. If we
What 2023’s Dot-Com-Style Breadth Collapse Means For Drawdown Risk
2023’s US equity rally is narrow. That’s an understatement. And it’s not news. Quite a
‘PMs Should Consider Hedging,’ Goldman Says, Amid Signs Of Exuberance
Two weeks ago, Goldman’s David Kostin raised his price target for the S&P to 4,500
US Housing Still Plagued By Acute Dearth Of Resale Inventory
Existing home sales in the US continue to be constrained by a lack of resale
Erdogan Lets Central Bank Raise Rates. It Won’t Likely Last
Turkey’s central bank, under new leadership, nearly doubled interest rates on Thursday in a hotly-anticipated
Have US Jobless Claims Truly Inflected?
The uptick in US jobless claims appears to be the real deal this time, even
Menaced By Intractable Inflation, Bank Of England Escalates
On the heels of another disastrous inflation report, the Bank of England reescalated its hiking
2000 Here We Come?
“This is a very low probability event.” So said SocGen’s Manish Kabra of a prospective
Powell On Parade
One of the enduring amusements of mainstream financial media coverage is the charade whereby known
A Fundamental Addendum
I’ve mentioned this on several occasions previous, and I mention again only as an addendum
UK’s Harrowing, EM-Style Spiral Continues
I don’t want to call the situation hopeless, but Wednesday’s inflation update out of the
Bearish. Ceteris Paribus, Of Course
Even if Treasury’s cash rebuild ends up funded primarily through RRP transformation, the liquidity backdrop
Corporate America Faces ‘Imminent’ Downturn In Revenue Growth
Determining when (or even if) US corporate profits will suffer a deeper contraction entails making
‘Outright Bullish’ Investors May Get ‘Rude Awakening,’ Bear Warns
“Investor sentiment and positioning has turned 180 degrees,” Morgan Stanley’s Mike Wilson said Tuesday, as
Homebuilders Moonward As Hammers Fly In Weird US Housing
When you think about the US housing market, it’s useful to start with this simple
Markets Want Adrenaline Shot For China. Now
Dribs and drabs. The PBoC is easing in dribs and drabs. Once China cut rates
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