Lower rates are stoking demand in a still-distorted US housing market. Mortgage applications rose a
Category: Duly Noted
Why Stocks Can’t Sell Off
The nascent rebound in skew is history. It was (mostly) snuffed out early this week.
‘Anywhere But China’
Things are going quite well for US equities. Perhaps you noticed. The S&P hit a
MMF Assets Fall After Record Start. BTFP Usage Soars As Arb Beckons
Money market funds saw a rare outflow in the week to January 17, data released
How Corporate America Benefited From Fed’s Rate Hikes
When it comes to explaining the conspicuous absence of “the most well-telegraphed recession in US
Options-Selling ETF Trend Spreads To Single Stocks
A little over a month ago, I revisited a familiar, but slightly esoteric topic: Ballooning
Stocks’ Interpretation Of Rate Cut Pricing May Lack Nuance
Stocks’ interpretation of market pricing for Fed cuts in 2024 may lack sufficient nuance. That
Xi Stares At Deflation
The Chinese economy is in trouble. You already know that, so I won’t dwell too
MMF AUM Edges Closer To $6 Trillion. RRP Still Falling. BTFP Hits $147 Billion
Money market fund inflows slowed after a massive haul around the calendar flip, but total
Spend It If You Have It!
Broken record time but, hey, what can you do, right? The knock-on effects from 2023’s
‘WEN CRASH?’
“WEN CRASH?” one popular strategist asked on Tuesday, employing a crypto meme for comedic effect.
Americans’ Credit Card Spending Soars, Inflation Expectations Plunge
A pair of third-tier US macro updates released on Monday were worth a quick mention
How Market Makers Cashed In On Jobs Day 0DTE Frenzy
It never gets old. Waking market participants up to what’s really going on behind the
Mind SPX 4650
Why do selloffs accelerate? In modern markets, the answer to that question is very often
MMF AUM Surges, RRP At 31-Month Low, Free Money Fed Arb Still Enticing
Money market funds took in more than $78 billion in the week to January 3,
Market Fireworks After New Year’s?
A week ago (maybe two, I can’t remember), one reader suggested that tracking vol dynamics
China Deploys 350 Billion Yuan In ‘Not QE’ To Halt Property Slump
Don’t call it “QE.” The Party doesn’t like that. In a testament to ongoing concerns
Chinese Economy Ends Year On Sour Note. Foreign Stock-Buying Plunges
The Chinese economy closed out a bad year with a fittingly lackluster read on factory
Any Idiot Could’ve Nailed Record Late-Year Bond Rally
Earlier this week, I noted that any idiot could’ve made a killing betting on a
Fed May Mothball ‘Hot Topic’ Bank Backstop In March
The curtain will probably close in a few months on the bank backstop the Fed
Behold: The Free Money Fed Arb
Every week, on Thursday evenings, I pen an update on money market fund flows, RRP
Money Funds See Second Week Of Outflows. Fed Backstop Borrowing Jumps
Don’t look now, but money market funds just a saw a second straight weekly outflow.
A Merry Revision For The Fed
The BEA on Thursday provided the Fed with more evidence to justify this month’s dovish
A Complete Rundown Of Wall Street’s 2024 S&P Targets
On the heels of a remarkable seven-week run for equities and amid what’s setting up
The $366 Billion Short Squeeze ‘Heard ‘Round The World’
One of the more popular discussions in market circles over the seven- (going on eight-)
Was Powell’s Pivot Really Misguided? (Maybe Not)
Three months ago, Jerome Powell chafed at the suggestion the Fed wasn’t aiming to achieve
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