‘What Could Go Wrong?’ Charts
It’s a long story, but I have a deeply ingrained aversion to what I call
SocGen Sees S&P Returning To Highs, Then Falling Sharply
If you ask SocGen’s Manish Kabra, US stocks may fall 15-20%. But not until they
Stocks Struggling With Rising Yields, Good News Is Bad News: Goldman
Goldman’s not bearish, but they aren’t bullish either. The bank remains risk neutral, according to
Warm CPI Report Suggests Fed’s Job Not Quite Done
Core inflation in the US was a little warm last month, hotly-anticipated data released on
Crab Dumplings
Kim Jong-Un and Vladimir Putin wandered around a spaceport in the middle of Russia’s Far-East
Gamma Gravity
If it feels to you like US equities are having a tough time realizing that
US Squanders Historic Opportunity, Lets Child Poverty Soar
We learned a lot from the pandemic. For example, we were reminded that for all
Underperforming Cash, ‘Splattered’ Vol
Fed hikes made cash great again. (Please don’t send me any novelty red hats.) From
Regular People Struggle, Homeowners Included
Last year, Jerome Powell referred to “regular economic people” while editorializing around the plight of
What’s Really Important On Apple Launch Day
Tuesday was a product launch day for Apple. In the normal course of business, I
Americans May Keep Spending In 2024
By now, you know the bear case for consumer spending in the US. Anyone with
Credit, Job Loss Perceptions Worsen As Fed Medicine Takes Toll
The rate hikes are working. Or at least that was one interpretation of the key
Rising Rates Amplify Equity Market’s Haves, Have-Nots Divide
We might’ve entered dead horse-beating territory by now when it comes to documenting the disparity
China, Japan Shout Loudly At Plunging Currencies
Last week, I said the dollar “wrecking ball” was back. From a kind of “feel
Chinese Credit Impulse Shows Signs Of Life
Monday was a good news day for the Chinese economy. Those are rare in 2023,
Mike Wilson Isn’t Giving Up
“Multiple expansion has moved ahead of where macro fundamentals dictate fair value to be,” Morgan
Benign RRP-Reserve Dynamic May Last Through Year-End
As noted here last week, not all market participants have reason to concern themselves with
US Inflation, ECB Cliffhanger Headline In Busy Macro Week
Inflation data out of the US and a coin toss ECB meeting are this week’s
How Much Further Can The Dollar Run?
In “Hard Landings, Bond Vigilantes And Angry Villagers,” I mentioned the somewhat daunting conjuncture of
Stocks Finally Stumbled. What Now?
There’s elegance in simplicity. Analysts, strategists and market participants of all shapes and sizes spent
Goldman Sees ‘Choppy’ Stocks. Big Selloff ‘Unlikely’
Goldman’s David Kostin doesn’t expect much upside for US equities through year-end. That’s mostly because
Americans Are Richer Than Ever. In Aggregate Anyway
Looking to explain the befuddling resilience of the US consumer? Look no further than the
Hard Landings, Bond Vigilantes And Angry Villagers
If you ask BofA’s Michael Hartnett, this is no time to get comfortable. “We use
Bond Yields And Left Turns
Bond yields should be lower. At least at the long-end. That’s not an assessment based
Huawei Has Another New Phone. More US Sanctions Seen Inevitable
If you liked the Mate 60 Pro from Huawei, you’ll love the Mate 60 Pro+,
Money Market Fund Assets Soar, Hit New Record Above $5.62 Trillion
Money market funds saw the largest inflows in two months in the week to September
Apple Falls Far From The Xi
At a very basic level, it’s perilous when the most important company for global equity
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