Bearish. Ceteris Paribus, Of Course
Even if Treasury’s cash rebuild ends up funded primarily through RRP transformation, the liquidity backdrop
Corporate America Faces ‘Imminent’ Downturn In Revenue Growth
Determining when (or even if) US corporate profits will suffer a deeper contraction entails making
‘Outright Bullish’ Investors May Get ‘Rude Awakening,’ Bear Warns
“Investor sentiment and positioning has turned 180 degrees,” Morgan Stanley’s Mike Wilson said Tuesday, as
Homebuilders Moonward As Hammers Fly In Weird US Housing
When you think about the US housing market, it’s useful to start with this simple
Markets Want Adrenaline Shot For China. Now
Dribs and drabs. The PBoC is easing in dribs and drabs. Once China cut rates
The Status Of The ‘Liquidity Drain’ Bear Case
What happened to the “liquidity drain” bear case? Asked the curious market participants. I’ve fielded
Who’s Buying The Next Round?
I’ve suggested again and again over the past week or two that the fate of
CTA Stock Longs, Risk Parity Leverage Highest In A Year
Rules-based, systematic investor cohorts and vol-sensitive strategies have increased their equity exposure and leverage to
‘Mutual Respect,’ ‘Common Prosperity’
“Mutual respect.” That should be the basis of the bilateral relationship between the US and
America’s Homebuilders Are Feeling A Lot Better
While previewing this week’s sparse collection of scheduled US macro data, I suggested the Fed
Meanwhile, In The UK…
You didn’t need to be a political scientist or any sort of expert on Downing
The Honorable Mr. Powell
Jerome Powell will head to Capitol Hill this week, where he’ll be interrogated by a
FOMO > FOMC: Is The Pain Trade Still Higher?
Is the pain trade still higher? That’ll be a key question going forward for ebullient
Price Stability? Or The Appearance Thereof?
The Fed, we’ve just learned, is considerably less optimistic about the path of core inflation
Why Markets Doubt The Fed’s Hawkish Posturing
The market doubts seriously the notion that the Fed will be willing and able to
Why The Bears Were Wrong
Why were the bears wrong on equities (and particularly on US equities) during the first
Sentiment Upturn, Falling Inflation Outlook Bolster Bulls
Markets were in a good enough mood as it was without an additional piece of
US Stock Funds Get Biggest Inflow In 26 Weeks Amid Bull Market
The flows-performance question is always a bit of a chicken-egg dilemma (which comes first?) and
Laughing In The Face Of Danger
More than $22 billion flowed into global stock funds over the latest weekly reporting period,
Money Market Funds See Rare Outflow. Banks Tap Fed Facility For $102 Billion
I won’t overinterpret because to do so would be to risk drawing spurious conclusions. With
Can The Fed Beat Inflation Without Popping The Pandemic Wealth Bubble?
If the Fed is concerned at all about the newly-minted bull market in US equities
How Credible Are The Fed’s Hawkish Dots?
US equities were poised to “defy the naysayers” while “looking through” the hawkish set of
ECB Not Considering Pause, Lagarde Says, After June Hike
Inflation has been “coming down” in Europe. That’s the good news. The bad news: It’s
European Gas Surges As Dutch Government To Shutter Massive Field
The Netherlands is closing the Groningen gas field from October 1. Permanently. That’s according to
US Retail Sales, Jobless Claims Paint Mixed Picture Following Fed
US retail sales posted a surprise increase, but initial jobless claims handily topped estimates for
China Cuts Key Rate As Economy Struggles
China on Thursday turned in a set of activity data for May that was perhaps
Dotting The I
“We didn’t make a decision about July. Of course it came up from time to
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