Although key PMI readings out of the US this week do have the potential to
Category: Duly Noted
Managing American Apathy Is Tricky Dynamic For Putin, Xi
Vladimir Putin is having an easier time wearing down voters in Western democracies than he
Mortgages Will Soon Be Collateralized By Amazon Stock: WSJ
If you work for Amazon and you have some stock but not a home, there’s
‘Misaligned’ Equities Ignore ‘Negative Externalities,’ Geopolitical Firestorm
US equities re-rated too far, too fast out of the gate in 2023. Where and
Make Or Break
The Fed desperately needs a break from hot US economic data. Monday’s large upside surprise
What Really Counts For Stocks Near-Term
Back on January 30, I noted that the 12-week decline for the dollar was essentially
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
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