US housing starts dropped to a 1.534 million annualized pace last month, the Commerce Department
Category: Markets
Did We Underestimate The Biggest Risks?
Investors may have underestimated the biggest risks. Imagine that. While there’s no straightforward, mechanical read-through
Huge Disparity Emerges Between Growth Outlook, Equity Allocation
“Macro expectations have rolled over.” That was one takeaway from the August vintage of BofA’s
Benefit Of The Doubt
It’s “unclear” whether the Delta variant will have important effects on the economy, Jerome Powell
Retail Sales Dive, Underscoring Delta, Inflation Concerns
US retail sales sagged in July, closely-watched data out Tuesday showed. The 1.1% decline was
What Really Happened Monday, According To Charlie McElligott
The standard, boilerplate copy on days when weakness across equities reverses during the cash session
Wary Eyes, Familiar Concerns
The mood was cautious Tuesday as markets cast a wary eye at a familiar set
Wilson ‘Marks To Market.’ Kolanovic Weighs 2022 Macro Risks
I’ve used “mark to market” in tongue-in-cheek fashion on any number of occasions lately, mostly
‘Obvious Things’ And Credit, The Four-Letter Word
“Obvious things can still matter,” Morgan Stanley’s Andrew Sheets reckoned, in a well-written note dated
Strike Two
Hot (or cold) on the heels of a disastrously bad University of Michigan sentiment print,
China’s Key Activity Data Misses Across The Board
Outside of jitters about the durability of the US recovery in the face of surging
Safe Inside The Bubble
In the new week, market participants will have the luxury of watching the outside world
Don’t Fear The Lock-Up Expiries
When it comes to equities, we know where the demand will come from. Or at
Explaining The Calmest Market Since Yellen’s Short Vol Bubble
The last time things were this placid, Janet Yellen was presiding over the short vol
Monetizing A ‘Free Option’: The Business Of Permabears
On Friday morning, Bloomberg’s Jonathan Ferro delivered a highly amusing indictment of “permabears” live, on
Losing Our Religion
In “A Funhouse Mirror Through Beer Goggles,” I talked about the importance of adjusting one’s
Hot Streak And A Bear Case In Shambles
European equities just enjoyed their largest inflow in eight weeks. The $1.5 billion haul was
‘Dashed Hopes’: US Consumer Sentiment Suddenly Crumbles
It’s relatively rare that University of Michigan sentiment moves the proverbial needle, especially during weeks
The Butterfly Effect
“You’re going to have a secondary hit,” one shipbroker told Bloomberg on Friday. In a
Delta And The Outlook For ‘Cyclical Risk Relaxation’
One thing, at least, is clear. Market participants have downgraded their view on growth. That’s
McElligott On ‘Melt-Up, Crash Down, Crash Up’
Melt-up, crash down and (likely) crash up. That’s one sequencing possibility in US equities, according
Kolanovic Calls Bottom For Bond Yields, Cyclicals
Nearly a month on from raising their price target on the S&P, JPMorgan and Marko
Still Askew
US producer prices rose far more than expected in July, the government said Thursday. The
Crude Confusion And Authoritarian Capriciousness
The “recent rally has lost steam on concerns that a surge in COVID-19 cases from
A Funhouse Mirror Through Beer Goggles
If you fail to adjust your lenses to account for the ongoing drift away from
Delta Spillovers By The Outdoor Bar
With the Delta variant running rampant, you might be asking yourself whether sundry supply chain
Team ‘Transitory’ Gets Small Win. But Caveats Abound
The most anticipated US inflation data since last month’s numbers showed price pressures abated more
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