If Your Income Drops, How Do You Keep Consuming?
Personal incomes fell much more than expected in October, the BEA said Wednesday. The 0.7% drop compared to expectations forContinue Reading
Category: Markets
Surprise! Jobless Claims Jump As Pandemic Rages Unabated
778,000 Americans filed for unemployment benefits last week, a five-week high and far more than consensus expected. This marks theContinue Reading
Manufacturing A Durable Recovery
Although Wednesday brought unwelcome news on the labor market, durable goods orders were resilient. The 1.3% gain for October wasContinue Reading
New Bitcoin Mania Has People Making No Sense Again
We’ve reached the point in the latest Bitcoin upswing that I’m obliged to mention the rally. I almost used theContinue Reading
Fairy Godmother
“Yellen will be in close contact with the Powell Fed to ensure that nearly all of the funding — orContinue Reading
‘A Sacred Number’: A Despondent Trump Holds Bizarre Press Conference To Honor Dow 30,000
The Dow topped 30,000 on Tuesday, and while it’s always impossible to definitively ascribe causation, sentiment was undoubtedly bolstered byContinue Reading
Nomura’s McElligott On Yellen As Treasury Secretary, Year-End Outlook
For the better part of two months, Nomura’s Charlie McElligott has been keen to press the idea that barring aContinue Reading
Bad Mood
Consumer confidence dipped in November, The Conference Board said Tuesday, citing “the resurgence of COVID-19” among other factors for Americans’Continue Reading
Rebalancing May See $300 Billion Out Of Stocks By Year-End: JPMorgan
It’s time to have the rebalancing discussion again. Or at least if you’re a JPMorgan client it is. As documentedContinue Reading
‘Quite Literally At A Price’: Inflation Comes Roaring To Life In US PMIs
While you can expect high frequency indicators to start reflecting the various lockdown protocols instituted across the US, PMIs aren’tContinue Reading
Morgan’s Mike Wilson: ‘I’m A Steadfast Bull’
Morgan Stanley’s Mike Wilson, known to some as the man who predicted the Q4 2018 swoon in US equities, hasContinue Reading
Europe Heads For Double-Dip Downturn As Western World Succumbs
Surprise! The European economy looks poised to log another contraction, fresh off Q3’s rebound from the pandemic plunge. The flashContinue Reading
Who’s Looking Forward To ‘Normal’?
More encouraging vaccine headlines looked to bolster risk sentiment in the new week as the University of Oxford and AstraZeneca saidContinue Reading
Weary & Wary
Market participants headed into the holiday-shortened week weary of increasingly absurd political theatrics and wary of dour COVID-19 headlines. MoncefContinue Reading
Reports Of 60/40’s Demise Were Greatly Exaggerated (Laphroaig Bottle)
Predicting the demise of 60/40 has been a fool’s errand. To be sure, it’s not hard to parrot a plausibleContinue Reading