Given the expansive A.I. discussion from April’s monthly letter, I’d be remiss not to mention
Author: therealheisenberg
Short Vol ‘Manna From Heaven’
It’s been “short vol manna from heaven” lately, Nomura’s Charlie McElligott said Tuesday. This is
Loan Demand, Money Growth Plunge In EU. Inflation Loiters
As a matter of course, I employ sarcastic derision to document new evidence that inflation
Stock ETFs Are $800 Billion Sponge
By November of last year, retail investors had liquidated the entirety of the individual stocks
Mike Wilson Isn’t Buying It
Wall Street’s most famous bear still isn’t buying it. Figuratively or, one assumes, literally. “At
‘Season Of Contradictions’ Grips US Factories As Stagflation Looms
US factory activity contracted for a sixth consecutive month in April. That was the bad
‘New Milestone’ Spotted In Retail Investor Nasdaq Selling
In the aftermath of the original pandemic lockdowns, tech became even more synonymous with everyday
First Republic Passes Away Peacefully. Is In Better Place Now
I have some bad news. After a hard fight, First Republic passed away overnight. It
A $2 Trillion Year For Cash?
There’s been no capitulation in aggregate equities flows. So far in 2023, stock-focused ETFs and
Traders Brace For Tsunami Of Data In FOMC Week
Traders will drown in big data this week. Not the kind ChatGPT leverages to churn
Until The Jobs Are Done
For the second time in as many policy meetings, the Fed will hike rates in
Taiwan, M2 And Other ‘Recession Now’ Canaries
Infallible or not, the yield curve is a cliché as a recession indicator. Indeed, those
What Could Go Right And What Could Go Wrong
“Recession is a key downside risk,” Goldman’s David Kostin mused, in his latest note. It’s
What Recession? Where’s The Selloff? A ‘Patient Bear’ Answers
Two things you can count on in addition to death and taxes are investor complacency
Apocalypse Now, Says The Yield Curve
When will the world’s largest economy fall into recession? Right now, or sometime very soon,
Key Takeaways From Michael Barr’s ‘Unflinching’ SVB Review
On Friday, Michael Barr released the Fed’s internal review of its supervision and regulation of
Data Suggests US Inflation Firmly Entrenched. Sorry.
US labor costs increased more than expected in Q1, according to crucial quarterly compensation figures
Big Oil, Big Money
For the fourth straight quarter, Exxon raked in $10 billion or more in profits. Results
Europe Walks ‘Along The Rim’ Of Stagflation
Top-tier macro updates out of Europe reflected varying degrees of economic resilience, even as stagflation
Cash Pours Back Into Money Funds. Fed Borrowing Jumps
Cash poured back into money market funds in the week to April 26, closely-watched flows
Amazon Beats Across The Board, But AWS Comments Spook Markets
Amazon delivered solid quarterly results on Thursday afternoon in the US, joining mega-cap peers Microsoft,
Bears Struggle To Shake 2023’s ‘Can’t Win For Losing’ Curse
For a day, maybe two, it looked like the stars might be aligning for a
3 Key Charts From The US GDP Figures
If you weren’t enamored with the advance read on Q1 GDP in the US, no
Markets Handed Stagflationary GDP Report
The US economy grew less briskly than expected in Q1, the advance read on first
US Pending Home Sales Plunge On Lack Of Available Houses
Existing US home sales may be set to fall during the spring buying season. Or
Overdue Bills
“The president has made clear this bill has no chance of becoming law.” “It is
Banks Face New Era Of Run Risk In Always-Connected World
Maybe it’s a dearth of other bad market news to monetize, maybe it’s a genuine
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