As Nvidia readied its quarterly results, analysts and strategists were torn on whether investors should
Category: Markets
Are Developed Markets The New Banana Republics?
Implicit in pervasive hand-wringing over the recent sharp rise in long-end bond yields across advanced
In Japan, Myth Maintenance
Markets stop panicking when policymakers start. I don’t know if the news out of Japan
A Global ‘Losing The Long-End’ Moment?
Is the developed world staring down a fiscal crisis and a potential implosion of sundry
Who Wants To Loan ‘The King Of Debt’ Some Money?
This week was all about bonds, and specifically US Treasurys. Although the US long-end managed
Trump Again Demands Apple Make iPhones In America
Maybe the iPhones aren’t safe after all. Donald Trump put a damper on Friday’s pre-Memorial
Long Bond, Long Face
I don’t want to say Scott Bessent’s lost the US long-end, because that’s a little
‘The Single Most Important’ De-Dollarization Canary
The writing’s on the wall. You just have to be able to read Japanese. If
No Respite From The ‘Sell America’ Trade
The “sell America” trade (or narrative or whatever you want to call it) is bleeding
The Term Premium Sends A Warning
It’s time for a term premium check. Why? Well, mostly because it’s a random, somnolent
Whither The Mag7?
There’s never been a better time to buy the Magnificent 7. I don’t necessarily believe
Pay Up, Scott
Pay up. That was the message from the bond market on Monday, when long-end US
Where’s The Next Bull Market?
Opinions vary on whether mercurial US trade policy and a de facto abrogation of America’s
Capitol Punishment
Let’s dispense with a few obvious points up front. From a pseudo-philosophical perspective, it doesn’t
Is The Fed Ignoring An Inflation Expectations Crisis?
It’s a good thing 2025 Jerome Powell doesn’t put any more weight on the University
America Has A Problem. And The Only Solution Is Dollar Weakness
America has a problem. A lot of them, actually. Don’t get me started. We’ll be
More Extortion
Earlier this month, when the Taiwan dollar was busy staging a statistically impossible rally, officials
It’s Not ‘TDS.’ It’s ‘WTAFITGD’
Tariffs were supposed to be USD bullish, but I was supposed to be a corporate
The Pros Were ‘Glum.’ Then Geneva Happened
Professional investor sentiment improved this month, and thank goodness for that. Recall that last month’s
What The US-China Trade Truce Means For The Fed
What’s the read-through from the US-China trade truce for the Fed? That’s not a straightforward
‘Only Incompetent, Not Totally Insane’
Earlier this month, Marko Kolanovic said the Trump administration’s hopelessly mercurial approach to trade policy
‘Art Of The Deal’ Strikes Again
Art of the deal! Donald Trump agreed to pause most tariffs on China for 90
‘Great Progress’
US-China trade headlines will undoubtedly dominate the news flow in the days ahead. “GREAT PROGRESS”
Rotation Ongoing
If you’re wondering whether the latest flows data provided more evidence for the US-to-RoW rotation
Debating The Dollar
What’s wrong with the dollar? Notwithstanding a nascent bounce that finds the DXY pushing back
A Confused, Split BoE Cuts Rates As Trump Touts UK Trade Accord
Only from the Bank of England can you get a hawkish 25bps rate cut accompanied
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