It’s been an especially rough year for US equities. In fact, 2022 was worse than
Category: Markets
Don’t Panic About The Yuan. Yet
To read the headlines, you’d think the Chinese yuan had depreciated through record levels. Or
‘The Thrill Is Gone’ For Equities. And Your QT Questions Answered
For the better part of a dozen years, stocks were beyond reproach. Thanks to subdued
Stocks Go From Sacred Cow To Sacrificial Lamb
If Neel Kashkari was “actually happy” to see US equities fall following Jerome Powell’s terse
The Charge Fed Critics Miss Is The Most Terrifying Of All
The Fed and its many critics have at least one thing in common: They both
Soaring Energy Prices Belie ‘Cheapest Ever’ Energy Stocks
Besides USD cash, commodities are the only asset class that’s worked in 2022. Everyone can
Jobs Report Checks ‘Goldilocks’ Boxes
The pace of hiring in the US decelerated, but remained robust in August, according to
Epochal Shifts, Generational Bears
“We expect new highs in yields and new lows in stocks.” That was the message
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
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