“It feels to me like a short vol trade in rates,” Nomura’s Charlie McElligott said
Category: Duly Noted
Money Fund AUM Hits New Record. RRP Drops Below $1 Trillion
Money market funds took in another $17 billion in the week to November 8, data
Where Are Stocks Most Vulnerable To Recession?
What’s the most vulnerable segment of the market? That depends on your macro outlook, but
How Much ‘Extra’ Cash Is Left Out There?
How much “extra” cash is out there? That question is a fixture of the post-pandemic
Dicey Oil Eyed As Demand Canary
Things were looking dicey for crude mid-week. I mentioned previously that the “powder keg” premium
CTAs ‘Poleaxed’ In Rates Rally, But Big Short Cover Still Distant Prospect
Those of you old enough to remember March may recall that the fireworks surrounding SVB’s
Powder Keg Premium Disappears From Crude
Oil managed to find its footing at the beginning of the week amid escalating turmoil
Kolanovic: ‘Bad News Is Good News’ Zone May Be Quite Narrow
“The ‘bad news is good news’ zone may be quite narrow,” JPMorgan analysts led by
Goldman Called The Bond Rally. Here’s What The Bank Says Now
There’s room for US Treasury yields to fall further, but the floor’s higher now than
Buffett’s McDuck Vault Now Holds $157 Billion
The Berkshire acolytes will have to forgive me: There’s too much going on in the
Money Funds See Second-Largest Inflow Since March
Money market funds saw their second-largest inflow since March’s regional bank drama in the week
Is This Bond Bounce For Real?
Early last month, during a fleeting rally for the otherwise beset US long-end, I called
De-Dollarization Is Happening! On Social Media.
Lots of aggressive tweets with little to show for it. Story of our time, right?
Ex-Bridgewater Investment Chief Sees 10 More Years Of US Equity Dominance
Every few years, a new cohort of investors stumbles across recycled narratives touting the end
Kolanovic: ‘Pessimism Rising,’ EPS Estimates Too Rosy
“Investors’ pessimism is rising.” So said JPMorgan analysts led by Marko Kolanovic on Monday. It’s true.
Refunding Drama: How We Got Here
As discussed here on too many occasions to count over the past week or two,
A Quick Guide To The All-Important Treasury Refunding
This week’s Treasury financing estimate and refunding announcement are a big deal. Indeed, as discussed
‘The Biggest Flow Story Right Now’
Earlier this week, I highlighted ongoing inflows to the largest Treasury ETF amid more rates
Money Market Fund Inflows Resume. RRP Near Two-Year Low
Money market funds recouped a portion of last week’s massive outflow in the week to
The 1969 Analogue
Readers have heard a lot (too much, maybe) from me on the bear steepener over
McElligott Sees ‘Big Problems’ For 2023 ‘Big Sharpe’ Trades
One risk headed into earnings was the abatement of the low bar dynamic. Low bars
Largest Treasury ETF Is Market Obsession Amid Epic Bond Turmoil
The largest Treasury ETF became a source of intense — and I’ll eschew the temptation
Buyback Rebound Will Prove Elusive, BofA Suggests
Buybacks: Who doesn’t love them? Buybacks are shareholder capitalism’s crowning achievement. It’s stockowners who matter
Vol Sellers Abound Ahead Of Mega-Cap Earnings
Vol-selling across the equities options space was “unrelenting” late last week and early this week.
Why Marko Kolanovic And JPMorgan Are Still Cautious
If you’re wondering why JPMorgan remains defensive in their asset allocation (and cautious in their
Swissy Never Lies
What’s the best hedge for geopolitical turmoil? That question’s a bit of a red herring.
Why Friday’s Stock Selloff Got No VIX Response
Remember the call spread buyer? If not, I won’t trouble you with the specifics on
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