I doubt most readers need another point/counterpoint exercise around what Deutsche Bank described this week
Category: Duly Noted
Three Good News Inflation Stories
On a day when a surprise rate hike from the Bank of Canada (amplified by
Why One Bank Isn’t Buying The ‘Liquidity Scare’ Bear Case
The relative importance of liquidity versus fundamentals as determinants of risk assets is everywhere and
There’s Always A Disconnect Somewhere
Stocks are disconnected from the macro. How often have you heard that in your investing
‘Worst Liquidity Contraction Since Lehman’ Adds To Bear Case
As most readers have doubtlessly surmised, the tech-driven rally in US equities has done exactly
Concentrating On Concentration
Just how concentrated is the US equity market? Well, the most concentrated ever on at
Top Strategist Sees ‘Moment Of Recognition’ For US Stocks
For just the fifth time in nearly a quarter century, the forward earnings growth forecast
Imminent Global Liquidity Drain Estimated At Up To $1.5 Trillion
It’s time for your weekly liquidity warning. Late last month, I walked back through a
Tide Suddenly Turns For US Stock Fund Flows
The flows story of 2023 is the massive influx of cash into… well, into cash.
Déjà Vu: Money Market Assets, Fed Bank Backstop Usage Hit New Records
Do you ever have déjà vu, Mrs. Lancaster? Pick your favorite Phil Connors quote to
A.I. Came For Thousands Of Human Jobs Last Month
Lost in the proverbial shuffle Thursday: What might’ve been the first A.I. cameo in a
Under-The-Radar Revisions Help Case For Fed Pause
The sleeper in Thursday’s US economic data releases was a downward revision to unit labor
Investors Cool On US Housing With Market At Crossroad
Investors are inclined to an increasingly grim view of the prospects for the US housing
Xi Tells National Security Team To ‘Get Prepared For Actual Combat’
It’s funny how a given day’s coverage comes together. First thing Wednesday morning, while editorializing
Insiders And Punch Bowl Minders
The A.I. frenzy belies caution beneath the surface in equities. Or so said Barclays analysts
Bond Basis Position To Be Larger Than 2018-2019: Goldman
Is the big bond short just the other side of a basis trade? Yes, probably.
The $1 Trillion Question: Who’s Buying The Bills?
Assuming Kevin McCarthy manages to get his “worthy” debt ceiling accord through a raucous House,
Erdogan Extends Reign In Turkey
Recep Tayyip Erdogan isn’t going anywhere. Turkey’s long-serving strongman secured another presidential term on Sunday,
Marvell-Ous
Given the kind of week it’s been for the market’s A.I. obsession, I’d be remiss
US Stock Fund Exodus Drags Global Equity Flows Negative
Developed market-focused equity mutual funds and ETFs shed $3.21 billion over the latest weekly reporting
Money Market Assets, Bank Backstop Borrowing Hit New Records
Nearly $50 billion in new cash flooded into money market funds during the week to
Popular Strategist Weighs In On Nvidia’s Historic Rally
It was all about Nvidia on Thursday. By noon in the US, the company’s market
GDP Revisions, Claims Mock US Recession Meme
Bad news for the doves among you: The second estimate of Q1 GDP in the
Goldman Sees 30% Commodity Rally After ‘Great De-Stocking’
Last week, I talked a bit about commodities as a recession canary or, perhaps more
The Debt Ceiling Double Paradox
The paradox of a US debt ceiling deal is that it could be bad for
Mind The Taiwan Canary
Late last month, I identified a couple of additional recession “canaries” to complement the yield
Greedflation Aside, Corporate Profitability Is Feeling The Squeeze
Given all the media attention afforded to so-called “greedflation” (typically defined by reference to near-record
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