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Featured

Yeah, But Can It Draw A LEGO?

September 22, 2026
  • WTF: Buyer’s Market, Higher Prices?

    September 22, 2026
  • ‘Do I Annihilate Iran, Drive Them Into Hell?’ Nobel Hopeful Asks

    September 22, 2026
  • ‘Let The Oil Flow!’ Again!

    September 22, 2026September 22, 2026

Markets

There’s A Lot Riding On The Chips…

September 21, 2026September 22, 2026
  • Erstwhile Bear Confident In Year-End Stock Rally

    September 21, 2026September 22, 2026
  • Wall Street’s Fata Morgana Risk

    September 21, 2026September 22, 2026
  • What Happens To Stocks If Treasury Yields Go To 6%?

    September 20, 2026September 21, 2026
  • ‘The House’ Humiliated As Yen Plunges

    September 18, 2026September 20, 2026

economy

The Fed’s Never Been This Sure About The Jobs Market

September 21, 2026September 22, 2026
  • Weekly: The Counterfactual

    September 18, 2026September 20, 2026
  • A Mixed Read On A Grim Housing Market

    September 17, 2026September 19, 2026
  • Below 200k. Again.

    September 17, 2026September 18, 2026
  • Warsh Fed Hikes, Thank God

    September 16, 2026September 17, 2026

Geopolitics

A King In Washington

September 20, 2026September 21, 2026

Achtung Baby

September 20, 2026September 21, 2026

The ‘Real-World’ Energy Shock’s Finally Here

September 19, 2026September 21, 2026

Duly Noted

Who’s Coming To Nashville?

September 19, 2026September 20, 2026

Builder Sentiment Crumbles As US Mortgage Rates Soar

September 16, 2026September 17, 2026

Modi Misses Mark

June 4, 2024July 4, 2024

Markets, it would appear, are something less than efficient when it comes to pricing elections.

Read More

5 Comments on Modi Misses Mark

US Job Openings Tumble In Sign Of Labor Market Normalization

June 4, 2024June 5, 2024

US job openings fell more than expected to reach a new three-year low in key

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2 Comments on US Job Openings Tumble In Sign Of Labor Market Normalization

Here’s What Hedge Funds Are Up To

June 3, 2024July 4, 2024

Regular readers are all too familiar with my opinion of hedge funds and active management

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4 Comments on Here’s What Hedge Funds Are Up To

Biden Border Order Shows Politics Trumps Morality

June 3, 2024June 4, 2024

It’s funny how all the high-minded rhetoric and pretensions to the moral high ground tend

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17 Comments on Biden Border Order Shows Politics Trumps Morality

Kolanovic: This Time’s Probably Not Different

June 3, 2024June 4, 2024

JPMorgan’s Marko Kolanovic is… I don’t know, still bearish. Or still cautious. Not especially constructive.

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4 Comments on Kolanovic: This Time’s Probably Not Different

Presidenta!

June 3, 2024June 4, 2024

Continuity. For better or worse, that was the message from the largest election in Mexico’s

Read More

16 Comments on Presidenta!

US Factory Surveys Diverge

June 3, 2024June 4, 2024

The marquee gauge of US factory activity slipped further into contraction territory in May, the

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7 Comments on US Factory Surveys Diverge

War For Our Time

June 2, 2024June 3, 2024

“You can sit somewhere in an office in Washington and have a cup of tea

Read More

4 Comments on War For Our Time

US Jobs Report, ECB Rate Cut Take Center Stage

June 2, 2024June 6, 2024

It’s a big week for macro. Fed officials and traders “flummoxed” by the US economy’s

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1 Comment on US Jobs Report, ECB Rate Cut Take Center Stage

Dominion

June 1, 2024June 3, 2024

I’ll confess to a waning interest in the mercurial fluctuations of lines representing the price

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6 Comments on Dominion

Teflon Con

May 31, 2024June 3, 2024

I was in a red state Costco when Donald Trump became a convicted felon on

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23 Comments on Teflon Con

US Stock Inflows Continue. Blue-Chip Debt Sales Near $800 Billion

May 31, 2024July 4, 2024

If you were wondering — and I know everyone was edge of their seats —

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1 Comment on US Stock Inflows Continue. Blue-Chip Debt Sales Near $800 Billion

