“Die gas pumper!” References to The Jerk are a staple in these pages, even as
Category: Markets
‘Welcome To Trump 2.0’: Dollar Whipsaw Is Preview Of Volatility To Come
“Fake news.” That was Donald Trump’s response on Monday to a Washington Post sources story
Burning Bonds
I’ve said it over and over again in recent days and weeks, and I’ll say
Modern Market Minsky Moments
How long does a given market theme have to last before it becomes structural? Put
Liquidity’s Drying Up For Non-US Corporates
I talk (we, all of us, talk) a lot these days about US “exceptionalism.” Once
Musk World
Not a single day goes by when Elon Musk isn’t in the news for something.
Will The Modern Market ‘Virtuous Cycle’ Resume In January?
Remember the post-December FOMC vol shock and correlation spike? If not, don’t fret. That was
2024, Signing Off
The final session of 2024 on Wall Street was, like the handful of sessions before
Where’s My Damn Santa Rally?
Someone check the stocks. They might be unplugged, like so many strands of Christmas lights
Do You Believe In Miracles?
Do you believe in miracles? Maybe you should after this year on Wall Street. 2024
Cash: A Renaissance Tale
A few days ago, while summarizing and otherwise closing the book on another remarkable year
What’s Wrong With The Bonds?
I hope Scott Bessent’s paying attention. The US long end’s on track for its worst
Ring It In
Humanity will ring in a new year in the week ahead. Here’s hoping 2025’s every
King Dollar Reigned In 2024
Remember when Western sanctions on $300 billion of Russian reserve assets ushered in the dawn
2025 Crystal Ball
What’s the consensus outlook for 2025? That’s a tough question to answer. Consensus for what,
Breaks, Myths And Hyper-Scalers
I’d say investors and traders were back at the desk on Thursday, but that’d be
‘The System Needs A Breather’
“Giddy.” That’s equity investors. Or US equity investors anyway. The adjective comes from SocGen’s Jitesh
The Best (And Worst) Outcomes For 2025, According To Fund Managers
If you had to make a list of prospective good outcomes for 2025, which would
The Equity Funding Squeeze Briefly Revisited
A month or so ago, I wrote a bit about an under-the-radar funding squeeze for
Musk Takes A Shot At The Fed
On December 4, Jerome Powell sat for a fireside-style chat with Andrew Ross Sorkin for
Time To Get Defensive?
Goldman likes defensives. Wait, let me back up and be more specific. A model Goldman
Exceptional. But Read The Fine Print
If the American exceptionalism narrative vis-à-vis markets feels exhausted — ad nauseam — to you, you’re
$18 Trillion Gap Masks ‘Stealth’ Stock Correction
There’s a “stealth correction” afoot in the equity market. What? You didn’t notice? Well, that’s
Nascent Angst
There’s a lot to be concerned about all of a sudden, even if Friday’s session
The Fed Triggers A Vol Shock
I’m compelled, I suppose, to weigh in quickly on Wednesday’s post-Fed stock “crash” and the
Recalibration Complete
Wednesday’s rate cut from the Fed was “a closer call” compared to reductions in November
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