Here’s What Markets Are Betting On
A dramatically bad US jobs report barely moved the needle for US equities, which managed
A dramatically bad US jobs report barely moved the needle for US equities, which managed
On Thursday afternoon, while wailing Afghans and shell-shocked military personnel were bagging up bodies and
“Stagflation is the new investment backdrop,” BofA’s Michael Hartnett declared, in the latest edition of
“Summer melt-up continues,” read one headline, on a sleepy Wednesday afternoon. I don’t know, maybe
It’s “everybody back in the risk pool,” Nomura’s Charlie McElligott said Tuesday, on the heels
It’s all too easy to cite a litany of concerns in the course of suggesting
“Our view, negative returns for stocks and credit in the second half,” BofA’s Michael Hartnett
Investors may have underestimated the biggest risks. Imagine that. While there’s no straightforward, mechanical read-through
“Macro expectations have rolled over.” That was one takeaway from the August vintage of BofA’s
European equities just enjoyed their largest inflow in eight weeks. The $1.5 billion haul was
It’s relatively rare that University of Michigan sentiment moves the proverbial needle, especially during weeks
Global equity funds took in just $4.8 billion over the latest weekly reporting period. That’s
“Global interest rates [are] at 5,000 year lows,” BofA’s Michael Hartnett observed, again, in the
Global equities took in another $3.3 billion over the latest weekly reporting period. It was
“The bull case is ambiguity,” one popular strategist said this week. I like that characterization
Fund managers are demonstrably less enthusiastic about reflation and growth, suggesting the macro narrative that
Forever ago, I had a boss whose demonstrable success had the effect of gradually eroding
You know, there’s still nearly $15 trillion in negative-yielding debt out there. That’s just a
So, you want to be a contrarian? Well, prepare yourself for the ultimate paradox. In
I joked Friday about “large numbers” and the irresistible urge to deploy them in the
I’m sympathetic to “Wow ’em with big numbers” analysis. I really am. There was a
It’s scarcely worth mentioning on a Friday in June (“If a tree falls in the
You’ve heard it before. And you’ll surely hear it again. “Higher inflation, hawkish central banks
Admittedly, I’m scraping the barrel a bit here, which is what happens when it’s Wednesday
Jim Bullard did some talking on Friday and markets weren’t amused. He did some more
Somehow, I feel it’s necessary to reiterate the general thrust of “Too Far Gone,” an
2021’s stock-buying bonanza took what counted as a break during the first full week of
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