The Chinese economy’s still on shaky footing. At this point — which is to say
Category: Duly Noted
What If Tariffs Are Deflationary This Time?
Here’s an idea: What if new tariffs are deflationary? If you’re inclined to dismiss that
US Housing Market Logs Another Regrettable Record
I hate to relegate the single-worst read on a key leading indicator of US home
‘Too Big To Fail’ US Stock Market Isn’t So Exceptional Without Tech
US equities are “too big to fail.” That was one, among many, takeaways from what
The Bond Conundrum
Bonds have very nearly pulled even for 2024. Maybe you noticed. 10-year US yields were
Where’d The Shorts Go?
Late last week, I spent a few minutes editorializing around record-low short interest on the
Money Market Funds See First Outflows Since Tax Week
US money market funds saw their first outflows since tax week, an update released after
JPM Sees ‘Implicit Short Vol Trade’ In Record-Low ETF Short Interest
Short interest on the two predominate ETFs tracking the most important US equity indices has
‘Haves’-‘Have-Nots’ Divide Reaches Tipping Point, One Bank Warns
There’s a vociferous debate raging in the macro community where economists, technocrats and economists employed
Mega-Cap Versus Median
Mega-cap exceptionalism’s admittedly a tired topic by now, but then again, it’s the defining characteristic
A Tale Of Two Markets
US equity funds took in another $6.3 billion on net over the latest weekly reporting
Six Reasons To Doubt The Fed Dots
The market doesn’t believe the Fed’s new dot plot. At the June FOMC, the Committee
Macron Says Resignation Rumor ‘Absurd’
I hope Emmanuel Macron knows what he’s doing. Really I do. On Wednesday, during a
‘Lower Quality Economic Participants’
What to do when you aren’t sure whether the economy’s headed for a “soft landing”
Split Decisions
I shouldn’t have to say this, but there’s nothing fundamentally bullish about stock splits. Wait.
Flows Worth Knowing
Bullish flows! Or something. I don’t know. You gotta have a hook. Otherwise it’s just
AI Isn’t A Bubble Yet, One Bank Says
There’s no shortage of bubble talk in 2024 and with Nvidia now more valuable than
Why A US Recession ‘Might Yet Arrive After All’
Albert Edwards suspects a US recession might be just around the corner. You could’ve written
Here’s What Hedge Funds Are Up To
Regular readers are all too familiar with my opinion of hedge funds and active management
US Stock Inflows Continue. Blue-Chip Debt Sales Near $800 Billion
If you were wondering — and I know everyone was edge of their seats —
The Regime Is Dead, Long Live The Regime
I’ve written voluminously on the growing impact of ballooning AUM for derivative income products. The
Tariffs, Taxes And Fiscal Policy
I think I’ve made it abundantly clear by now what I think of US election
Reprieve Ends For US Homebuyers As Mortgage Rates Rise
A three-week rate reprieve for aspiring US homeowners just came to an end. After flirting
Goldman Gives Up On July Fed Cut
Goldman’s seen enough. On Friday, David Mericle threw in the towel on the bank’s call
Money Market Fund Assets Climb Fifth Week, Nearing Record
Money market funds took in more than $17 billion in the week to May 22,
Hawks Fly In Fed Minutes
If the question’s how best to read the May FOMC minutes, the answer’s that it’s
There’s More To The Nvidia Story Than Nvidia
On the eve of Nvidia’s Q1 report, billed as another “make or break” moment for
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