For Iran, What Now?
“All the bodies were recognizable despite their burns,” Mohammad Hassan Nami, head of Iran’s Disaster
Arresting Developments
“Are you Benjamin Netanyahu?” “Maaaaybe. Who wants to know?” It’s not funny. But on the
Breaking Bear News…
I’m supposed to make a big deal out of Mike Wilson’s new price target for
Ebrahim Raisi, Iranian President, Killed In Helicopter Crash
Deservedly or not, the Iranian government’s suffered its share of high-profile casualties over the past
Fate Of The World, Weight Of The Rally Rests With Nvidia
A dearth of top-tier US data releases and the proximity of Memorial Day could make
‘The Path Of Zealots’
Call it a power play, opportunism or whatever you want to call it, but Benny
Fed Chatter, UK Inflation In Focus Amid Sparse Macro Calendar
The first thing you should know about the week ahead is that the list of
‘Magnificent 7’ Nickname ‘Needs To Be Retired,’ Goldman Says
Earnings season’s all but over in the US with a notable exception: Nvidia. So, reporting
Who Wants These Bonds?
Bonds. Nobody wants them. I shouldn’t say nobody. Maybe Lacy Hunt wants them. Or Albert
Inflows To US Stocks Accelerated During S&P’s Summit Push
Four straight weekly gains, four straight weeks of inflows. That was the story for US
Xi’s ‘Two-Speed Recovery’ Is Another Geopolitical Flashpoint
The Chinese economy’s in a pretty tough spot. Maybe you noticed. Sweeping measures unveiled Friday
China Drops Mortgage Rate Floor, Rolls Out Home-Buying Scheme
China’s finally getting serious about rescuing the country’s beleaguered property market. On Friday, more than
Money Fund AUM Rises Further Above $6 Trillion, Nearing Record
US money market funds saw inflows for a fourth consecutive week, pushing total assets further
‘A One-Way Equities Index Vol Destruction Event’
It doesn’t pay to be long vol. The opposite, in fact. For a fleeting moment
Approximations And Abstractions
By now, most regular readers know how I feel about macro aggregates: They’re largely meaningless.
Pet Appreciation Day
“We are working in solidarity on the formulation of a more just and democratic multipolar
US Homebuilders Are Out Of Patience
Given the trajectory of US homebuilder sentiment (which stalled in April and deteriorated in May),
Next Up, Melt-Up?
The S&P closed above 5,300 for the first time on Wednesday as investors cheered a
When All You Have Are Builders, Everything Looks Like A Hammer
“Higher mortgage rates hammer confidence,” read the headline from Wednesday’s US builder sentiment update. Golf
Statistics Bulletin Makes Headlines
Mind the fifth decimal place! Parse the nuance! Run the whole thing through a supercomputer!
When You Lose The Consumer…
Last month, Americans spent more on flatscreens, lumber, watering cans, groceries, gas, clothes and restaurant
Markets And The People Who Trade Them
Markets and the people who trade them (that could be a soap opera: “Last time,
Fund Managers Most Bullish Since ‘Everything Bubble’
Heavens to Betsy! I almost forgot to mention the May vintage of BofA’s closely-watched Global
Maxed-Out Americans Are Missing Payments
Americans who’ve maxed out their credit cards are starting to miss payments. That’s not particularly
Imagine A World
Imagine a world where Fed officials were required to say something new, or at least
Memes Make Mockery Of Powell’s ‘Restrictive’ Refrain
I’m not one for gratuitous Fed criticism. God knows I’m not. I avoid, assiduously even,
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