The Fed kept rates on hold Wednesday, as widely expected. Stephen Miran naturally dissented, but
Category: Markets
The Poli-Sci Catalyst Behind Gold’s Epic Rally, Dollar’s Deepening Disaster
The paradox of power for America vis-à-vis the dollar-based financial architecture which grew out of,
Dollar Bears Everywhere!
I spent a lot of time early this week lamenting the rampant uncertainty engendered by
What Immigration Crackdowns And De-Dollarization Have In Common
Rule of law. It matters. In fact, it’s the only thing that matters in the
Gold Soars Above $5,000 As Chaos Rally Goes Parabolic
I love the smell of flaming fiat in the morning. On Monday, gold added to
What To Expect From 2026’s First FOMC Meeting
Jerome Powell, spendthrift renovator, will defy Donald Trump’s calls for more rate cuts at this
Weekly: The Existential Threat To US Treasurys
I’m pretty sanguine about the outlook for risk assets but… BUT. At the end of
Remember: ‘The Markets Have No Heart’
I’ve said it a few dozen times before and I’m sure I’ll say it at
Bond Vigilantes Beat Down The Door In Japan
I wouldn’t say this was an “all’s well that ends well” week for the Japanese
The Stocks Are Fine. The ‘Fake’ Polls, Not So Much
If you’re a politician and your poll numbers aren’t great, there are a couple of
Unhedged Pros Perilously Exposed To Stock Drawdown
If nothing can go wrong, I suppose you don’t need hedges. I’m reminded of an
Uber-Bullish Fund Managers Expect A ‘Boom’
Professional money managers have virtually never been more bullish. Because what on Earth could go
Denmark De-Dollarizes
“We are taking no action based on rhetoric alone.” So said Anders Schelde, CIO of
‘Take A Deep Breath,’ Bessent Says, As Dollar Dives
If you’re a developed nation, you don’t want to see your currency sell off at
Japanese Bond Market Implodes On Takaichi Power Play
There’s trouble in bond land and the epicenter’s Tokyo. Three months into her tenure, Japanese
Stocks, Credit Ignore A World Ablaze
It’s a holiday week in the US and there isn’t a lot on the compressed
Did Trump Just Announce The Next Fed Chair?
Donald Trump may spare us the humiliation of Fed Chair Kevin Hassett. As recently as
How Scary Is The Ramp-Up In Tech Sector Debt?
Investors harbor a veritable obsession with hyper-scaler capex and for good reason. As discussed here
AI Capex Spree Points To Lower Returns On Capital
Get ready for lower returns on capital from the largest, most important companies on the
Goldman’s Equities Traders, Morgan’s Debt Bankers Make It Rain
Goldman’s equities traders did some trading last quarter. Notwithstanding a slight miss to consensus when
Bank Of America’s Fine, In Case You Were Wondering
Brian Moynihan, like Jamie Dimon, is bullish on the US economy. He said as much
McElligott Explains Why Stocks Don’t Care About Powell Drama
If you’re old enough to remember 2018, the year Jerome Powell took the reins at
Dimon Upbeat On US Economy As JPMorgan Tops Estimates
JPMorgan kicked off big bank earnings in the US on Tuesday with a set of
‘Mark Z’ Taps Trump-Endorsed ‘Goldman Diplomat’ To Head AI Buildout
Dina Powell McCormick’s “uniquely suited to help Meta manage [its] next phase of growth.” She’s
Potential Vs Kinetic Energy: Goldman Sees 2026 Stock Rally Despite Risks
Did I mention that Goldman expects meaningful gains for US equities in 2026? Maybe. Probably.
McElligott Offers Nuanced Explanation For Macro ‘Green Shoots’
Mind the capex pull-forward effect. That was one message from Nomura’s Charlie McElligott who, in
Miran Previews Trump’s Fed Reboot, Calls For Huge 2026 Rate Cut
Gotta get those rates lower. That was the (familiar) refrain from Trump surrogate Stephen Miran,
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