A Word On Savita Subramanian’s New, Bullish S&P Target
Pretty much every week, someone writes in to ask about the alleged disparity between the
Pretty much every week, someone writes in to ask about the alleged disparity between the
It’s a familiar refrain: The re-rating behind 2023’s US equity rally is incongruous with elevated
It’s a long story, but I have a deeply ingrained aversion to what I call
Fed hikes made cash great again. (Please don’t send me any novelty red hats.) From
The storms weren’t always hostile. Every afternoon in the late-spring and summer, around four or
As noted, Morgan Stanley’s Mike Wilson is still bearish. So is JPMorgan’s Marko Kolanovic. “The
Last week, SocGen’s Albert Edwards marveled at the ostensibly bizarre juxtaposition between falling debt costs
Money market funds saw outflows for a third consecutive week, but the pace slowed. Nearly
Equities are increasingly priced for a soft landing. You can look at that one of
There’s a “vigorous debate” going on right now around the outlook for equities, and particularly
Rally skeptics abound as the second half of what already counts as another extraordinary year
I’ve suggested again and again over the past week or two that the fate of
Markets are on notice: Rate hikes can recommence after a pause. I’m not sure why
It’s no secret that systematic flows can be a deciding factor for equities over short
The Bank of England hiked rates for the 12th straight meeting on Thursday, in what
Regular readers are familiar with, and probably a bit confused by, the remarkable disparity between
Much has been made of the recent collapse in market breadth across US equities, and
Activity in Europe’s services sector is picking up rapidly. Whether that’s a good thing depends
The Chinese economy expanded 4.5% during the first quarter, according to what I’ll generously call
At long last, US job openings printed a sizable downside surprise versus consensus. Openings as
“There’s nothing there for you. You know that, right?” She was on her second glass
Last month’s dramatic hawkish repricing across the US rates complex found traders fading the odds
Over the past week (or two or three) market participants latched onto a narrative about
It’s always an open question whether flows follow performance or vice versa, but the prospect
Over the past week, quite a bit of digital ink was spilled editorializing around the
To say it’ll be a busy week for fundamentals-focused traders and investors would be to
For the better part of a dozen years after the financial crisis, central banks were
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