Felonious Trump

May 31, 2024June 2, 2024

Donald Trump’s guilty. Just in general, but also in the more narrow context of falsifying

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24 Comments on Felonious Trump

Inflation Report Has Some Decimals

May 31, 2024June 2, 2024

Not that anyone cared — caught up as the American media was Friday in a

Read More

11 Comments on Inflation Report Has Some Decimals

The Regime Is Dead, Long Live The Regime

May 30, 2024July 4, 2024

I’ve written voluminously on the growing impact of ballooning AUM for derivative income products. The

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3 Comments on The Regime Is Dead, Long Live The Regime

Is An Equities Vol Regime Shift In The Offing?

May 30, 2024May 31, 2024

Don’t look now, but there’s a regime shift afoot in the equities index vol space.

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3 Comments on Is An Equities Vol Regime Shift In The Offing?

Pier-less

May 30, 2024June 1, 2024

“I think sometimes there’s an expectation of the US military — because they’re so good

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3 Comments on Pier-less

Marginally Constructive

May 30, 2024May 31, 2024

US economic growth was slower than initially reported in the first quarter, closely-watched revisions released

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1 Comment on Marginally Constructive

Pending Home Sales Plunge As Buyers Suddenly Balk

May 30, 2024May 31, 2024

Pending home sales in the US plummeted in April, a Thursday update showed. Contract signings

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1 Comment on Pending Home Sales Plunge As Buyers Suddenly Balk

Tariffs, Taxes And Fiscal Policy

May 29, 2024July 4, 2024

I think I’ve made it abundantly clear by now what I think of US election

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6 Comments on Tariffs, Taxes And Fiscal Policy

Reprieve Ends For US Homebuyers As Mortgage Rates Rise

May 29, 2024July 4, 2024

A three-week rate reprieve for aspiring US homeowners just came to an end. After flirting

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1 Comment on Reprieve Ends For US Homebuyers As Mortgage Rates Rise

Wall Street Ignores The Only US Election Risks That Matter

May 29, 2024May 30, 2024

On May 28, Goldman published a note called “The US Election — Debating the Asset

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19 Comments on Wall Street Ignores The Only US Election Risks That Matter

You Got Hammack’d

May 29, 2024May 30, 2024

Listen, I don’t know the first thing about Beth Hammack. No matter how many times

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12 Comments on You Got Hammack’d

Exploiting The Chaos

May 29, 2024June 20, 2024

It’s not easy to get foreign policy right. The world’s a very messy place, after

Read More

8 Comments on Exploiting The Chaos

I Was Told There Would Be Rate Cuts

May 28, 2024May 29, 2024

We’ve come a long way since late November. Six whole months, in fact. Half a

Read More

1 Comment on I Was Told There Would Be Rate Cuts

Xi ‘Arrests’ Already-Jailed Tiananmen Activist

May 28, 2024May 30, 2024

If social media posts “with seditious intent” were grounds for arrest and detention in the

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9 Comments on Xi ‘Arrests’ Already-Jailed Tiananmen Activist

US Property Prices Score More Records On Marquee Index

May 28, 2024May 29, 2024

“Another all-time high.” That was the overarching message from Tuesday’s update on America’s marquee gauge

Read More

13 Comments on US Property Prices Score More Records On Marquee Index

Posts pagination

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Monthly Letter

  • To Be Happy

Recent Comments

  • Engineer on Yeah, But Can It Draw A LEGO?
  • NY Jeff on Yeah, But Can It Draw A LEGO?
  • carbpow on ‘Do I Annihilate Iran, Drive Them Into Hell?’ Nobel Hopeful Asks
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Monthly Letters

To Be Happy

September 4, 2026September 4, 2026

Hell Or High Fashion

July 3, 2026July 3, 2026

Escape Artists

May 11, 2026May 11, 2026

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