Against the odds, and with a little help from an unusually accommodating Old Man Winter,
Category: Markets
The Cash Is Drying Up
There’s good news from “always and everywhere” land, where tautologies masquerade as wisdom and complex
Flirting With Portfolio Heresy
In January’s monthly letter, I noted that rates strategists are on board with the notion
Mike Wilson’s Earnings Model Sends Dire S&P Warning
“In bear markets like last year’s, when just about everyone lost money, investors lose confidence,”
Growing Pains
Traders, investors and Fed officials in their pre-meeting quiet period will all get a look
Going Long A Dangerous World
If you can discern a theme du jour amid rampant macro ambiguity in the early
The Biggest Contrarian Trade Of 2023
It’d be highly unusual if US Treasurys suffered another year of negative returns. In fact,
Plane English
The plane metaphors are as tired as they are ubiquitous. When it comes to analogies,
‘Mission Unaccomplished’
Larry Summers thinks it’s a bad idea for central banks to adjust their inflation targets,
Kolanovic: Recession Isn’t In The Price
Pinpointing the terminal rate may be a fun parlor game, but where Fed funds ultimately
McElligott Spots ‘Ultra-Rare’ ‘Bad News Is Bad News’ Regime
Sometimes, bad macro news is just bad news. Common sense interpretations of incoming data went
Give It Up, Man
“I think yield-curve control is entirely sustainable,” Haruhiko Kuroda said Wednesday, after the Bank of
Markets In ‘Sweet Spot.’ Enjoy It While It Lasts
“Enjoy the sweet spot but also be wary of it,” Deutsche Bank’s Jim Reid said
Morgan Stanley Has Some Wealth To Manage
If you weren’t apprised, Morgan Stanley is a business that “facilitates capital for clients to
There’s A Wrench In Goldman’s Profit Machine
Goldman missed on the top line and reported a $778 million pretax loss in its
‘The Humans Are Still Bearish,’ But Less So
“The humans are still bearish but a lot less bearish than in Q4,” BofA’s Michael
Gambling On Mao
We’re all supposed to be buying Chinese stocks, apparently. The bull case goes something like
‘Pandora’s Box Is Open’: Will The BoJ Shock Markets Again?
There was a time not so long ago — and by that I mean prior
Finish Medication!
Ahead of the pre-meeting quiet period, Fed officials have another week to push back on
Tail Tales
Humanity just suffered two left-tail events in succession. Pestilence came calling in 2020 and then,
War Games: Zoltan Pozsar And The Echo Chamber
“Looks like the CIA are avid readers of Zoltan Pozsar.” That’s a real quote from
Talking In Circles
A recession is coming. Maybe. That was one tentative message from America’s largest banks, where
Cautious Tone From BofA Feels Somewhat Ominous
It was all about net interest income for Bank of America’s Q4 results, and the
McElligott Warns Of ‘Inconvenient Truth’
Over the past several weeks, I’ve editorialized breathlessly about the potential perils ahead for corporate
Goldman Reveals Scope Of Losses In Unit Housing Apple Card
Headed into Q4 results due next week, Goldman investors were warily eying “Platform Solutions.” The
JPMorgan Results Marred By Misses. Buybacks To Resume
JPMorgan ended 2022 “in a position of strength,” Jamie Dimon said Friday. More importantly, the
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