The holiday-shortened US trading week wasn’t kind to equities. The world’s benchmark risk asset par
Author: therealheisenberg
She’s Coming For The Millions You Don’t Have
Admittedly, I don’t have a lot of patience for the tax debate in America. Maybe
Buy The Dip? No. Sell The Cut.
The Fed’s likely to cut “aggressively” and when it comes to risk assets, it’s best
‘Decisive’ US Jobs Report Comes Up Inconclusive
Those looking for definitive answers to the myriad macro questions confronting investors and policymakers on
Money Fund Cash Mountain Reaches $6.3 Trillion
Can cash be a “bubble”? I don’t think so. But if cash bubbles were a
Who You Gonna Believe? Stocks, Bonds Tell Divergent Recession Stories
One of the key macro-market talking points headed into this month said benchmark equities (i.e.,
Macron Incurs Ire Of French Left With Barnier Appointment
I’d be remiss on Thursday not to briefly mention Emmanuel Macron’s decision to appoint Michel
Mighty US Services Sector Thumbs Nose At Recession Narrative
The biggest part of the world’s largest economy held up in August, closely-watched survey data
US Private Hiring Cools Sharply As Job Cuts ‘Surge’
US private sector employers added fewer than 100,000 jobs in August, ADP said Thursday. The
US Jobless Claims Fall Again. Unit Labor Costs Rise Least In A Decade
If markets needed an offset for a weak read on US private sector hiring, jobless
Goldman’s Rubner Sees Scope For Larger Correction Before Late-Year Rally
The market’s pre-trading a challenging seasonal that normally waits until the back-half of September to
Dispersion Pods ‘Soul-Punched’ In Wall Street’s Latest Vol Shock
On Wednesday, Bloomberg reported that multi-strategy hedge funds managed to get through August largely unscathed.
Cut Calculus
The US curve disinversion looks to have some staying power. The 2s10s turned positive Wednesday
1-To-1: US Labor Market Nears Normalization Milestone
Job openings across the world’s largest economy dropped to the lowest since January of 2021
What If Generative AI Isn’t The Revolution Nvidia Says It Is?
Jensen Huang lost $9.8 billion on paper in six hours this week. Don’t worry: He
Another VIX Dealer Convexity Event: What Really Happened On Wall Street Tuesday
If you’re wondering what, precisely, happened to US equities on Tuesday — where “precisely” means
Nvidia’s Daily Market Cap Swings Border On Farce
I’ve said it again and again since 2020, but I find myself compelled to reiterate
Return Of The Growth Scare
The growth scare’s back. Wall Street stumbled (hard) out of the gate at the beginning
Don’t Expect Additional Big Stock Gains, Mike Wilson Warns
Guess who isn’t bullish? “We see limited upside at the index level on a six- to
America’s Factory Recession Rolls On
The first of this week’s top-tier US macro data came up short. A month on
Historic US-Japan Wage ‘Crossover’ Tips More Market Turbulence, Albert Edwards Says
If you had to make the case against investor complacency and you could only use
Chaos Entrepreneurs
There’s a bull market in political polarization. In turn, the political center — “the establishment,”
No Prisoners
Three of the six Israeli hostages who were discovered Saturday in a tunnel under Rafah
A Long Bond Overshoot And ‘Extreme Fed Front-Running’
Bonds are — self-evidently — among the best hedges for an economic hard landing, but
It All Comes Down To One US Jobs Report
If you ask highly-paid forecasters, the US economy probably added 165,000 jobs in August. That’s
China’s Economic Woes Mount As Party Dithers
The Chinese economy’s a mess. I’ve run out of academic ways to say as much.
‘The Better 40’
Is 60/40 well and truly dead? I doubt it. First of all, 60/40’s a religion.
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