Has The World Changed? Macro Watchers Still Divided Three Years Later
Macro observers generally fall into two categories in 2023: Those who believe the world changed
Jackson Hole, China Crisis In Focus As August Melts Away
Jackson Hole, and specifically what Jerome Powell has to say on Friday morning, is the
Don’t Fear The August Derisking, One Bank Says
The August vintage of BofA’s closely-watched Global Fund Manager Survey suggested stewards of capital were
Key Driver Of Summer Stock Melt-Up Slams Into Reverse
Discretionary investors have de-risked into August’s equity selloff and systematic cohorts may be next. That
Investors Cast Global Dragnet In Hunt For Treasury Selloff Culprit
Bonds are obviously one of the key market stories in August. Indeed, were it not
China Needs Major State Stimulus Amid ‘All-Out Deflation’
China needs to do something to turn things around. That much is clear, even if
US Stock Funds See Largest Outflow In Months As Sentiment Turns
US equity-focused ETFs and mutual funds just saw their largest one-week outflow since mid-June. The
Real Yields Live Up To Kryptonite Reputation In Summer Stock Swoon
It was a tough week for global equities. Stocks were on track for their worst
China’s Very Bad Week Is Over, But Crisis Rolls On
A God awful week for Chinese markets mercifully came to an end, but not before
Money Market Fund Assets Power Ever Higher
Money market funds attracted nearly $40 billion in new cash in the week to August
The Bonds Are Broken
2023’s “year of the bond” mantra continues to disappoint investors who mistook a narrative for
Goldman’s Rubner Warns On Liquidity, 0DTEs, Bearish Seasonal
“This is no longer a buy-the-dip market.” That’s according to Goldman’s Scott Rubner, who’s enjoyed
Panic Grips Chinese Markets As Beijing Ramps Up FX Intervention
I’d apologize for spending so much time on China’s multi-faceted, rapidly worsening economic crisis if
CTAs Likely Sold $40 Billion Into Recent Stock Swoon
Dealers shedding VIX futures into expiration might’ve put a lid on vol, but it wasn’t
China Sends Police To Zhongzhi Investors’ Doors As Crisis Spirals
“Knock, knock.” “Who is it?” “It’s the police. We’re here about your high-yield savings account.
FX Markets On Alert As Yen Breaches Intervention Level
FX traders are once again on yen intervention watch. The Japanese currency on Wednesday weakened
Is Helicopter Money The Only Option For China?
If you’re a Chinese mutual fund, Xi Jinping would prefer you didn’t sell stocks right
China’s Shadow Banks May Face $40 Billion In Property Losses
“Why doesn’t the company pay us back?” wondered an irritable investor in a trust product
Fed Minutes As Expected. Two Officials Favored No Hike Last Month
A pair of Fed officials favored keeping rates on hold at last month’s policy gathering,
UK’s Inflation Problem Persists. Does It Even Matter?
Inflation fell markedly (and in some sense mechanically) in the UK last month, but another
Single-Family Building Drives Rebound In US Housing Starts
US housing starts rebounded last month after suffering a bad hangover from spring’s binge-building. At
Are US Stocks About To Get Interesting?
Two days into a week that should’ve been quiet if you forget about the seasonal
$635 Billion Is The Least Bearish Since Fed Liftoff
Two months ago, I wondered if equity bulls were about to “lose their best friend.”
Yuan Depreciation Is ‘Red Flag’ With China At ‘Desperate Juncture’
It’s fair to say China’s economic woes are the most important story in the macro
Builder Sentiment Drops, Home Depot Beats, Buffett Buys
For the first time this year, US homebuilder sentiment declined. After dropping every month in
The Russian Ruble Is Collapsing. Here’s What To Know
With apologies to all the… I don’t know, ruble fans (?) out there, the Russian
US Retail Sales Blow Away Estimates. Empire Fed Gauge Weak
Notwithstanding the scattered protestations of those desperately seeking confirmation bias for “slowdown” narratives that didn’t
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