If it feels to you like the tension across markets admits of no readily discernible
Category: Markets
Getting The Job(s) Done
The Fed is newly single. Vis-à-vis their mandate. Ironically, the single-minded pursuit of price stability
Yes, Credit Is Probably Cracking
I keep hearing credit “hasn’t cracked yet” despite turmoil in rates, equities and FX. That’s
Chaos Will Return To UK Assets
Admittedly, it feels gratuitous to dwell on the most chaotic week for UK markets since
US Households To Sell $100 Billion In Stocks, Goldman Says
Time and again over the course of what’s destined to be remembered as one of
A Callous, Persistent Bear
It really should’ve been worse. Or, if that’s too strong, we can say that it
Kolanovic Warns On War, Policy Risks
“The most recent increase of geopolitical and monetary policy risks puts our 2022 price targets
Neon Swans, Cash And A Dubious Anniversary
The question is no longer “How long until something breaks?” Something broke this week. It
(In)credible Cold Turkey Moments
“Markets stop panicking when central banks start panicking.” That’s a familiar refrain. It’s another way
It Didn’t Last
It didn’t last because it couldn’t. The bid for risk catalyzed by the Bank of
Germany To Borrow €200 Billion For Energy As Inflation Nears 11%
Markets were handed another stunningly dire German inflation outcome on Thursday. The harmonized gauge showed
It’ll All Be Fine. Truss Me.
A renewed sense of angst was evident across markets Thursday, as the respite provided by
Pension Panic Puts Central Banks Back In Intervention Mode
September 28, 2022, was the day central banks were forced back into intervention mode. For
BoE’s Rescue Mission At Odds With Fed’s Inflation Fight
Part of me doubts this needs restating, but given the historic nature of the circumstances,
Druckenmiller’s Bold Call: ‘Something Really Bad’ Could Happen
Stop whatever you’re doing! Stan Druckenmiller wants to say a couple of things. My overriding
‘A Forced Pension Fund Bailout. Full Stop’: McElligott On BoE
“Why were they forced into this at a time where they’re seemingly so keen on
BoE Will Buy Unlimited Bonds To Stem Crisis. QT Target ‘Unaffected’
Just yesterday, Bank of England Chief Economist Huw Pill said plans to proceed with quantitative
Pressure Cooker
“You’re not leaving much time to sort of look at each monthly release,” Charles Evans
2022’s Bear Goes From Bond Collapse To Risk-Off
The worst rout in global government bonds since 1949 rolled on Monday, as US yields
BoE Tempts Traders With Boilerplate Bailey Statement
The Bank of England on Monday did precisely what you don’t want to do in
‘Plaza Moment’ Pondered As Dollar Makes ‘Everything An Emerging Market’
Market chatter around the prospect of a global accord aimed at halting the dollar’s inexorable
UK Financial Crisis: Analysts Weigh In On ‘Calamity’
I doubt I was alone Monday in scouring the thesaurus for adjectives sufficient to convey
Carnage: Pound, Gilts Suffer Total Meltdown
Carnage. That’s the best one-word description of the market revolt unleashed by Liz Truss and
The Usual Bearish Suspects
Among the responses to “Apocalypse Soon” was a reference to the “usual bearish suspects.” We
Like March 2020. But Without A Backstop
Markets can look forward to incessant Fed banter in the new week. And I do
Runaway Inflation In Europe: Does The ECB Even Matter?
In addition to a cacophony of policymaker soundbites, traders will be compelled to grapple with
Pressing Shorts To Save The World
A key consideration when you ponder the prospect of a global financial meltdown, is the
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