After this week, Wall Street’s obliged to seriously consider the possibility that Jerome Powell might
Author: therealheisenberg
Code Red As Russ Vought Goes After Jerome Powell
The US is venturing into very, very dark waters vis-à-vis central bank independence. On Thursday,
The Problem With A Buyback-Dependent Equity Market
Dividend yields for US stocks are nearing levels last seen a quarter century ago around
Birds Of A Feather
Tariffs can fix anything. Even the legal troubles of your friends abroad. Donald Trump’s a
Plunging Jobless Claims Rebut Rate-Cut Calls
The US labor market’s fine. “Solid.” “Resilient.” Any synonym for “sturdy” will work. Thursday’s sole
‘Too Late’?
I’m not much for stating the self-evident. It seems like a waste of time. Mine
Hedge When You Can, Not When You Have To
You hedge downside when you can, not when you have to. That was the friendly
Leaving Wolf’s Lair
“Is this about Adolf? Because we can always dial down the Adolf.” Linda Yaccarino on
Some Folks Bought Some Homes
They were buying homes in America over the last week. I don’t know who “they”
Chinese Economy Continues To Ice Over
China’s still struggling to resuscitate domestic demand. In case that was your burning question mid-week.
Central Banks Were Polled On Trump Risks. The Results Were Terrifying
“We should get somebody in there that’s going to lower interest rates,” Donald Trump said
What Could Go Wrong? Summer 2025 Edition
What could go wrong? Snarky macro commentators with misplaced pretensions to cleverness are quite fond
BofA Lifts S&P Target. Apologizes For ‘Underestimating Corporate America’
Early Tuesday, while editorializing around Goldman’s new year-end S&P target, I wrote that other house
Market Breadth Warnings Are Back
We’re back to fretting over market breadth. It’s an all-too-familiar concern for US equities, and
Goldman’s Kostin Knows How To Play The Game
If you’re a sell-sider with responsibility for the official house S&P call, there’s really only
As America Hits ‘Debt Wall,’ Get Ready For Shorter Cycles
What happens to business cycles when fiscal policy’s constrained such that it can’t act as
Fiat Money And The Bonds
How bad of an investment are bonds? I’m not making an especially profound observation when
How Seriously Should We Take Elon Musk’s ‘America Party’?
On a lot of levels, Elon Musk’s an unserious person. So, even if he’s serious
One Way Or Another, Corporate America Always Wins
If it seems to you like corporate America — and here I mean big corporate
The Dollar’s Relationship To US Stocks Is Changing
If you’re immersed in the market zeitgeist, you’ve probably heard all you care to by
Letters And Deadlines
“We’re going to start sending letters out to various countries tomorrow.” So said Donald Trump
Persona Non Grata
Now we’ll never know where the bomb fuel is. 22 years on from Mohamed ElBaradei’s
So… What’s The Bear Case Now?
Wall Street headed into Friday’s US holiday on track for another solid weekly gain. And
‘Solid’ US Jobs Report Is Optical Illusion
The US economy added more jobs than expected last month, and you can thank state
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