Hedge funds shifted towards cyclicals during the second quarter and began Q3 the least underweight
Category: Duly Noted
‘There Is No More Fear, Only Complacency,’ Kolanovic Says
“There is no more fear, only complacency.” So said JPMorgan analysts led by Marko Kolanovic on
Window For Stock Pullback May Close Without More Fireworks
Why were US equities able to pull back? Put differently: Why was the door open
Cash, Bonds Or Stocks?
We’re probably in ad nauseam territory by now when it comes to the “cash as
US Stock Funds See Largest Outflow In Months As Sentiment Turns
US equity-focused ETFs and mutual funds just saw their largest one-week outflow since mid-June. The
Money Market Fund Assets Power Ever Higher
Money market funds attracted nearly $40 billion in new cash in the week to August
CTAs Likely Sold $40 Billion Into Recent Stock Swoon
Dealers shedding VIX futures into expiration might’ve put a lid on vol, but it wasn’t
FX Markets On Alert As Yen Breaches Intervention Level
FX traders are once again on yen intervention watch. The Japanese currency on Wednesday weakened
China’s Shadow Banks May Face $40 Billion In Property Losses
“Why doesn’t the company pay us back?” wondered an irritable investor in a trust product
Are US Stocks About To Get Interesting?
Two days into a week that should’ve been quiet if you forget about the seasonal
Yuan Depreciation Is ‘Red Flag’ With China At ‘Desperate Juncture’
It’s fair to say China’s economic woes are the most important story in the macro
A Critical, Obvious, Underappreciated Point About Real Rates
On countless occasions over the past 12 or so months, Fed critics insisted that despite
Fed Cuts May End With Rates Still Technically ‘Restrictive’
Early Monday, while documenting Goldman’s call for the commencement of Fed cuts from Q2 2024,
Behold: A Can’t-Miss Options Strategy Finally Sputters
For months (or maybe I should just say for the duration of the summer equity
China, EM Dominate US, DM In 2023 Stock Fund Flow Race
I’ve been on at considerable length about the lack of an “all-in” capitulation moment for
Another Week, Another Record For Money Market Funds
Another week, another new record for money market fund assets. Inflows to US money funds
Taking Stock Of Current Melt-Up (And Meltdown) Fuel
The inflation event risk cleared on Thursday morning in the US with no issues. Core
Sudden Surge In European Natural Gas Spotlights Key Macro Themes
If European natural gas is in the news, it’s usually for the wrong reasons. In
More Color From The Most Important Market On Earth
It’s possible we’re all overstating the significance of recent events in the US Treasury market.
When Will Corporate America Feel The Heat From Higher Rates?
Rising rates have been a boon to some US corporates, and I don’t just mean
9 Reasons America’s Largest Bank Still Doubts The Rally
It’s been a tough year for anyone determined to stick with a bearish call on
Mohammed Bin Salman Needs A Little More Out Of Aramco
Saudi Aramco’s quarterly profit tumbled 38% in Q2, results released on Monday showed. Net income
The Art Of The Aeronautical Metaphor
Aeronautical metaphors for the US economy (and, more to the point, the Fed’s efforts to
US Equity Fund Flows Slow, China Takes In $4 Billion
US equity funds took in a small $322 million on net over the latest weekly
Money Market Funds Set Another New Record
Money market funds took in nearly $30 billion for the second consecutive week, pushing total
Is This The First Soft Landing Base Case On Wall Street?
The US probably isn’t headed for a recession anymore. That’s according to BofA, which this
Key Market Takeaways From The ‘Supply Steepener’ Trade
The Nasdaq bore the brunt of Wednesday’s Fitch-inspired selloff on Wall Street, and it’s no
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