“Yikes.” That was my reaction to Wednesday’s US CPI report, which showed inflation across the
Category: Markets
BofA Hit By Fine, Trading Slump. Wealth, Equities Shine At Morgan Stanley
Bank of America on Wednesday reported results that fell short of consensus on both the
The Chips Are Down Again
Remember CXMT? If not, don’t worry: I didn’t either. I had to use my own
They Want 6%, Scott
6%. On 10s. That’s what it’s gonna take to tempt professional capital allocators to rotate
Meanwhile, At Goldman: More, More, More
To say Goldman’s stock traders have had a good 2026 would be an understatement, and
JPMorgan Results Are Decent Enough
The House of Dimon reported earnings that missed estimates on Tuesday. That’s not something you
Still Cashing In
There’s a lot of cash on the proverbial sidelines. Still. There’s still a lot of
Who’s Afraid Of The Big, Bad Unknown?
One of my least favorite charts was back in the news this week. Plotting any
Weekly: Are Stocks Really Whistling Past The Graveyard?
Yes, the S&P managed to post a new record close (the first since August 13
Bombs, Brent And Breakevens
“A whole civilization will die tonight.” Or maybe tomorrow night. Sometime before the midterms. Maybe
Halle-freakin’-lujah
It goes like this, the fourth, the fifth The minor fall, the major lift… Hallelujah.
SpaceX The Hyper-Scaler
SpaceX is gonna need to borrow some more money. Several tens of billions more, reportedly.
AI And Oil: America’s Historic Profit Bonanza Rolls On
You know things are going well when corporate America’s expected to report profit growth of
Burn, Baby, Burn
Europe’s ungovernable. Breaking news, I know. On Monday, an already fraught political environment took a
Weekly: The ‘Humiliation’ Trade
I’d like to buy long-end US Treasurys right now. And I did, both this week
Railroaded
In terms of concentration risk, the AI trade’s now on par with the largest bubbles
Bonds At The Breaking Point
Have we given up trying to call the top in G7 bond yields? Because if
¡Viva La Revolución!
Long live the revolution! If there were any doubts as to whether memory will remain
1999, 2007 And 2026?
Albert Edwards thinks the equity bull market’s reached “peak nonsense.” Critics would tell you Albert’s
The Real Debate
10-year real yields in the US are flirting with 3%, which is… I don’t know.
Anthropic IPO Prospectus: Taking An ‘Existential Risk’
“Hello, I represent a privately-held company that intends to offer shares to the investing public
‘The Macro Backdrop’
The bad news is, pervasive uncertainty around “the macro backdrop” — a polite euphemism for
Former Bear Sees A Potential Problem For Stocks
The outlook for US equities remains constructive, but a veritable collapse in a key measure
For Treasurys, A Month To Remember. And Forget.
One way or another, September will be remembered as a pivotal month for US government
Here’s Hoping Past Isn’t Precedent
With allowances for the pressing nature of concerns about the next phase of the Iran
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