It’s official. With earnings season all but over in the US, Q2 was the best
Author: therealheisenberg
When You’re In A Hole
It’s Jackson Hole week. Write your own jokes. There are plenty. Almost all of them
Inflation Up, Rates… Down?
On balance, professional investors expect inflation to move higher around the world over the next
Baked Alaska
A couple of days ago, in the short editorial accompanying the evening mailer, I reiterated
YCC: Coming Soon To The Fed?
If you had any doubts as to what Donald Trump wants in a Fed Chair,
Ice Kingdom
China’s suffering from mild deflation, but considering the challenging circumstances, the world’s second-largest economy held
Inflation Expectations Explode Higher, Consumer Sentiment Slumps
US consumer moods unexpectedly deteriorated early this month, when inflation expectations moved meaningfully higher. That’s
US Shoppers Unbothered, Apparently
Nominal spending in the US held up in July and a key underlying measure economists
Quality Not Guaranteed
In “How Overvalued Are The Most Expensive Stocks?” I spent a few minutes editorializing around
No Gut, No Glory
Donald Trump’s not famous for subtlety, nor stoic reserve. When in doubt, Trump goes with
How Overvalued Are The Most Expensive Stocks?
It’s been (another) good year for the mega-cap market leadership. There are exceptions. Namely Apple
Did The Levee Just Break?
We might need to fire another statistician. Wholesale price growth across the US economy ran
Skew (Still) Has A Story To Tell
Cautious. That’s something I won’t blame you for being. I spent some time being cautious
‘These Types Of Speculative Frenzies’…
I’ve talked a lot recently about… well, about everything. That’s what I do: Talk all
Tragicomic Punchlines
Until the US labor market turns — and that’s assuming the Trump administration lets it
September’s Burning Question
Hell, why not 50bps? That’s what Scott Bessent wants to know ahead of next month’s
Hope: A Novelette
My ghetto’s not your culture, people really die here So hard to say goodbye, is
As Summer Stock Melt-Up Crescendos, Is It Time For Caution?
Well, I told you so. I dare say I’ve trafficked in more bullish equity banter
A ‘Major Lawsuit’ For A ‘Major Loser’
Donald Trump’s going to sue Jerome Powell. Or something. We’re so far afield by now
Services Inflation Makes A Comeback In Otherwise Benign CPI Report
The first CPI report of the post-Erika McEntarfer era at the BLS conformed to expectations.
Chips Ahoy!
That’s ok. You can keep them. Thanks anyway, though. No sooner had Jensen Huang secured
Capex, Good Or Bad?
Capex, good or bad? It depends. Good, generally. Or at least that’d be my assessment.
‘Roving Mobs Of Wild Youth’
On June 9, I stated the obvious about Donald Trump’s decision to put troops on
For Sale: US Trade Policy
“I appreciate the fact that you designed that chip specifically for the Chinese market, and
‘Hard Landing’ Is Passé For Pros
Fund managers are the most bullish since “Liberation Day” was just a bad idea competing
Data Dubiety
Ready your best gallows humor, it’s CPI week in the US. Judging from reader comments
Zelensky To Trump, Putin: ‘This Is Our Land’
Volodymyr Zelensky doesn’t want any part of it. A ceasefire arrangement negotiated without the participation
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