“Uncertainty” was the word of the day at Jerome Powell’s post-FOMC meeting press conference, where
Category: Markets
Deep State Holds Rates Steady
The Fed kept rates on hold Wednesday, as expected. There was no drama around the
Captain Capricious And The Taiwan Canary
This week’s Treasury refunding auctions garnered a lot of attention for obvious reasons. The macro-market
Neon Swan: What Just Happened In Taiwan?
If a six-standard-deviation event’s a black swan, what’s a 20-sigma-event? What color swan is that?
A Long Week For Jay Powell
This’ll be a long week for Jerome Powell. The Fed convenes Tuesday and Wednesday, and
Buffett, 94 With $350 Billion In Cash, Holds Court
Warren Buffett’s still alive. That was one takeaway from Berkshire’s annual meeting, where a 94-year-old,
Miracle Man
Congratulations to Donald Trump: Headed into the US afternoon on Friday, he was set to
Is The US Outflow Narrative Overdone?
They were still selling US equities over the last week. And they were still buying
Amazon, Apple Underwhelm As Questions Outnumber Answers
Amazon, which was in the news this week for kissing Donald Trump’s ass, rang up
Dumb and Dumber
Scott Bessent says the Fed needs to cut rates. He’d know. He and a “Tariff
Microsoft, Meta Beat Estimates As Big-Tech Sturdy
Microsoft results can be a tough cover. A lot depends on what Amy Hood says
Sooner Or Later, Trump’s Going To Commandeer The Fed
It’s tempting to ignore Donald Trump’s nonsensical ramblings — “malarkey,” to channel a certain senior
Capital Flows To US Assets Dry Up Amid Policy Chaos
Hard stop. That’s what we’re looking at in terms of foreign investor flows to US
The Bonds Don’t Lie
First thing Monday, I not-so-gently chided Scott Bessent for what, in my view anyway, was
Fool’s Gold
Over the weekend, Scott Bessent said a ridiculous thing. He said a lot of ridiculous
The Domino Effect Of De-Anchored Inflation Expectations
The Powell Fed’s in a tough spot. That’s a good early candidate for macro-market understatement
Alphabet Does Enough
To let some analysts tell it, Alphabet’s virtually uninvestable. Pretty much everything to do with
Untethered
Remember when tariff threats were a boon for the dollar, Treasurys were a haven from
History Shows High Tariffs Pose ‘Extreme Danger’ To Corporate Profits
If there’s a silver lining (there’s not), it’s that US corporate profits are extremely elevated
Stock Market Gives Trump Historic Thumbs Down
I love it. I absolutely love it. Wait, that’s not true. And even if it
‘Sell America’: The New Global Consensus
How quickly things change. In January, “US exceptionalism” was the undisputed macro-market consensus. Fast forward
Foreigners With $26 Trillion Of US Assets Fear ‘Institutional Erosion’
This goes without saying — or at least it should — but valuation effects account
Biggest Loser
Boy, the jokes just write themselves, don’t they? The Dow was down more than 1,000
Beleaguered Dollar Hit Again On Trump’s Powell Threat
If Donald Trump wanted a weaker dollar, undermining faith in US assets, and particularly threatening
How The Supreme Court Could Trigger A Financial Meltdown
I hope — really I do — that markets aren’t forced to grapple this year
Slow Bleed
If it feels to you like equities are stuck in the mud after weeks of
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