I’ve been on at some length recently about the dollar, and specifically about recent dollar
Category: Duly Noted
Kolanovic: Real Rate, Stock Valuation Disconnect ‘Increasingly Unsustainable’
It’s a familiar refrain: The re-rating behind 2023’s US equity rally is incongruous with elevated
‘Sell Prem, Live The Dream’: Vol-Selling Has Never Been More Reliable
It’s virtually never been more reliably profitable to sell vol. I’ve been over this and
Connecting The (FOMC) Dots
Given that the Fed almost surely isn’t going to raise rates on Wednesday, it might
The Dollar As A Petrocurrency
A week ago, I asked how much further the dollar could run. The greenback was
Will The Fed Tacitly Adopt A Higher Inflation Target?
There’s a suspicion in some corners that the Fed, for all its bluster about being
Money Market Fund AUM Scales Yet Another New Peak
Another week, another new record for money market fund assets. Money funds took in nearly
Calm With A Chance Of Fireworks
Time and again over the past several months, I’ve revisited the post-SVB vol crunch. This
A Word On Bear Steepening
You wouldn’t know it if your only frame of reference is the post-Lehman world, but
Stocks Struggling With Rising Yields, Good News Is Bad News: Goldman
Goldman’s not bearish, but they aren’t bullish either. The bank remains risk neutral, according to
Gamma Gravity
If it feels to you like US equities are having a tough time realizing that
Americans May Keep Spending In 2024
By now, you know the bear case for consumer spending in the US. Anyone with
Chinese Credit Impulse Shows Signs Of Life
Monday was a good news day for the Chinese economy. Those are rare in 2023,
Benign RRP-Reserve Dynamic May Last Through Year-End
As noted here last week, not all market participants have reason to concern themselves with
Americans Are Richer Than Ever. In Aggregate Anyway
Looking to explain the befuddling resilience of the US consumer? Look no further than the
Money Market Fund Assets Soar, Hit New Record Above $5.62 Trillion
Money market funds saw the largest inflows in two months in the week to September
Hawkish At The Margin
If last week was all about cooperative macro data in the US, this week’s sparse
‘Bigger For Longer’: Will Today’s Tech Titans Be Around In 50 Years?
If this summer’s heat wave and accompanying series of natural disasters were any indication, the
Is Mega-Tech A Bubble? (Probably Not)
Are US tech shares a bubble in 2023? If you can answer that question correctly,
Street’s Most Recognizable Bear Warns Of Unspecified ‘Event’
If you’re wondering whether Morgan Stanley’s Mike Wilson is prepared to turn bullish on US
Renewed RRP Decline Is Sigh Of Relief In Some Corners
The trajectory of daily balances in the Fed’s RRP facility remains a focal point for
Post-Labor Day Corporate Debt Bonanza Seen At $120 Billion
This isn’t going to win me the Pulitzer, but as someone who talks all day
US Equity Funds Returned To Inflows In Late August
US equities returned to inflows as the curtain closed on an August to forget for
Money Fund Assets Hit Another Record. RRP Lowest In 17 Months
Money market funds took in $14.37 billion in the week to August 30, data released
A Brief History Of 2023’s Macro Narrative Stop-Outs
Keeping track of the macro zeitgeist in the post-pandemic world can be difficult. To the
GDP Revisions Hammer Home ‘Bad Is Good’ Message
It’s all going according to plan. Famous last words, I know. GDP revisions released on
Remote Work May Leave 267 Million Square Feet Of Office Space Vacant
How durable is the shift to remote work? And how pronounced is the impact of
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