The profit recession for corporate America ended in Q3. EPS growth was around 4% last
Category: Markets
The Term Premium Is Negative Again
It’s official. Or as official as it can be considering we’re talking about something that’s
Nvidia Says A.I. Revolution Proceeding Apace
I’d say “not surprisingly,” but I guess that doesn’t quite work given that beats versus
Fed Minutes Repeat Familiar Talking Points
“There has been surprisingly little reaction thus far.” So said one observer following the release
Higher Rates ‘Single Best Development’ In 20 Years: Vanguard
“Higher interest rates are here to stay.” So declared Vanguard, staid bastion of relative sanity
BofA’s Subramanian Sees S&P 5,000 In 2024
5,000. And a new record high. That’s what BofA’s Savita Subramanian sees for the S&P
Maybe They Want The Bonds After All
Headed into this week, there was some consternation that Monday’s 20-year sale would evidence the
Dollars And Doom
This is a good time for a reminder: The world’s a much friendlier place when
The New Bull Case: Soft Landing Plus Insurance Cuts
In the latest edition of the Weekly, I suggested the unofficial consensus is still that
$26 Billion Pours Into US Stock Funds Amid Sentiment Shift
They were buying stocks over the last week. Equity sentiment inflected for the better this
Nobody Wants The Bonds!
Nobody wants the bonds! That’s sarcasm. It’s fair to say the oversupply panic that typified
The ‘Most Unexpected’ Macro Outcome Of 2024
In the latest installment of his popular weekly “Flow Show” series, BofA’s Michael Hartnett leveraged
Bubble Questions Haunt America’s ‘Magnificent 7’ After Banner Year
2023’s equity market is a story of “Magnificent 7” outperformance, and for many that’s problematic.
Forced To Cut
The top question now for markets is whether traders and investors are jumping the gun
Goldman’s Kostin Channels Taylor Swift For 2024 S&P Outlook
Goldman’s David Kostin channeled Taylor Swift for his 2024 US equity outlook, released on Wednesday.
Incrementally, Begrudgingly, Reluctantly Bullish
The tide appears to be turning a bit for professional investor sentiment. At regular intervals
The Bond Rally Happened. Now What?
The November bond rally accelerated meaningfully on Tuesday in the wake of a cool US
Bond Bulls On Stampede In BofA Fund Manager Survey
Fund managers are more confident than ever that longer-term bond yields are headed lower. That
Wall Street Rates Forecasts Paint Starkly Divergent Pictures
It was Morgan Stanley’s Matthew Hornbach who once said, “history has shown consensus estimates for
Mike Wilson Delivers Hotly-Anticipated 2024 US Equity Outlook
55 pages of Mike Wilson. Just imagine. For market skeptics, Christmas arrives every year in
Why One Bank Expects Massive Fed Cuts In 2024
UBS has a bold forecast for the funds rate in 2024. In a year-ahead outlook
The US Corporate Profit Recession Is Over
It’s official (almost): The US corporate earnings recession is over (with 89% of index market
McElligott Explains How ICBC Hack Might’ve Impacted Long Bond Sale
As the keen among you have surely surmised by now, the optically awful 30-year sale
Goldman Unveils Top Global Investment Themes For 2024
Earlier this week, Goldman unveiled their macro outlook for 2024. Suffice to say the bank’s
Powell Reiterates Fed ‘Not Confident’ Rates Are High Enough
Headed into Jerome Powell’s speaking engagement on Thursday, some market observers (myself among them) suggested
Déjà Vu Strikes In Rough Long Bond Sale
A tail at Thursday’s 30-year auction was all but a foregone conclusion. The long bond
For Bears, Another Frustrating Turn
It’s been a frustrating year for equity bears. The earnings recession was supposed to be
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