Remember: The US government isn’t a corporation. Stan Druckenmiller may not understand (or appreciate) that,
Category: Markets
The Macro-Market-Policy Conjuncture According To Charlie McElligott
Skew is dead, long live skew. For the better part of two months, Nomura’s Charlie
Hawkish Correction?
What a difference a few days makes. Late last week, overzealous markets were so convinced
Bonds Upset By Waller’s ‘Careful’ Cuts
There’s “no reason” the Fed should cut rates “as quickly or as rapidly as in
$600 Billion Writes Off Recession
And the biggest driver of equity prices in 2024 will be — drumroll — the
Wall Street Earnings Wrap Up With Goldman Reclaiming Equities Crown
“We have a much stronger platform for 2024,” David Solomon said Tuesday, in remarks accompanying
We’re All CTAs Now
Over the years, and across countless articles, I’ve described the extent to which all market
Big Bank Earnings More Opaque Than Usual. Which Is Saying Something
Sifting through big bank results is a largely thankless task but, unfortunately, it’s obligatory. JPMorgan’s
Dimon Warns On Risky World As NII Beat Offsets Otherwise Mixed Quarter
JPMorgan kicked off earnings season in the US with what looked like a mixed set
Albert Edwards Revisits Greedflation, Sees Something ‘Sad’ At Fed
Investors are “divorced from cyclical reality.” That’s according to SocGen’s Albert Edwards, who, if past
Why The Path To New S&P Records Goes Through Janet Yellen
There were some questions earlier this week about what I dubbed a “crash-up blueprint 2.0.”
Potential Market And Macro Surprises For 2024
This week, in honor of the late Byron Wien, BofA released a list of 10
‘Boom, You’re Cooking With Grease’: A New Crash-Up Blueprint?
I’ve mentioned Lorie Logan three times in three days. Four times in four days if
It Was The Liquidity! It Always Is
It’s the liquidity! It always is. Last year was remarkable for a number of reasons,
Is This ‘The Calm Before The Profit Storm?’
“Forecasting is challenging,” SocGen’s Andrew Lapthorne wrote, in his latest. “Some would say impossible.” He’s
Kolanovic Still Cautious Amid ‘Overbought’ Markets, ‘Complacent’ Sentiment
The raucous rally in stocks and bonds to end 2023 left markets “overbought and sentiment
Macro-Stock Permutations For 2024
“With growth remaining subdued, the onus is on accommodative policy, ample liquidity and lower/contained interest
Wilson: Lack Of ‘Forecast Dispersion’ Could Spell ‘High Variance’ In Asset Prices
I’ve avoided being this blunt until now, but here it is: It doesn’t make a
Inflation Week To Bring More Evidence Of Fed’s Pyrrhic Victory
It’s inflation week in the US. Inflation data week, I mean. Every week is inflation
Delaying The Inevitable. Forever…
Equities and bonds meandered rudderless into the weekend following a spate of inconclusive data out
2024’s Most Important Market Events By Month
Just two things matter for asset prices, BofA’s Michael Hartnett reminded investors, in the first
Janet Yellen, Not Jay Powell, Triggered Historic ‘Everything Rally’
What (or who) turned the tide nine weeks ago for markets? Put differently, what was
Fed, Like The Rest Of Us, ‘Perceives’ Lots Of Uncertainty
The December FOMC minutes were hawkish. Sort of. Maybe. At the margins. That’s probably how
If You Need A Communist Publicist, Feng Shixin Needs A Job
Feng Shixin’s looking for a job if you’re hiring. His resume includes a long stint
Stock Gains Still Possible In 2024 Despite One Down Day, Bulls Argue
It’s still possible that US equities could log gains for 2024. The implication is completely
Are Emerging Markets A Lost Cause?
Occasionally, someone’ll ask for my opinion on emerging markets, where that almost always means EM
Money Funds Close Out Trillion-Dollar Year With One Final Inflow
Money market funds closed out a historic year on a strong note. After two consecutive
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