Bubble Questions Haunt America’s ‘Magnificent 7’ After Banner Year
2023’s equity market is a story of “Magnificent 7” outperformance, and for many that’s problematic.
US Hands Xi A Propaganda Coup
He probably wouldn’t call it a smirk. But it’s a smirk. And it’s his trademark.
Housing Market Hopes Hinge On Fed Pivot As Builder Sentiment Falls Again
Homebuilder sentiment in the US dropped a fourth month to the lowest since December, an
Jobless Claims Add To Disinflation Narrative
Bond bulls and those anticipating a Fed pivot early next year were handed another piece
Forced To Cut
The top question now for markets is whether traders and investors are jumping the gun
Alternative Scenarios
I doubt I’m telling readers anything they don’t already know when I say year-ahead outlook
Financial Conditions Just Eased Dramatically. Here’s What It Means
If you’re wondering just how much of the financial conditions tightening impulse seen from late-July
Goldman’s Kostin Channels Taylor Swift For 2024 S&P Outlook
Goldman’s David Kostin channeled Taylor Swift for his 2024 US equity outlook, released on Wednesday.
US Producer Prices Drop Most Since 2020. Retail Sales Better Than Feared
US retail sales were firmer than expected in October, data released on Wednesday showed, but
Rishi Sunak Gets A ‘Win’
Headline inflation in the UK plunged in October, data released on Wednesday showed. The moderation
Emperor Non Grata
Xi Jinping is in the US this week. That’s unfortunate. There’s no more urgent matter
Wild CPI Fireworks Leave Traders Asking What Year It Is
If the Fed was nervous about the prospect of easier financial conditions in the face
Incrementally, Begrudgingly, Reluctantly Bullish
The tide appears to be turning a bit for professional investor sentiment. At regular intervals
The Bond Rally Happened. Now What?
The November bond rally accelerated meaningfully on Tuesday in the wake of a cool US
Fed Blessed With Favorable CPI Report. Rate Hikes Seen Finished
Consumer prices in the US rose less than expected last month, this week’s marquee macro
Bond Bulls On Stampede In BofA Fund Manager Survey
Fund managers are more confident than ever that longer-term bond yields are headed lower. That
Wall Street Rates Forecasts Paint Starkly Divergent Pictures
It was Morgan Stanley’s Matthew Hornbach who once said, “history has shown consensus estimates for
No Fed Cuts For A Year: The Hawkish Case
As you might’ve heard, there’s considerable disagreement across major banks regarding the likely trajectory of
Mike Wilson Delivers Hotly-Anticipated 2024 US Equity Outlook
55 pages of Mike Wilson. Just imagine. For market skeptics, Christmas arrives every year in
Why One Bank Expects Massive Fed Cuts In 2024
UBS has a bold forecast for the funds rate in 2024. In a year-ahead outlook
Why Goldman Is Bullish On Commodities. Again
Goldman is bullish on commodities. In itself, that’s not exactly news. Goldman is perennially constructive
Morgan Stanley Sees Narrow Path To ‘Perfect Landing’
Year-ahead outlook pieces from Wall Street are replete with references to a navigable but narrow
Being A Little Honest
One of the most unnerving aspects of the far-right agenda in America is the effort
Stubborn To The Core
Inflation figures due out of the US this week will probably underscore the Fed’s contention
US Credit Rating: The Threat From Within
America may lose its last top credit rating. The decision by Moody’s to change its
The US Corporate Profit Recession Is Over
It’s official (almost): The US corporate earnings recession is over (with 89% of index market
Why One Popular Strategist Is Constructive Into Year-End
“It feels to me like a short vol trade in rates,” Nomura’s Charlie McElligott said
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