Breaking news: Vladimir Putin’s a psychopath. According to Donald Trump, that’s a recent development. “He
Author: therealheisenberg
Indecency Run Amok
One day, it’ll be obvious to everyone how crazy US policy was in 2025. To
Confidence Game
There’s enough on the calendar to keep macro watchers engaged this week, although the unofficial
A Global ‘Losing The Long-End’ Moment?
Is the developed world staring down a fiscal crisis and a potential implosion of sundry
‘Sell America’ Vibe Hard To Ignore Despite ‘TINA’ Legacy
Maybe the “sell America” narrative’s overdone, maybe it isn’t, but one thing’s for sure: Europe-focused
Who Wants To Loan ‘The King Of Debt’ Some Money?
This week was all about bonds, and specifically US Treasurys. Although the US long-end managed
New Homes: Get ‘Em While Builders Are Desperate
If you’re looking for a discount on a new construction, now’s the time. That was
‘A Straight 50%’
Donald Trump’s so over it. By “it,” I mean recalcitrance in Brussels, where EU officials
Trump Again Demands Apple Make iPhones In America
Maybe the iPhones aren’t safe after all. Donald Trump put a damper on Friday’s pre-Memorial
Playing With Fire
It’s a mistake, and not a small one either, to view Donald Trump’s assault on
Spring Buying Season Goes Bust As Existing Home Sales Fall Again
Surprise! Existing US home sales fell last month, according to Thursday’s update from the recognized
The US Economy’s Fine. But Businesses Hate The Tariffs
Breaking news: The US economy’s fine. More or less. That was the message from preliminary
Long Bond, Long Face
I don’t want to say Scott Bessent’s lost the US long-end, because that’s a little
Well Hello, Liz!
The mid-week selloff at the long-end of the US Treasury curve was exactly what Scott
‘The Most Impressive Plane’
It may not always seem like it, but I try to be generous editorially, really
‘The Single Most Important’ De-Dollarization Canary
The writing’s on the wall. You just have to be able to read Japanese. If
No Respite From The ‘Sell America’ Trade
The “sell America” trade (or narrative or whatever you want to call it) is bleeding
A Bluff You Don’t Call
Moral qualms and related misgivings aside, you gotta hand it to Israel. They’ve proven, and
Garlic, Vampires And The Strongman
Re-industrialization. It’s a hot topic. In fact, if you scan earnings call transcripts, you discover
US Home Prices Just… Fell?
Don’t look now, but US home prices just fell. I realize that might elicit some
The Term Premium Sends A Warning
It’s time for a term premium check. Why? Well, mostly because it’s a random, somnolent
Bad Vibes, Impending Gloom
A couple of days ago, in “Anomaly,” I noted that the so-called “vibecession” which defined
Whither The Mag7?
There’s never been a better time to buy the Magnificent 7. I don’t necessarily believe
Fearing The Right-Tail
If you’re wondering whether the bounce in US equities which had the S&P trading within
‘Destroying Everything That’s Left’
Israel’s in the process of taking over Gaza entirely, Benjamin Netanyahu indicated on Monday, as
Man Of Destiny
One obvious read-across from the US-China trade “truce” is less urgency in Beijing to implement
Pay Up, Scott
Pay up. That was the message from the bond market on Monday, when long-end US
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