Remember this day. March 19, 2024, will be enshrined in the annals of monetary policy
Category: Markets
Stock Bear Has Bonds On His Mind
Mike Wilson’s an equities guy, but he has bonds on his mind this week. As
What To Expect From The March FOMC Meeting
As a practical matter, it doesn’t make much difference whether the Fed tips two or
Inside The Bubble
I don’t want to suggest Wall Street strategists are engaged in an effort to “explain
US Stock Funds Shatter Inflow Record In Latest Mania Marker
Blow-off top, blow-off equity flows? That’s one interpretation of the latest fund flows update, which
Are Investors Ditching Gold To Buy Bitcoin?
Gold recently hit a record high. So did Bitcoin. Which to own? Decisions, decisions. One’s
Why Stocks No Longer Care How Many Times The Fed Cuts Rates
Of all the purportedly puzzling dynamics bedeviling market participants in their belabored efforts to makes
Yellen, Neutral, MicroStrategy And Bitcoin
Janet Yellen said something interesting this week. “It seems unlikely that yields are going to
There’s A Bear In The Office
“So, welcome aboard! Oh, and by the way: You’re not going to convince Albert. Don’t
Corporate Debt Boom Blows Up Another Bear Narrative
Remember the maturity wall panic? That was another bear narrative popularized in 2022 and 2023.
Charlie McElligott’s Unified Theory Of Everything
If you’re wondering why the risk-asset rally feels inexorable on most days — why the
Markets And The People Who Forecast Them
For what it’s worth — which could be a lot if the last several months
Did You Hear? The Short Vol Trade’s Back
The short vol trade’s back. Did you hear? You did?! That must mean you’re a
One Bear, Two Words
“Ambiguity.” It’s pervasive. So said Morgan Stanley’s Mike Wilson on Monday, describing the macro-market backdrop.
Is The BoJ About To Spoil Japan’s Record-Setting Stock Rally?
Japanese equities have had a good run. And that’s an understatement. An entire generation of
‘Magnificent 7’ Performance Has Never Been This Uneven
Market commentary often treats the so-called “Magnificent 7” as a monolith. This year, it’s anything
Riding The Bubble
By the end of jobs week in the US, market participants were still asking the
Windfalls And Pitfalls
There’s no respite for bears. Headed into the US jobs report, there were any number
Jay’s Quotable
Jerome Powell’s timeline for Fed confidence in the durability of the disinflation trajectory, and thereby
Bears Driven To Brink Of Extinction As Powell Promises Rate Cuts
“When we do get that confidence — and we’re not far from it — it’ll
CRE Slow Burn
America’s slow-burning commercial real estate crisis continues to produce a slow drip of headlines. Steve
No Surprises
Surprise: There were no surprises to speak of from Jerome Powell’s congressional testimony on Wednesday.
Rally Trivia And Pivot Remorse
Here’s a notable statistic: If US equities post gains during the final two months of
An Obligatory Nod To Bitcoin’s New Record High
Bitcoin hit a new record high on Tuesday. Maybe you noticed. I’m supposed to have
Records, Records Everywhere
Tales of rekindled animal spirits are everywhere. Comparisons to the dot-com boom and 2021’s “everything
2024 Isn’t 2021. It’s 2000. But Don’t Panic
“This time is different.” So said Goldman’s David Kostin in his latest. Don’t laugh. Or
Sentimental Steepener
Shorter-maturity Treasurys staged a pretty meaningful rally into the weekend following a lackluster read on
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