With the exception of the post-tax cut melt-up in early 2018, “optimism,” defined as faith
Author: therealheisenberg
A ‘Big Change’ In Hedging Focus. And Don’t Forget About Tesla
Every box was checked. The worst-case, “science fiction” election outcome didn’t play out, even as
Cooperation And Contacts
Mixed global markets reflected investor reticence Tuesday, as rates traders awaited the Fed and the
China’s Recovery Continued In November. PBoC Surprises With 950 Billion Liquidity Injection
Dust off the boilerplate China recovery copy. The world’s second-largest economy continued to perform in
Down Goes Bill Barr
With the possible exception of Fox News, few domestic actors did more to protect Donald
‘Making Adjustments’
Stimulus progress and Brexit optimism weren’t enough to carry equities through the US session Monday,
Meanwhile, Trump Finally Sanctions Turkey
“The circumstances that led Turkey to procure S-400 systems in the past are very well
The Tragic Irony Of America’s ‘Too Big To Fail’ Stock Market
Most of my days are spent digging around for interesting things to highlight, and in
Beware The ‘Post-War Hangover’ From Misguided Government Belt Tightening
What’s the biggest risk to the macroeconomic outlook in 2021 and beyond? To answer that
‘Just Because The Sun Is Out’
Markets looked poised to embrace a risk-on bent to start the new week, emboldened by
‘With All Our Hearts’
Angela Merkel is poised to take Germany back into a full-scale COVID lockdown starting Wednesday.
Front-Running Collective Irrationality
I have to tell you: What interests me isn’t always what “sells” for the financial
Let Me Off This ‘Wild Ride’: What To Expect From The Fed’s Last Meeting Of 2020
If the Fed wants to unveil plans to extend the average maturity of its ongoing
Yen And The Art Of Bridge Maintenance
For years, critics of central banks’ increasingly belabored efforts to engineer robust growth and “healthy”
Clarity. And A ‘Good Deal Of Confusion’
On Saturday, Americans had some measure of clarity on the two most important issues facing
‘Some Worry’
“Some worry,” is an industry mainstay when it comes to language the financial media employs
Is Buyback Plunge Protection Poised For A 2021 Comeback?
Last weekend, I talked a bit more about equity supply/demand dynamics. The overarching point was
‘Frankenbull’ And Corporate America’s Multi-Trillion Dollar Bonanza
Forget the “everything rally.” That’s not nearly colorful enough as a description of 2020’s various
D.C. Dysfunction & The Lost Art Of Civic Responsibility
Good news: University of Michigan sentiment managed to post what, on the surface anyway, appeared to
Bullish Catalysts And Volatility Suppressants For 2021
Let’s talk bullish catalysts. Or, if you like, we can call them “factors with the
Deal Busters Going Sideways
Risk sentiment soured Friday as market participants weighed stalled stimulus talks in D.C. and the
Enjoy The Money
Another day of convoluted stimulus headlines stateside found lawmakers striking what one Senate aide described
‘It Took Unprecedented Liquidity Merely To Stabilize Risk’
“It’s all about liquidity.” That’s a popular refrain when it comes to explaining how risk
Hot Takes Galore: Key Macro Thoughts And ‘Good Stuff’ With Nomura’s McElligott
Whatever happens later, the “now” is still under the influence of the same set of
Jobless Claims Surge In Stark Warning To Congress
Jobless claims surged last week, data out Thursday showed. 853,000 Americans filed for unemployment benefits
Let’s Talk Inflation. Or A Lack Thereof
Inflation was a bit “hotter” than expected in November, the BLS said Thursday, although “hot”
ECB ‘Recalibrates’ Easing Measures. Ups Pandemic QE Program To €1.85 Trillion
As expected, the ECB topped up its emergency pandemic QE program (PEPP), adding €500 billion
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