Back on January 30, I noted that the 12-week decline for the dollar was essentially
Category: Duly Noted
Why Stocks May Be Doubly Dangerous
I’ve spent quite a bit of time opining on both the re-rating in US equities
Wishing Upon A Star
If you read the weekly (it’s in your inbox, and it’s also here), you probably
‘Furious Invincibility,’ Furious Inflation
We withstand all threats, shelling, cluster bombs, cruise missiles, kamikaze drones, blackouts, and cold. We
Junk Exodus!
If those calling for recession in the US economy are correct, it’s likely that high
What 0DTEs Are Doing To Markets
When I talk about “brave new markets,” I’m generally referring to market microstructure in general,
Meanwhile, Inside The Housing Bubble…
How large was the correction in the US housing market during 2022’s rapid run-up in
Cruel US GDP Revisions Are Cause For Angst
Historically, I haven’t spent a lot of time covering GDP revisions for the US economy,
Comrades In Moscow
Wang Yi got his meeting with Vladimir Putin on Wednesday. Or perhaps it’s more accurate
The Search For Peak Rates Continues
Have “oblivious” US equities finally woken up to what’s going on in the rates complex
What Walmart And Home Depot Said About The Economy
Nearly two years on from the last round of stimulus checks, the US consumer has
Head-Spinning Regime Shift Feeds US Stock Fund Exodus
It’s always an open question whether flows follow performance or vice versa, but the prospect
Bears Pile On As Calls For Selloff Reach Fever Pitch
The vast majority of bank clients are confused about the resilience of stocks in 2023,
High-Altitude Hallucinations
Late last month, in “Plane English,” I expressed something akin to exhaustion with market participants’
Where To Now For Corporate Profits?
Analysts have rapidly cut profit forecasts for corporate America, even as the breadth of negative
Suddenly, People Are Asking The Bigger Macro Question
The “structural shift” discussion as it relates to long run rates in a new macro
In Munich, China Scolds US, Harris Decries Putin
48 hours prior to the convening of the Munich Security Conference, I offered a gentle
How Extreme Is 2023’s Bullish Sentiment Shift?
Notwithstanding tentative signs of exhaustion over the past two weeks, the story of 2023 in
A ‘Pure Markets Guy’ Explains The Fed’s Inability To Tighten
I’ve spent quite a bit of time lately on the r-star discussion. It’s important, and
The Fed Is Angry. And The Dollar Is Back
The Fed’s mission is “very much unaccomplished.” That’s according to BofA’s Michael Hartnett, but more
‘Expect More, Not Less Geopolitical Tension’
News out of Eastern Europe was predictably foreboding on Thursday. Kyiv says it’s being forced
Cash For Haters
If you “hate” stocks, you’ll love cash. Admittedly, this story feels a bit tired, but
The Market Is Becoming ‘More Vulnerable,’ One Bank Warns
Nobody would blame you for suggesting market sentiment outran the fundamentals during the opening weeks
Macro Tension And 0DTE: Why Stocks Are ‘A Mess’
Equities are an “untradeable mess.” That’s apparent to anyone trying to trade them. The maddening
Russia Commits 97% Of Military To Ukraine As Fund Managers Worry
If you were wondering just how pot committed the Kremlin is to Vladimir Putin’s imperialist
China’s Middle East Pivot Is Hard To Ignore
Whenever the “petroyuan” comes up (which is quite often these days), I’m always keen to
What The US CPI Report Means For Fed Policy
Like every other monthly inflation update out of the world’s largest economy, Tuesday’s US CPI
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