Bond Vigilantes May Be Wearing Out Welcome
It wasn’t so long ago when everybody who’s anybody feigned nostalgia for a time when
The Only Thing To Fear Is Missing Out
Ours is a market “conditioned to fear rallies more than selloffs and comfortably numb to
New Orders Slide In Potential Canary For US Services Sector
A crucial update on activity in the mighty US services sector was broadly in line
Vol-Selling, Mechanical De-Leveraging And What’s Next For Stocks
The muscle memory that says you sell vol on any meaningful expansion and/or setback for
Private Sector Hiring Downshifts Sharply As Bond Bulls Look For Reprieve
If hemorrhaging bond bulls were praying for a downside miss from any of this week’s
America’s Historic Bond Bear Bleeds Into Global Markets
Oh, the humanity. 30-year US Treasury yields briefly breached 5% on Wednesday before pulling back.
‘Bring It,’ He Said
“Bring it,” he said. “I’ll survive,” he said. “He” was Kevin McCarthy, “it” was a
Breaking Point
I’ve hinted multiple times over the past several weeks at a possible breaking point for
What Explains The Low VIX/MOVE Ratio?
The tale of falling corporate interest payments in an environment of sharply higher rates is
Bond Rout Turns Vicious As Bear Steepener Extends
“Duration simply has no friends until the US data rolls over,” Nomura’s Charlie McElligott said
Rates And Stocks From The Rooftops
Rising rates are a problem for richly-valued equities. Did you hear? If not, just step
Immaculate Disinflation Narrative Gets Unwelcome Jolt
In a somewhat disconcerting development for a Fed praying about “immaculate disinflation,” job openings across
What If Mega-Cap Tech Stocks Are Actually Cheap?
What if mega-cap US tech stocks are actually cheap? The hell you say! No, seriously.
One Bull, One Bear
Two weeks ago, BofA’s Savita Subramanian lifted the bank’s year-end target for the S&P to 4,600. The
Until Something Breaks
Last week, during an interview with The Times of India, Jamie Dimon characterized 7% Fed
Rally Bets Saddle Stocks With ‘Upside Overhang’
“GO TIME” read the subject line of the first Q4 note from Nomura’s Charlie McElligott,
Expensive Observations
This week’s earliest market commentary revolved around the profound observation that Kevin McCarthy’s surprising decision
US Manufacturing Stabilizes With All Eyes On Services
US manufacturing activity contracted for an 11th month in September, the first of this week’s
Open For Business
Visuals depicting Kevin McCarthy fist-bumping Steve Scalise (and Chuck Schumer flashing a double thumbs up)
Three Reasons Dollar Strength Can Continue
Dollar strength is the talk of the proverbial town. Perhaps you noticed. Thanks to a
Dysfunction, Division and Dystopia
Four months ago this week, I was busy putting the finishing touches on “Holistic People,”
Higher Interest Expense Finally Bites For Corporate America
By now, it’s a familiar refrain: Interest costs (or at least interest payments) for the
Wall Street Navigates Unfamiliar Waters In ‘Higher-For-Longer’ Regime Shift
Interest rates have “reset to a ‘higher-for-longer’ regime.” That’s according to Goldman’s Praveen Korapaty, who
Inflows To US Stock Funds Resume, But Sentiment Darkens Further
US equity-focused ETFs and mutual funds returned to inflows over the latest weekly reporting period.
Reading History
Rates (and bond yields and financing costs for homes) may seem high to you, but
Fed’s Core Inflation Gauge Cools Further As US Braces For Shutdown Data Blackout
Underlying inflation on the Fed’s preferred measure rose at the slowest monthly pace in nearly
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