It’s hard to know whether, and to what extent, everyday market participants benefit from staying
Category: Duly Noted
Tech Funds On Track For Record Inflows Amid AI Frenzy
For what it’s worth, US equity-focused ETFs and mutual funds recouped a meaningful portion of
Stocks Could Rise 30% If Equity Allocations Return To 1999 Levels: JPMorgan
How far might stocks rally if investor equity allocations rose to levels consistent with those
Money Fund AUM Slips, RRP Drops Below $500 Billion
US money market funds shed assets over the latest weekly reporting period. Before anyone’s eyebrows
Pavlov Kills The VIX Spike
“You simply have to short vol spikes in unemotional, mechanical fashion.” That’s the muscle memory,
More US And Tech Exceptionalism
If you favor US equities over the rest of the world, nobody’s going to blame
Easy Money: A Quick Earnings Season Recap And A Word On Dividends
Guess what? Earnings season in the US went fine. Surprised? No? Me neither. I don’t
Famous Bear Likes The Large-Caps
Large-cap US equities have achieved their independence from bond yields. Not entirely, of course. Risk-free
Flows, Sentiment And Too Much Information
We’re far enough into 2024 to start talking about YTD “trends” in equity fund flows.
Money Market Fund AUM Rises Further Beyond $6 Trillion Milestone
Money market funds notched another inflow, pushing total assets to a new record high above
Is The Treasury Oversupply Panic Over?
While editorializing around what counted as the largest two-session selloff for benchmark US Treasurys since
Meanwhile, In HELOC News
Last summer, Bloomberg ran a piece documenting “the 2023 HELOC boom.” It was a human
Market Concentration Risk ‘Worse In Some Ways Than Dot-Com Bubble,’ Kolanovic Says
As discussed at some length in “Magnificent 7: Bubble Or Not?” dot-com redux warnings are
Is The Fed Behind The Curve Again?
The Fed was certainly behind the curve hiking rates. Jerome Powell admitted as much during
Meta For The Record
By noon on Friday, Meta was on track for a record. Not just a record-high
MMF AUM Hits $6 Trillion Milestone. BTFP Borrowing Falls With Arb Dead
Money market funds emphatically snapped a two-week streak of outflows with a large haul that
Melt-Up Paranoia Manifests In ‘Incredibly Abnormal’ Dealer Positioning
For the better part of a dozen years, the implicit message from central banks to
Kolanovic Warns Stocks Now Price No Chance Of Recession
Equities and credit are pricing no risk of recession. And that could be problematic. So
Should Stocks Fear Curve Dis-Inversion? Ask James Carville
Economists will tell you to fear the inversion. Traders will tell you to fear the
MMFs See Second Week Of Outflows. RRP Below $600 Billion
Money market funds saw a second week of outflows as AUM appears to have peaked
Low Inflation, High Vol?
For the better part of two years, multi-asset investors were bedeviled by that most nefarious
Living At The Office
Lower rates are stoking demand in a still-distorted US housing market. Mortgage applications rose a
Why Stocks Can’t Sell Off
The nascent rebound in skew is history. It was (mostly) snuffed out early this week.
‘Anywhere But China’
Things are going quite well for US equities. Perhaps you noticed. The S&P hit a
MMF Assets Fall After Record Start. BTFP Usage Soars As Arb Beckons
Money market funds saw a rare outflow in the week to January 17, data released
How Corporate America Benefited From Fed’s Rate Hikes
When it comes to explaining the conspicuous absence of “the most well-telegraphed recession in US
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