Janet Yellen said something interesting this week. “It seems unlikely that yields are going to
Category: Markets
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
A Few Quick Thoughts On Crypto As ‘Winter’ Thaws
Fed cuts (or, more accurately, the expectation thereof later this year) are “sparking animal spirits.”
As 2024 Rally Rolls On, Traders Hear Echoes Of 2021
“Stay bullish.” That’s the message from a lot of people. From anyone you care to
Making Do With Euphoria
With two months in the books, 2024’s been generous to equity bulls. Both big-cap US
‘Egregiously Expensive’ Stocks Shouldn’t Keep You Up At Night, Subramanian Says
The S&P 500’s “egregiously expensive.” That’s the bad news. The good news is, you shouldn’t
Marko And The Mortals, Revisited
If you’ve been bearish (or “cautious” or “defensive”) in the face of a rally that’s
I Gotta Have More Magnificent 7
I might’ve mentioned this last week. I honestly can’t remember. And no, any recollection failure
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