“We expect new highs in yields and new lows in stocks.” That was the message
Category: Markets
Things Just Got ‘Real’
An increasingly acute tightening impulse from a buoyant dollar and surging US real yields is
The ‘Controversial’ Stock Narrative That Isn’t Controversial
US equities are again vulnerable to “accelerant” flows which could exacerbate directional moves. It’s a
As Europe Faces Oblivion, Markets Debate Technocratic Tinkering
Inflation likely rose more than 9% across the euro-area in August, data out Wednesday showed.
This Is The ‘100-Trillion Dollar Question’
In the aftermath of Jerome Powell’s overtly hawkish address in Jackson Hole, markets are compelled
Delayed Reckoning
Earnings, and particularly forward estimates, were the proverbial next shoe to drop. And then, suddenly,
Mike Wilson Never Liked This Rally Anyway…
“The equity market became a victim of its own momentum over the past few months
Poring, Pouring And Poor-ing
Appropriately, the pre-Labor Day trade in the US will be all about the US labor
No Trade-Off?
“Are you willing, in Wall Street parlance, to ‘be Volcker’,” Bloomberg’s Michael McKee asked Raphael Bostic,
Can You Hear Me Now?
Well, he did it. Or at least he tried. And, most importantly, it was obvious
Panic, Stagflation And Cowardly Lions
Rates are too low and inflation isn’t likely to drop below 4% until at least
One Thing, One Last Scare, One Right-Tail
Jerome Powell isn’t likely to do the “one thing” that could durably tighten financial conditions.
‘So, We Raised Interest Rates’
“If you get to the mid-3s or maybe even a little bit higher, and then
Why One Popular Quant Is ‘Terrified’ Of Jackson Hole
Following an impressively durable summer rally aided and abetted by systematic flows and squeeze dynamics,
In Europe: Recession, 500-Year Drought
The European economy is in trouble. I doubt that’s news to anyone. But it was
EU Energy Panic Goes Full GameStop As Russia Tensions Rise
At a certain point, you run out of creative hyperbole. Such is the case with
‘You Are Now Free To Move About The Cabin’
The volatility expansion window is now open. The question is whether discretionary investors look to
Cash Is King
Cash is king. And not just because these are uncertain times. For most of the
Jay Powell’s Pain Trade
Pain. The path to lower inflation in the US goes through economic pain. And Larry
When You’re In A Hole…
It’s all about Jackson Hole in the new week, which, as usual, will feel a
‘Leap Of Faith’: Summer Rally Has S&P At Goldman’s Year-End Target
US equities reached Goldman’s year-end target four months early. As you can imagine, the bank’s
Goldilocks And Other Summer Stories
There’s talk of an autumn “reaping” following a summer stock rally which, depending on who
Ok, What Now? Wall Street Looks Around And Ahead
It’s “Ok, what now?” time. Both for equities and the economy. The summer stock rally
The Bull-Bear
Not all bears are alike. Take the American black bear, for example. They’re typically shy,
Hot Summers, Cold Winters
“Apocalyptic.” That’s how one popular strategist described the latest PPI print out of Germany, the
Patient Bears
“Everyone is bearish but no one has sold stocks,” BofA’s Michael Hartnett said, in the
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