Money market fund assets hit a new record near $5.5 trillion in the week to
Category: Duly Noted
Goldilocks Euphoria Masks Lingering Tail Risks
With the “soft landing” / “Goldilocks” macro theme gathering adherents in the US seemingly every
Is It Game Over For The ‘Liquidity Drain’ Bear Case?
Is there still anything to be said for the “liquidity drain” bear case — other
Meanwhile, In Taiwan…
Regular readers will forgive me for recycling a bit of my own copy. There are
The Maybe Bull: Who’s In And For How Much?
Investors and traders pondering the future of an equity market stuck in melt-up mode have
Marko Kolanovic Reiterates Bearish Outlook
As noted, Morgan Stanley’s Mike Wilson is still bearish. So is JPMorgan’s Marko Kolanovic. “The
What To Expect From Mega-Cap Tech Earnings
The unofficial start to big-cap US “tech” earnings came last week with reports from Netflix
Full Flows Capitulation Into US Stock Rally Elusive
If you’re looking to flows for clues as to the direction of equities, the picture
A Contrarian Bearish Indicator
Looking for a contrarian bearish indicator? Stocks would probably work. US equities are up 20%
Money Fund Assets Loiter Near Highs. RRP-Bill Transformation Proceeding Apace
Money market funds returned to inflows in the week to July 19, a somewhat unexciting
Major Banks Suggest US Recession Pushed Out Indefinitely
Has the world (or the US) dodged a recession? No. Another recession is always inevitable,
Was Q2 ‘As Bad As It Gets’ For Goldman?
“Corporate activity and capital formation are core to our financial system,” David Solomon said Wednesday,
Melting Up To 4700?
As you might’ve noticed, US equities are demonstrating an unshakable propensity to melt up into
Pros Versus Amateurs
Is there a sentiment disparity between professional and individual investors into the summer equity rally?
$650 Billion Is Still Bearish. Sort Of.
For all the talk of a “FOMO”-driven equity rally, plain old fear is still more
Worst-Case Liquidity Outcome Averted. But Risks Remain
There’s still a ~$1 trillion question hanging over markets: How much Treasury issuance will ultimately
What The Nasdaq 100 Special Rebalance Means For Investors
Overconcentration is one of 2023’s key themes amid an epic rally in the same handful
What Happens To ‘Excuseflation’ When There’s No Excuse?
Lost in the euphoria around the slowdown in consumer price growth and apparently imminent producer
Equity Fund Flows Suggest Imminent Capitulation ‘Back In’
Inflows to equity-focused ETFs and mutual funds persisted for another week, suggesting left-behind investor cohorts
Money Market Funds Back To Outflows. RRP Lowest In 15 Months
Money market fund flows are starting to get choppy. After a mammoth inflow last week,
US Home Prices, Mortgage Payments Notch Simultaneous Records
Mortgage rates in the US are a whisker away from a seven-handle, but home prices
Is The Inflation Battle Won?
It’s possible that Wednesday’s CPI release in the US marked a turning point in the
Fed Faces Market Eager For Last Hike
Backing away from the inflation fight too soon would be a recipe for disaster. That’s
Irrelevant Playbooks?
How is this cycle different? Let me count the ways. On second thought, let me
Small Businesses Offer More Cautious Evidence Of Disinflation
If it’s more incremental, under-the-radar evidence to support the disinflation narrative you’re after, the latest
Is The US Consumer Finally Exhausted?
Americans are dialing back on borrowing in the face of economic uncertainty and higher financing
Big Drop In Used Car Prices Helps Disinflation Stars Align
There was more incrementally good news on the inflation front Monday in the US, when
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