Does China’s Monthly Macro Data Still Matter?
There’s something odd about suggesting that top-tier macro data out of the world’s second-largest economy
Do Not Congratulate
“DO NOT CONGRATULATE.” That was the explicit, all-caps advice Donald Trump received from his national
Traders Eye Bank Of Japan Decision For Watershed Rate Hike
The Fed won’t be the only game in town this week. In addition to the
What To Expect From The March FOMC Meeting
As a practical matter, it doesn’t make much difference whether the Fed tips two or
Inside The Bubble
I don’t want to suggest Wall Street strategists are engaged in an effort to “explain
US Stock Funds Shatter Inflow Record In Latest Mania Marker
Blow-off top, blow-off equity flows? That’s one interpretation of the latest fund flows update, which
American Consumers Unsure What’s Next
The preliminary read on US consumer sentiment in March was mercifully uneventful on Friday. I
BofA’s Hartnett Sees Goldilocks Economy Morphing Into Stagflation
The macro narrative’s taking an unfavorable turn. So said BofA’s Michael Hartnett in the latest
Money Market Fund AUM Soars. BTFP Usage Jumps In Last-Gasp
Another week, another sizable inflow to money market funds. And another new AUM record. Money
Are Investors Ditching Gold To Buy Bitcoin?
Gold recently hit a record high. So did Bitcoin. Which to own? Decisions, decisions. One’s
Why Stocks No Longer Care How Many Times The Fed Cuts Rates
Of all the purportedly puzzling dynamics bedeviling market participants in their belabored efforts to makes
Hot Producer Prices, Cool Retail Sales Send Fed Mixed Message
Producer price inflation across the world’s largest economy overshot and US retail sales came in
Yellen, Neutral, MicroStrategy And Bitcoin
Janet Yellen said something interesting this week. “It seems unlikely that yields are going to
Wall Street’s Biggest Bull Shines Spotlight On AI ‘Virtuous Cycle’
In the course of doubling and tripling down on what counts as the most bullish
Twinkle, Twinkle Little Stars
Is monetary policy in the US (or in any other major, advanced economy for that
There’s A Bear In The Office
“So, welcome aboard! Oh, and by the way: You’re not going to convince Albert. Don’t
Corporate Debt Boom Blows Up Another Bear Narrative
Remember the maturity wall panic? That was another bear narrative popularized in 2022 and 2023.
In Japan, A Monetary Moment Of Truth Draws Near
Big things are happening in Japan. The ground’s shifting. And not because of any earthquakes.
Charlie McElligott’s Unified Theory Of Everything
If you’re wondering why the risk-asset rally feels inexorable on most days — why the
Markets And The People Who Forecast Them
For what it’s worth — which could be a lot if the last several months
Asking Rents Jump Amid ‘Very, Very Difficult’ US Housing Situation
Earlier this month, during his testimony on Capitol Hill, Jerome Powell said the US housing
Inflation Report Hard To Square With Rate Cuts
Underlying US consumer prices increased more than expected in data released on Tuesday, again imperiling
Jamie And The Flood
Nearly two years ago, at a conference sponsored by AllianceBernstein, Jamie Dimon delivered a weather
Kolanovic Sees ‘Rally Exhaustion’ While Subramanian Says Bull Market ‘Has Legs’
JPMorgan analysts led by Marko Kolanovic are undeterred in their defensive model portfolio allocation. If
Did You Hear? The Short Vol Trade’s Back
The short vol trade’s back. Did you hear? You did?! That must mean you’re a
Inflation Expectations Jump Third-Most Ever In Fed Poll
Americans’ inflation expectations rose last month, according to the new vintage of the New York
It’s All Relative: Magnificent 7 ‘Not Overvalued,’ One Bank Says
Is the “Magnificent 7” overvalued? If you’re exhausted with that query, you’re not alone. I’m
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