The price of money’s irrelevant if there’s no demand for it. By appearances, officials in
Category: Markets
Sure Sounds Like A ‘Pre-Set Course’ To Me!
I don’t get bent out of shape about much. Nor do I care for pretending,
Lonesome Doves
The only thing I know about the future is that the deterioration in my social
I Was Told There’d Be Yen Strength
If you were concerned that the policy divergence between Jerome Powell’s Fed and Kazuo Ueda’s
Powell Risks Prejudgment Error With Flippant November Promise
Now that Jerome Powell has (wisely) taken out a 50bps insurance policy against a softening
‘We Need To Be Careful Not To Cut Too Much, Too Fast’
“It’s vital,” Andrew Bailey said Thursday, after the Bank of England left rates on hold
Recalibrating
Jerome Powell went out of his way on Wednesday to frame the Fed’s 50bps rate
50. Sans Bowman
They went big. Two months of high drama crescendoed Wednesday in a 50bps rate cut
‘It Doesn’t Make A Difference’
Jamie Dimon, man of the people? No. Definitely not. Dimon personifies American banking in a
Profits, Policy And Priorities
One narrative says corporate profits have virtually never been healthier. It’s hard to argue the
What’s To Become Of The Stocks?
But what does Mike Wilson think? “Where is Ja?!” (Somebody will get it.) Credit where
Gamblers Gonna Gamble
You gotta love it. Following last week’s US CPI report, all-knowing, efficient markets were convinced
Everything The Fed Should Consider For The September FOMC Meeting
On Wednesday, the Fed will answer your questions about life, the universe and everything. Or
Bank Of Japan Rate Guidance Eyed After Chaos. Bank Of England Faces Big QT Decision
The Fed’s not the only game in town this week. On Friday, the Bank of
Reflexivity And Risky Ventures
Market participants don’t fully appreciate the Fed’s reflexivity “problem.” I put problem in scare quotes
Nvidia Has ‘Central Bank-Like Power’ In Modern Markets
Earlier this month, I described the size (and, by extension, the index influence) of Nvidia’s
ECB Delivers Second Rate Cut. Will Wing It From Here
The ECB on Thursday cut rates for the second time in three meetings, as expected.
Now Or Later, The Market Will Get The Cuts It Wants
“A bigger increase in cyclically-sensitive shelter prices will make it harder for Fed officials to
As Rates Fall, What Will Become Of US Housing?
If you want to argue that orthodoxy has it backwards when it comes to rates
Bear Goggles
The lead-up to Wednesday’s US CPI release wasn’t the most exciting tape to watch. Any
Fed Should Take A Hint From Commodities
If the global economy’s holding up — and I’ll readily admit to positing a bit
Disconnects And The Fed’s Ever-Present Reflexivity Problem
As discussed at some length in “Who You Gonna Believe?,” one of the key market
Yardeni, Wilson Cite Yen Carry Trade As Key Factor In Fed Debate
If you’re the Fed, there are good arguments against coming out swinging with a 50bps
Accursed Month
Goldman’s Scott Rubner was right. Markets were, as it turns out, predisposed to pre-trading a
There’s A Bear In There
The holiday-shortened US trading week wasn’t kind to equities. The world’s benchmark risk asset par
Buy The Dip? No. Sell The Cut.
The Fed’s likely to cut “aggressively” and when it comes to risk assets, it’s best
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