For what it’s worth.
Category: bonds
Breathe In, Breathe Out
“Waiting to inhale.”
From Russia With Love.
Trade wars, Russians, morons, markets.
Toon Time.
C’est la vie.
Hard Rexit.
Let’s see, where do we start with the crazy?
And Now, We Wait.
It says a lot about how uninspiring a given day truly was when the biggest news involves Larry Kudlow.
Marko Kolanovic: ‘Imminent Concerns Are Overblown’, Stay Overweight Stocks
“Narrative of recent selloff: imminent concerns about inflation, rates, trade wars, and a growth downshift are overblown, in our view.”
Jim Grant On The Bond Bear Market, Jerome Powell And Much More
“I’m a little bit more fatalistic. You know, we have come to accept that financial markets are driven by people and by policies and by personalities. And, what is Chairman Powell going to do? What will President Trump tweet next? As if they were in charge. Well perhaps sometimes they are not in charge.”
David Stockman: This Is ‘The Rigor Mortis Of A Dead Bull’
“…what more evidence do you need that the financial markets are completely uncoupled from reality and that these feeble bounces between the 50-day and 20-day chart points are essentially the rigor mortis of a dead bull?”
Steel Yourself.
Headlines aplenty and a man on fire.
(Trade) War And Peace.
Ok, let’s just step back for a second and take stock of everything that’s happened in the past 72 hours.
You’re Not Wrong Walter, You’re Just An Asshole.
“Am I wrong?”
Trader: ‘That’s Not A Bond Bear Market’…
“And you would think that this might be bullish for bonds, but no, far from it. A Central Bank that is not willing to invert the curve and take the economic hit from forcing a recession is a bond investor’s nightmare. After all, apart from default, inflation is the absolute worse thing out there.”
Trade On, Trade Off.
Days like today are always amusing to the extent they bring out the Don Quixote in people.
Have Genius, Will Travel.
Well needless to say, this was not a particularly inspiring week.
Moody’s: ‘March Is Off To A Horrible Start, Tariffs Warn Of Even Faster Price Inflation’
“Do not be surprised if a very adverse reaction by financial markets forces the administration to reconsider the tariff proposals.”
This Means War.
Thursday went swimmingly.
Goldman Interviews Paul Tudor Jones, Gets Retelling Of The Battle Of The Little Bighorn
“Let me describe to you where I think Jerome Powell is right now as he takes the reins at the Fed. I would liken Powell to General George Custer before the Battle of the Little Bighorn, looking down at an array of menacing warriors.”
The Wolf Finally Came.
And so we close the book on February.
‘What Is Clear Is That This Isn’t Clear’: The Definitive Ambiguous Guide To Stocks In A Rising Rates World
Let me tell you something about the whole “when do higher yields start to weigh on equity prices?” debate: it’s a dead horse and everyone is going to continue to beat it mercilessly.Â
While You’re Waiting, Can I Interest You In Some Stocks?
So in the meantime…
Morgan Stanley Goes Rogue, Is Bullish On Bonds Because Frankly, Consensus Is ‘Usually Wrong’
“The wisdom of crowds has yet to grace itself on bond yield forecasters.”
Good News: We Won’t ‘Spiral Into A Recession’. Bad News: Stocks Could Fall 25%
It’s comforting. Sort of. But sort of not.
Are The Locusts Coming? Here’s What History Says About Stocks, Credit, Yields And Inflation
“Lions, tigers, and bears, oh my!”
High Note.
And so the holiday-shortened week comes to a close and it delivered everything that could have been reasonably expected of it.
Fly Me To The Moon.
I was told Icarus would be unleashed.
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