Fed Suffers Another Setback
Bad news, everybody: US producer prices rose far faster than expected last month, a development
Tariff Men
Blame China. It worked for the other guy, maybe it can work for us too.
Immigration Surge Alters Treasury Market’s Reaction Function
The keen among you have likely noticed the disparity between recent declines in US yields
Israel’s War Cabinet Is In Denial
Israel needs to agree to a permanent ceasefire with Hamas in exchange for the remaining
Renewed Soft Landing Faith May Be Misplaced, Kolanovic Says
Markets are “settling back into the soft landing narrative,” JPMorgan analysts led by Marko Kolanovic
Attenuated Progress
Americans’ near-term inflation expectations are drifting higher again. That’s not the best news. Inflation’s in
‘We’ll Have Both Guns And Butter’: Putin Goes All-In On Statist Push
Committed statist. Incorruptible technocrat. Son of a Soviet economist. That’s Andrey Belousov. And that’s who’s
US Inflation Update Takes Center Stage In New Week
The macro docket’s not exactly “crowded” this week, but there’s enough on the schedule to
Dictatorial Data
Chinese macro releases are a bit of a rabbit hole. Beijing leaves a lot to
F–k Ken Griffin
Ken Griffin’s concerned about Harvard, his alma mater. And also about higher education in the
Meanwhile, In The Blue-Chip Corporate Bond Market…
Half a trillion. Give or take. That’s how much investment grade credit funds are on
US Consumer Sentiment Plunges
The mood among US consumers darkened considerably in early May, this week’s only top-tier US
Inflows To Stock Funds Accelerate Into Rekindled Rally
US equities responded to a three-week pullback with a three-week rally, pushing the US benchmark
‘Peak No Landing’
Everyone’s in the “Anything But Bonds” rally and “no one’s in the long-end.” So said
Money Fund AUM Swells Anew With Tax Season Over
With tax season out of the way (I forked over a Hublot Sang Bleu-size chunk
Yes Or No Questions
How worried should investors (and the world) be about post-election volatility and societal upheaval in
The Biden-Bibi Breaking Point
Early last month, I described Benjamin Netanyahu as “an intolerable liability.” The White House, I
Fait Accompli
I was having a pretty hard time pretending to care about the Bank of England
The Sky’s Falling
Unfurl your “Sky Is Falling!” banners. Dredge up your best recession hyperbole. And most importantly,
Before The Black Swan, A ‘Big Summer Rally’?
Looking for another bullish narrative? Of course you are! Who isn’t? The financial media, for
Rate Relief No Consolation For America’s Priced-Out Homeowner Hopefuls
Guess what? The cost of financing half-million-dollar, wooden boxes over three decades fell appreciably last
Bombs, Protests And Choices
A “shot across the bow.” That’s how one US official, without apparent irony, described the
Zentner Clings To Rate-Cut Call As Fed Searches For Disinflation
I harbor — how should I put this? — “reservations” about the usefulness of sell-side
Did Americans Just Put Away The Credit Cards?
Is the incorrigible American spendthrift finally exhausted? I don’t know how many times I’ve posed
Fleeting Vol Spike Drove $45 Billion In Mechanical Selling
Things were suddenly interesting. And then, just as suddenly, they weren’t again. The fleeting selloff
What Happened To The Selloff?
Remember the equity correction? If not, don’t worry. You didn’t miss something. There wasn’t one.
Stan Druckenmiller Takes Up Clout-Chasing In Semi-Retirement
I don’t much care for Stan Druckenmiller. He’s smug. And not smug like I’m smug.
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