In the lead-up to the September FOMC meeting, professional investors polled for BofA’s monthly fund
Category: Duly Noted
Cutting The Left-Tail
Evercore’s Ed Hyman gets it. “If they don’t do 50 tomorrow I’ll be shocked,” Hyman,
Reflexivity Revisited: What Happens If The Fed Disappoints?
I spent some time late last week talking about the Fed’s reflexivity dynamic with markets,
Stock Funds Just Saw Their First Outflow Since April
Don’t look now, but global equities just saw their first weekly outflow since April. $3.7
Stratospheric Cash Mountain Grows Still Taller As MMF Inflows Persist
It just keeps going and going and going and… US money funds saw a sixth
Beware The ‘Acute,’ Multifaceted Seasonal Liquidity Drain
I’ve talked a lot about a challenging late-September seasonal for equities. And I’ve talked a
‘Oh Snap! Did I Short Into The Lows?’
“Oh snap! Did I short into the lows?” That’s what at least some traders thought
Bond Market Says Fed Has Never Been Further Behind
Pundits will say whatever pundits say, but the market thinks the Fed’s behind the curve.
Money Fund Cash Mountain Reaches $6.3 Trillion
Can cash be a “bubble”? I don’t think so. But if cash bubbles were a
Dispersion Pods ‘Soul-Punched’ In Wall Street’s Latest Vol Shock
On Wednesday, Bloomberg reported that multi-strategy hedge funds managed to get through August largely unscathed.
Nvidia’s Daily Market Cap Swings Border On Farce
I’ve said it again and again since 2020, but I find myself compelled to reiterate
A Long Bond Overshoot And ‘Extreme Fed Front-Running’
Bonds are — self-evidently — among the best hedges for an economic hard landing, but
Warren Buffett Has Enough Cash To Buy Every Share Of Stock Held By Black America
Warren Buffett was in the news this week for the only reason Warren Buffett’s ever
Melt-Up Tickets
It’s perilous to say anything about directionality for equities index when the only stock that
Checking The Mechanics
The earliest of this week’s trade on Wall Street was a bit difficult to parse,
Gold’s Trying To Tell Us Something
Gold’s trying to tell us something. As you might’ve noticed, bullion hit records above $2,500
Global Stock Funds Run Inflow Streak To 18 Amid Rally
If you’re curious — and I know you were! — global equity funds just enjoyed
Money Fund Assets Scale New Peak Amid $100 Billion Month
US money market funds took in another $25 billion in the week to August 21,
Are Stocks Primed For A New ‘FOMO Chase Melt-Up’?
Wall Street snapped its best win streak of 2024 on Tuesday, when the S&P slipped
‘Straight Cash Homie’
As anyone who keeps tabs on markets is aware, inflows to cash are largely unabated.
What Usually Happens When Fund Managers Are This Worried About Fed Policy
Pros are more convinced than ever that monetary policy’s too restrictive. That was one of
What Panic? Global Equities Run Inflow Streak To 17 Weeks
Historically, August is a challenging month for equity flows. But here we are two weeks
The Enduring Paradox Of A Bull Case Built On Rate Cut Hype
An equity rally built on expectations for aggressive rate cuts is inherently paradoxical. If you’re
Macro Volte-Face Triggered Black Swan Drawdown For CTAs
“Trend following had a tough time,” SocGen’s Sandrine Ungari gently remarked, in a recent note.
Wild Dislocation Enabled Historic VIX Spike
Today’s the one-week anniversary of the largest VIX spike on record. How are you celebrating?
Cash! Money Fund AUM Nears $6.2 Trillion In VaR Shock Safety Bid
We reached the point of diminishing returns months ago on stating and restating the same
Another Day, Another Bad Treasury Auction
I suppose it’s not surprising that Thursday’s long bond sale went poorly. After all, Wednesday’s
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