Scott Bessent gets it. I mean, not the part about it being a potentially bad
Author: therealheisenberg
What If There’s A Depression?
Nobody expects a recession. Ok, that’s not true. Let me rephrase: Almost nobody sees a
No More Cuts?
The Fed’s on hold. The Fed’s on hold. The Fed’s on hold. Is the message
Everyone’s In The Pool. But No Splash Yet
Late last week, Goldman’s Scott Rubner cautioned that “everyone’s in the pool.” By that he
Tariffs Are Latest Challenge For Tortured US Housing Market
Average mortgage rates in the US are the lowest this year, but would-be homeowners aren’t
DOGE: Shut It Down Before It’s Too Damn Late
To survey the macro-market news landscape mid-week is just to collect and arrange stories about
‘US Exceptionalism’ Sidelined In Abrupt Investor Zeitgeist Shift
A couple of days ago, while editorializing around the largest net inflow to European equity
Record-Low Cash Levels Scream ‘Sell!’
Don’t look now, but cash levels among professional money managers just ticked a 15-year low
It’s Not ‘Tough Love’ If He Hates You
Donald Trump’s decision to cut Brussels and Kyiv out of tentative Ukraine settlement talks unfolding
‘About Us, Without Us’
Donald Trump has a… let’s call it “complicated” relationship with Volodymyr Zelensky’s Ukraine. Trump’s a
Gold’s Best Rally In Years Puts ‘Fringe Idea’ In Trump’s Lap
Gold. What can you say about it? It looks like the sun. So… maybe it’s
China’s Tech Moguls Got Sent For
Xi Jinping unironically promised to remove “all kinds of obstacles” to private enterprises during his
All Quiet On The Macro Front?
It’ll be a slow week in the US, or at least for macro watchers. The
‘Trump 2.0’: Corr 1 Shock Or Stock-Picker’s Paradise?
Since 2023, we’ve lived in a micro-driven market, which is to say if you decompose
America’s Betrayal Of Ukraine Is An Existential Gamble
Call me an alarmist if you must, but I’m not sure Donald Trump and his
FAIT Accompli
The cure for high prices is supposed to be high prices. The logic’s sound: If
Buy Europe? Traders Think The Unthinkable Amid Ukraine ‘Peace’ Talks
They’re buying what? It’s been so long since anyone bought European stocks that you’d be
Sorry, Ukraine. We’re Cowards Over Here Now
The saving grace for humanity may be that he’s old. I’m not talking about Donald
Don’t Look Now, But The Incorrigible American Consumer Just Tapped Out
Did the US consumer just crack? I’ve asked that I don’t know how many times
Behold: The Dawn Of A New Chinese Tech Bull?
Don’t look now, but big Chinese tech’s in a bull market. After falling more than
Record Retail Dip-Buying Won’t Last, Popular Strategist Cautions
So far in 2025, the retail crowd’s buying every dip. That’s according to Goldman’s Scott
Who’s Sticking Around For The Crash?
Maybe you noticed, maybe you didn’t, but these last three weeks were “perhaps the best
President Orban
I’ll concede to being grimly amused by Donald Trump again, and that’s probably a mistake.
Don’t Buy The Spin: The US PPI Release Was More Bad News
A day on from a disconcertingly warm CPI report which prompted traders to price out
Fed Policy’s Not Restrictive No Matter How Many Times Powell Says Otherwise
I don’t love this talking point, and even if I did, it feels exhausted by
Neville Chamberlain
With very few exceptions — mobsters, warlords, Xi Jinping, Kim Jong-Un, Bashar al-Assad, Ramzan Kadyrov
Market Exposed To Left-Tail Shock Amid Reflation Zeitgeist Crowding
Needless to say, macro watchers — which is very often a polite euphemism for economists,
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