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Category: Markets

‘Sell America’: Hyperbole Or Epochal Shift?

June 13, 2025June 15, 2025

At the risk of positing a strawman, sometimes it feels like Wall Street strategists and

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Ice Cream TACOs

June 10, 2025June 11, 2025

I hesitate to weigh in on the near-term trajectory of… well, of anything, really. Tomorrow’s

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7 Comments on Ice Cream TACOs

The Bullish Side Of Unprecedented Trade Uncertainty

June 10, 2025June 11, 2025

If you’re searching for a silver lining in the dense fog of uncertainty hanging over

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3 Comments on The Bullish Side Of Unprecedented Trade Uncertainty

Long-Bond Drama Reignites 60/40 Debate

June 8, 2025June 10, 2025

There’s no shortage of handwringing over the dollar’s recent decoupling from Treasury yields. As discussed

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7 Comments on Long-Bond Drama Reignites 60/40 Debate

Are Investors Abandoning US Stocks?

June 7, 2025June 9, 2025

Are investors abandoning US equities? No. Yes. Maybe? It’s not a straightforward question. Answering it’s

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2 Comments on Are Investors Abandoning US Stocks?

‘Hot’ America

June 6, 2025June 9, 2025

We’re in month six of 2025, which is to say nearly halfway through the year.

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2 Comments on ‘Hot’ America

Rocket Fuel And Melodrama

June 6, 2025June 8, 2025

It never stops. The soap opera never stops in Donald Trump’s America. Every, single day

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6 Comments on Rocket Fuel And Melodrama

ECB Declares Inflation Victory, Cuts Eighth Time

June 5, 2025June 6, 2025

The ECB all but declared victory over inflation on Thursday, when Christine Lagarde — who

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Will Scott Bessent Have To Cut The Coupons?

June 3, 2025June 4, 2025

I wouldn’t describe it as “consensus,” or not yet anyway, but calls for Scott Bessent

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11 Comments on Will Scott Bessent Have To Cut The Coupons?

Is Corporate America A Safer Bet Than The US Government?

June 2, 2025June 3, 2025

This should go without saying, but US equities still aren’t cheap. I don’t know why

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6 Comments on Is Corporate America A Safer Bet Than The US Government?

When All Other Plunge Protection Fails…

June 2, 2025June 3, 2025

Listen, if Scott Bessent can’t find anyone to buy America’s debt, he can just cajole

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Move Fast And Break The Bonds

June 2, 2025June 3, 2025

New week, same concerns. The bear steepener was back in the Treasury curve, the dollar

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17 Comments on Move Fast And Break The Bonds

Trading The Tariff Range

June 1, 2025June 2, 2025

In addition to top-tier US macro data, traders will be compelled to grapple in the

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2 Comments on Trading The Tariff Range

Capital Wars Are Here

May 31, 2025June 2, 2025

Foreign investors didn’t need another reason to be skeptical of US assets. Militant mercantilism, policy

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6 Comments on Capital Wars Are Here

Game Of Chicken (The Trump Collar Explained)

May 30, 2025June 2, 2025

Legendary fast food connoisseur Donald Trump doesn’t like the “TACO”s. A fixture of Trump’s tariff

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10 Comments on Game Of Chicken (The Trump Collar Explained)

TACO Stall

May 30, 2025June 1, 2025

The world’s two largest economies might’ve made “great progress,” as Donald Trump put it, towards

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23 Comments on TACO Stall

At The President’s Invitation

May 29, 2025May 30, 2025

“Donnie, I got sent for.” On Thursday, the Fed casually announced that Jerome Powell was

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6 Comments on At The President’s Invitation

Huang Praises The Revolution As Nvidia Results Clouded By China Curbs

May 28, 2025May 29, 2025

Nvidia — maybe you’ve heard of it — beat on the top-line in results released

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17 Times The Uncertainty

May 28, 2025May 29, 2025

The word “uncertainty” came up 17 times in the May FOMC minutes, released on Wednesday

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Is US Tech Still Magnificent?

May 28, 2025May 29, 2025

As Nvidia readied its quarterly results, analysts and strategists were torn on whether investors should

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3 Comments on Is US Tech Still Magnificent?

Are Developed Markets The New Banana Republics?

May 27, 2025May 28, 2025

Implicit in pervasive hand-wringing over the recent sharp rise in long-end bond yields across advanced

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3 Comments on Are Developed Markets The New Banana Republics?

In Japan, Myth Maintenance

May 27, 2025May 28, 2025

Markets stop panicking when policymakers start. I don’t know if the news out of Japan

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8 Comments on In Japan, Myth Maintenance

A Global ‘Losing The Long-End’ Moment?

May 24, 2025May 26, 2025

Is the developed world staring down a fiscal crisis and a potential implosion of sundry

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17 Comments on A Global ‘Losing The Long-End’ Moment?

Who Wants To Loan ‘The King Of Debt’ Some Money?

May 23, 2025May 26, 2025

This week was all about bonds, and specifically US Treasurys. Although the US long-end managed

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6 Comments on Who Wants To Loan ‘The King Of Debt’ Some Money?

Trump Again Demands Apple Make iPhones In America

May 23, 2025May 24, 2025

Maybe the iPhones aren’t safe after all. Donald Trump put a damper on Friday’s pre-Memorial

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14 Comments on Trump Again Demands Apple Make iPhones In America

Long Bond, Long Face

May 22, 2025May 23, 2025

I don’t want to say Scott Bessent’s lost the US long-end, because that’s a little

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‘The Single Most Important’ De-Dollarization Canary

May 21, 2025May 22, 2025

The writing’s on the wall. You just have to be able to read Japanese. If

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