A few days ago, a reader wondered about the read-across of recent events for the
Category: Markets
As The Cycle Turns…
We’re mid-cycle, and market participants might consider acting accordingly. That’s the message from Morgan Stanley’s
Nvidia Beats, Tips Huge Upside To Consensus For Next Year’s Sales
For the 16th consecutive quarter, Nvidia reported revenue that topped Wall Street estimates. Sales in
Bessent, Tilting at Windmills, Risks Reflexive Crisis
I’m quite possibly the only macro-market documentarian who doesn’t give a damn what Stan Druckenmiller
A Changed World Demands A Higher Term Premium
As a reminder: The term premium really shouldn’t be negative. There are myriad risks associated
Wilson Has ‘Different View From Mainstream’ On Rate Rise
As mentioned here on Monday morning, and as discussed at greater length earlier this month
The Road (Back) To Financial Repression
Markets have finally run out of patience with sovereign risk. That’s the overarching message from
Here’s Why Markets Smirked At Bessent’s Buybacks
The problem with Scott Bessent’s rationale for upsizing US Treasury buybacks is that it’s a
Failure’s Not An Option
The phrase “failure’s not an option” typically accompanies dire circumstances like, say, Operation Dynamo. No
Weekly: Scott’s Folly
Congratulations to Scott Bessent for hijacking the market narrative this week. There wasn’t much on
Did Bessent ‘Put’ Us Back On The Road To QE?
Why? And why now? Those were the main questions floating around markets a day on
Watch Out For ‘Two Key Things,’ Albert Edwards Says
There’s a crisis brewing, according to SocGen’s Albert Edwards. He’d know. He’s seen all manner
Bessent Bails Out The Bonds
Earlier this week, I suggested Scott Bessent had a burgeoning PR problem. On Monday, the
A Profit Boom Like No Other
Believe it or not, we’re still “in” Q2 reporting season. It’s almost over, but not
They’re Worried About The Capex
They’re worried about the capex. And the attendant debt binge. But not so worried that
Cheap Gold?
How does my gold joke go again? Oh yeah. Like this: “Gold. It’s shiny and
Bulls A-Bakin’!
Somehow, Michael Hartnett found more than 200 fund managers to poll during the second week
Scott Bessent Has A PR Problem
The US long bond cheapened again on Monday, and I gotta tell you: The optics
Hyper-Compression
One thing we learned over the past three or so months is that broad US
Long Bond, Big News
The long bond’s big news. In fact, I’d wager you’re like me in having read
Weekly: Buy Gold?
Uncle Sam’s borrowing costs were still front-page news on Friday, as the financial media spilled
Uncle Sam Pays The Piper
On August 12, I suggested next year’s biggest macro-market story may be the interplay between
This May Be 2027’s Most Important Macro-Market Story…
Earlier this week, in “Food For Thought,” I touched on the increasingly topical interplay between
How Oracle Changed The Game
When I write about the AI buildout, I tend to reference Oracle’s September 2025 earnings
Food For Thought
Thematically, a lot of my pre-CPI coverage this week revolved around the impact of the
Intel Cashes In
You gotta make hay while the sun shines, as the old adage goes. Intel did
Bankrolling The Dream
Nvidia was back in the news early this week. (I know, I know: “When was
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