If you have even a passing interest in markets, macro and monetary policy (and if
Category: Markets
The $6 Trillion Question
“Cash” had a helluva year. Perhaps you’re aware. Every week, I editorialize around the latest
How Long Before The Fed Faces Reserve Scarcity?
A few days ago, I mentioned that RRP drain had likely started the clock on
Long Cash!
Another week, another new record for money market fund assets. Money funds took in $29.12
Sentiment Shift Drives $50 Billion Flow Bonanza To US Stock Funds
US-focused equity ETFs and mutual funds scored another big inflow over the latest weekly reporting
Interest Expense, Debt And A.I.: What Corporate America Is Talking About
Every quarter, once the verdict is in on earnings season, Goldman publishes an “S&P 500
Bears, Bulls And The 1950s Parallel
The profit recession for corporate America ended in Q3. EPS growth was around 4% last
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
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