First Republic’s discount window and BTFP borrowings rolled into the “Other credit extensions” line item
Category: Duly Noted
‘Left-Tail’ Bank Risk Growing ‘In Real Time,’ McElligott Says
“The banks left-tail outcome is growing in real-time,” Nomura’s Charlie McElligott said Thursday, amid another
US Labor Productivity Does Something It’s Never Done Before
While previewing this week’s deluge of key data out of the world’s largest economy, I
US Hiring Plans Plummet As Job Cuts Accumulate
Job cuts were the lowest of 2023 in April, according to figures released on Thursday. That’s
This Time May Be Different, Powell Says
“We are prepared to do more if greater monetary restraint is warranted,” Jerome Powell said
Human Resources: Is ChatGPT A Fad?
It’ll be years before we can say, with certainty, whether generative A.I. is a revolution
Knives Are Out For America’s Regional Banks
“There may be another small one, but this pretty much resolves them all,” Jamie Dimon
Stock ETFs Are $800 Billion Sponge
By November of last year, retail investors had liquidated the entirety of the individual stocks
‘New Milestone’ Spotted In Retail Investor Nasdaq Selling
In the aftermath of the original pandemic lockdowns, tech became even more synonymous with everyday
A $2 Trillion Year For Cash?
There’s been no capitulation in aggregate equities flows. So far in 2023, stock-focused ETFs and
Apocalypse Now, Says The Yield Curve
When will the world’s largest economy fall into recession? Right now, or sometime very soon,
Big Oil, Big Money
For the fourth straight quarter, Exxon raked in $10 billion or more in profits. Results
Cash Pours Back Into Money Funds. Fed Borrowing Jumps
Cash poured back into money market funds in the week to April 26, closely-watched flows
Bears Struggle To Shake 2023’s ‘Can’t Win For Losing’ Curse
For a day, maybe two, it looked like the stars might be aligning for a
3 Key Charts From The US GDP Figures
If you weren’t enamored with the advance read on Q1 GDP in the US, no
Who’s Gonna Buy Stocks Now?
Where’s the demand supposed to come from? From a stylized perspective, stocks are subject to
America Now A 5% Inflation Country, Summers Says
I’ve said it over and over again, and it’s not an especially popular talking point
McElligott Flags Risk Of ‘Accident’ In 0DTE Behavioral Shift
Short vol strategies have been profitable lately. “Grotesquely” so, in fact. The colorful description comes
4 Reasons One Bear Hasn’t Turned Bullish
For quite some time now, one bank’s leading earnings indicators have tipped a marked deceleration
US Equities Vol Regime Undergoes ‘Polar Opposite’ Shift
You’ve heard it again and again: You only need downside protection if you have exposure
Rate Cuts? Maybe. Easing Cycle? No.
“This time” is famously “never different,” but this cycle certainly is. It’s been a generation
Macron’s China Strategy Backfires As Diplomat Infuriates Baltics
“It is strange to hear an absurd version of the ‘history of Crimea’ from a
If SVB Was A ‘Crisis,’ Six-Month Rate Cut Odds Are 70%
Last week, during a Bloomberg forum, Brian Moynihan suggested the media and market participants might
High Profits, Hibernating Fear
Earlier this week, I talked a bit about the “too low” VIX. It’s a familiar
25/25/25/25
A couple of days ago, I mentioned the 25/25/25/25 portfolio again. The case for embracing
Yellen Stakes Out US Position Ahead Of China Tech Restrictions
For the third time in as many months, I’m compelled to inform you that Joe
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