The Bill Dudley, Morgan Stanley Treasury Row
Last year was bad for bonds. In fact, we can call 2022 anomalously poor. If
Cognac And Shelter Inflation
The Fed is counting on a decline in US shelter inflation. If that doesn’t pan
‘Investors’
“Investors,” we were told Monday, are curbing their outlook for equities following an “unexpectedly” buoyant
All Tech? Sure. All A.I.? Perhaps Not.
The concentrated market narrative continues to resonate. Although I’ve endeavored to emphasize that a narrow
Doing All Right. Maybe.
The marquee gauge of US factory activity missed estimates in data released Monday, but underlying
How Much Did The Machines Buy?
How important were systematics in perpetuating and sustaining the equity rally during the second quarter?
2023 In 500 Words
Many investors (I dare say a preponderance or at least a plurality assuming the existence
Jobs And Fireworks
It’s a holiday week in the US, but it’s also jobs week. So, anyone who
Xi Shuffles PBoC Functionaries As Yuan Slides, Stocks Struggle
Yi Gang is a lame duck. China this weekend named SAFE frontman and “three red
Fear The Narrow Tech Bull?
We tend to get bent out of shape and otherwise pretend it’s an affront to
Holistic People
“Mornin’ sunshine.” She smirked. I picked her up at the Starbucks attached to the Tuckahoe
What Worked In The First Half (Almost Everything)
2023 is halfway over. Time flies, unfortunately. Just yesterday I was a day younger. It
The Supreme Court’s Student Debt Decision In Context
A year after overturning Roe and a day after restricting affirmative action, a half-dozen robed
The Macro Implications Of The Student Loan Decision
If you’re wondering what the Supreme Court’s decision to nix Joe Biden’s student debt relief
Fed Gets Good News In Critical Spending, Inflation Update
Markets and policymakers were handed what looked, on the surface anyway, like a Goldilocks US
US Stock Funds See More Outflows As Sugar High Wanes
In another testament to the notion that some of the thrill is gone for US
Bad Optics: Core, Services Inflation Rise In Europe As ECB Leans In
Headline European inflation receded in June to the slowest 12-month pace since January of 2022,
Money Market Outflows Slow. Fed Bank Backstop Usage Hits Another Record
Money market funds saw outflows for a third consecutive week, but the pace slowed. Nearly
Bear Flattener Still Pain Trade Amid Scorching US Data
This quick take won’t win me any awards for riveting storytelling, but I’d be totally
James Bond Geopolitics Fail To Stir Somnolent Summer Market
It feels like there’s a lot going on these days. In part, that’s because there
Retail Investor Euphoria May Be Fading
Some of the retail euphoria which helped push US equities into bull market territory may
Hot US Economy Stuns Again With Big GDP Revision, Plunging Claims
Thursday brought still more evidence of US economic resilience in the face of an ostensibly
Waiting Game
For the second straight day, Jerome Powell spoke in Europe about the outlook for US
‘The Recession That Refused To Realize’
Over the last several days, the US economy once again demonstrated a remarkable capacity to
The Paradoxical Legacy Of 2023’s US Banking Crisis
Was America’s regional banking crisis a tempest in a teapot? (And yes, the Jamie Dimon
Biden May Escalate China Tech War With Updated Chip Ban
To the extent corporations are inclined to pretend there’s something ambiguous about the Biden administration’s
Powell Regales Sintra
Jerome Powell regaled the ECB’s annual central banking conference in Sintra on Wednesday. His remarks
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