If I hear the term “false optic” from smart people a few more times, I’m
Category: Markets
Opium Wars
It was another disastrous day for one of the world’s most influential stocks. Tencent plunged
Take My Breadth Away
I doubt there’s much in the way of reader appetite when it comes to laborious
I’ll Have The Stocks. With A Side Of Caveats
The smartest guys and gals in the room are still overweight equities, you’ll be happy
Why One Bank Isn’t Buying ‘Forced’ Bond Narrative
“We think that it is important to avoid the trap of forcibly fitting a narrative,”
Manufacturing Surveys Show ‘Strongest Sellers’ Market’ Ever
The first of this week’s top-tier US data missed estimates, perhaps helping to make the
Unifying Threads
Monday’s narrative was just recycled, boilerplate copy: Solid earnings and decent data helped “offset” Chinese
Jobs, Jobs, Jobs (And The Rent’s Due)
“Jobs, jobs, jobs!” Or whatever. It’s NFP week in the US, but virus headlines will
Risk Management In A Nonsense World
One of the myriad confounding factors in what’s been variously billed as the “Great Inflation
Lyin’ Eyes And Taper Tremors
Goldman’s clients are asking how the onset of a Fed taper will affect equity markets.
Maybe We’re Worried About The Wrong Tail Risk
Jim Bullard said Friday that the spread of the Delta variant is likely to be
Like There’s No Tomorrow
“Global interest rates [are] at 5,000 year lows,” BofA’s Michael Hartnett observed, again, in the
Off The Boil?
It’s like that last peanut butter cookie from the batch you made 10 days ago
In China, The Onslaught Continues
“Even more complicated and grim.” That’s how the Politburo characterized the external environment at a
If The Asteroid Ever Comes
“US stocks rise after GDP reinforces Powell’s dovish stance,” one headline read, on Thursday afternoon.
McElligott On The Fed, Bonds And Fall ‘Timing Turn’
Market participants may soon brave another “bearish shot” at bonds, which could translate to rekindled
‘Hot’ US Economy Underwhelms Despite Spending Spree
The US economy expanded at a 6.5% annual clip in the second quarter, the government
Choose Your Own Narrative, Jobless Claims Edition
400,000 Americans filed for unemployment benefits last week, more than expected. It was the second
Powell: Virus ‘Loose Out There. No One Is Safe’
The July 2021 edition of Jerome Powell’s post-FOMC press conference series produced no shortage of
Fed Shuffles Words Around. Flags ‘Progress’ In QE Language
This is a good time to remind everyone that we needn’t suffer through a press
‘Hi, It’s China. We Understand You’re Terrified.’
Following a characteristically silly domestic media blitz aimed at calming frayed investor nerves, Beijing dialed
Remain Calm: China’s Falling Knives
Some of the headlines in Chinese media were amusing Wednesday. In the wake of a
Spare Change, Big Numbers
There’s $4.49 trillion in dry power sitting mostly idle in money market funds. That pile
‘Out Of Superlatives’: US Housing Exhausts Thesaurus
I’ll express my gratitude to Craig Lazzara, global head of index investment strategy at S&P
Emerging Problems And Party Prerogatives
I generally avoid quoting (let alone making) statements like I’m about to make, but an
Consumers’ Revenge
US consumers are concerned about inflation. We know that. It’s well documented. The question going
In China: Liquidation
Worries that foreign capital will run screaming for the exits (if it hasn’t already) were
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